Local Life - St Helens - Jul/Aug 2021

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38 Know who to Trust... Trusts can be a very useful tool to protect assets, and to ensure that the money you have set aside ultimately ends up with the people you want to benefit. We recently had an unusual case at the office that emphasised the importance of partnering with the right financial planning firm when considering something like this yourself. A solicitor referred a client to us last year. She had set up a trust 15 years ago to avoid inheritance tax. Her adviser had recently retired, and she wanted someone like us to check what had been set up and review matters. The first thing I noticed was how poorly the paperwork was completed. The trust deed is an important document and there were numerous mistakes, crossings out, spelling mistakes and initials all over it. The investment structure itself wasn’t great, with a random set of funds that, in my opinion, lacked thought into how these assets would interact and it was much too risky for our client. We managed to create a portfolio for her within the fund range, which was quite similar to our own, following our principles for investing safely. However, during a change of circumstances for our client it was apparent that a fundamental error came to light – one that could have had catastrophic consequences for our client’s family. The old adviser had completed the trust form for the client. The trust was a discretionary trust, which gives flexibility by having a wide potential class of beneficiaries, but they should either named individuals or detailed as a wide class of potential beneficiaries, such as ‘my grandchildren’. The problem for our client was that the box where these beneficiaries should have been named was left blank by the old adviser and not picked up by the insurance company. This meant that because our client was the settlor, she was also a beneficiary. As there were no named beneficiaries detailed on the form after our client, the trust fund would then pass to children, spouses of children and then to charity. The critical point was that our client doesn’t have any children. Therefore, this trust fund that our client wanted to give to her sisters and nephew after her death was at risk of being left wholly to charity, because of a fundamental error. To make matters worse, we found out that our client was about to go into a care home the next day in the middle of the Covid pandemic! The solicitor who referred the client to us drafted a deed of assignment straight away and we needed to have the deed signed and witnessed. Thankfully, our client’s sister was able to go to the care home and get this done with some help from the care home manager. Our client sadly passed away just two months later, so it was very fortunate that this was spotted and acted on. Trusts do have their place in financial planning and can be invaluable in certain cases. It is, however, very important that the people you are dealing with know what they are doing. At Callisto we have extensive experience in dealing with complex cases and have the qualifications to back this up. We also have several law firms, tax advisers and accountants that we can bring in to help us to create the right plan and to ensure that everything is completed properly. If you have a trust or are considering using a trust in your financial affairs, then please feel free to call us for a second opinion. It’s better to measure twice and cut once! Andrew Platt CFP TM Chartered MCSI A pension is a long-term investment not normally accessible until age 55 (57 from April 2028). The value of your investments (and any income from them) can go down as well as up, which would have an impact on the level of pension benefits available. Your pension income could also be affected by the interest rates at the time you take your benefits. The tax implications of pension withdrawals will be based on your individual circumstances, tax legislation and regulation which are subject to change in the future. You should seek advice to understand your options at retirement.
Planning for your future is hard if you don’t have the necessary financial expertise. Callisto Wealth Management will work with you to help you achieve your financial freedom once you reach retirement. Take the first step today towards enjoying the rest of your life. Call us on 01744 881421 to arrange a no-obligation consultation at Rainford Hall. Remote consultations also available. Call us now for your FREE Smart Money guide! Callisto Wealth Management Ltd Rainford Hall | Crank Road | <strong>St</strong> <strong>Helens</strong> | WA11 7RP 01744 881421 www.callistowealth.co.uk enquiries@callistowealth.co.uk
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Page 5 and 6: 5 This month’s highlights 44. Day
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Local Life - St Helens - Jul/Aug 2021

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