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My son died in a tragic car accident, recently. I would like…

My son died in a...
My son died in a tragic car accident, recently. I would like to set up a trust fund in his name in order. The funds which will bve paid into this will come from fund raising events and will be used to help people in various ways in the local community.

I want to know if this is a viable proposal and what would be the best way to go about doing this.
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Answered in 20 hours by:
6/4/2009
ScotsLawPro
ScotsLawPro, Solicitor
Category: Scots Law
Satisfied Customers: 1,290
Experience: LLB (Hons), Dip LP, NP
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HiCustomer/p>

 

Thank you for your question.

 

Firstly may I say what a splendid idea this is. I am sure your son would be very proud.

 

The trust would need to be a "Public Trust" set up to benefit a specific group of the general public. In this case that group would be those living in your local community.

 

You will need to instruct a solicitor to draw up a trust deed, that will amongst other things establish the exact purposes of the trust. It will also name the original trustees, that is those who will be responsible for the administration of the trust, and that should also include how they will ingather funds.

 

Trusts can sometimes be quite complicated to establish, but, with the correct advice what you seek to do should be relatively straightforward and be able to be done quite quickly.

 

Hope this helps to get you started. Once again well done for such a great idea. Please click ACCEPT for my time to be credited.

 

SLP

ScotsLawPro
ScotsLawPro, Solicitor
Category: Scots Law
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Experience: LLB (Hons), Dip LP, NP
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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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