Setting up a Jersey Trust is a better option than ever for those looking to protect their hard-earned assets. The peace of mind and security a trust can offer has proven invaluable to our clients, yet one of the most frequently asked questions is what can you expect to pay set up a trust?
Well it’s almost certainly less than you would imagine. A good trust provider will always be honed on protecting the assets of the individual, and will be committed to delivering custom-fitted service that best suits the circumstances and needs of each client.
When setting up a trust, there are several key fees to consider:
● One-off standard formation fee of £1100, which covers the drafting of documentation
● A small deposit is required to activate the trust, but can be as little as just £10
● An annual trustee fee of £1650
● Due to recent changes in guidelines necessitating annual reviews, a minimum annual administration fee of £1500
Of course, the most suitable arrangement will differ for each individual, so we offer these figures as a guide only. On average, the cost of setting up a trust with Alex Picot is around £4250.
Once you’ve made the decision to set up a trust, the next key factor to consider is who will do this for you? Services can vary between trust providers, so we’ve put together a few important questions to ask as part of your research into potential providers.
● Are there any minimum set up costs?
● Are there any additional compliance fees?
● Are there any hidden fees or other extras?
● Will my accounts be outsourced or managed in-house?
● What kind of clients do you currently work for?
● Do you have experience of managing Trusts with similar requirements?
● Who will be the individuals looking after the Trust?
Finding a provider who really understands your individual requirements is critical, especially when you are building a trust to protect your assets for future generations. And now that Jersey trusts have an infinite lifespan, it’s even more crucial that you feel completely confident that your assets will be looked after in the future.
At Alex Picot Trust, we pride ourselves on our flexibility, our simplicity and our friendly service. Our history, minimal fees and maximal dedication to the causes of our clients are what make our service second to none. Many of our new customers have come to us through trusted referrals and many of our existing clients are multi-generation, trusting us to continue to manage their trust needs as it passes through the generations.
If you are considering setting up a trust but aren't sure how to choose the right trust company for you?
Costs valid as at 22nd March 2016, for updated costs please see our FEES PAGE.