Mencap Trust Company Limited is a company that manages special discretionary trusts set up for people with a learning disability. It is run from Mencap's National Centre.
Some people choose to appoint a company rather than an individual to act as the trustee of their trust. This may be because they do not know anyone who can act as trustee, or because they do not want to place this responsibility on them. In addition, a trust company has knowledge and experience in running trusts.
If you are thinking of doing this, Mencap Trust Company Limited can act as the trustee of an individual trust that you set up with the company. They will work with the beneficiary's family and carers to ensure that they make the best financial decisions for them throughout their lives.
I was worried about how to find trustees because of all the responsibilities they carry. I didn't know any solicitors with that expertise, and I didn't want to ask any of our extended family to take it on.
To set up a trust you need to do the following:
- Set up a standard trust with Mencap Trust Company Limited with an initial amount of £5. The charges for setting up the trust are £305 (£250 plus VAT and initial amount of £5). The company will send you all the paperwork you need to complete.
- You then leave the trust a further sum of money under the terms of your will. You will need to see a practising solicitor to make a new will.
- On your death, the money will be paid to the trustees and the trust will be activated.
Mencap Trust Company Limited is a not-for-profit organisation and the company will generally only act where there is at least £10,000 in the trust fund.
- Order an information pack about the Mencap Trust Company Limited or contact them on 020 7696 6932.