When we think of trust funds, many of us associate it with the upper class, something that only the wealthy can set up. While this may have been true in the past, it’s actually no longer the case.

For those who don’t know, a trust fund, often just referred to as a trust, is an arrangement made between you and a person or group that allows them to have control over your assets and/or money.

While this may not seem like a sensible thing to do with your money at first glance, it can actually be very beneficial. If for instance, you just gave a sum of money to a friend or relative to pay for care costs in later life, how can you be sure the money will still be there when you need it? With a trust however, you can be safe in the knowledge that your money will be safe, as a trust fund is a legally binding arrangement between yourself and any other people who may benefit from it (beneficiaries), and a person or group of people or company (trustees) charged with overseeing the trust.
A trust fund can be utilised for either yourself, a family member or loved one who is unable to take control of their own finances due to their health. To prepare for such an instance, setting up a trust fund in advance can allow the trustees to take control of any funds that are available to the beneficiaries.
Due to the important nature of a trust, the legal wording of the contract needs to be crystal clear and precise. It is incredibly important to know exactly where your money is going and what it can and can’t be used for.

When choosing your trustees, you generally have 2 options. You either choose people close to you, such as close friend or family members, or you can appoint a company, such as a bank or solicitor’s firm. It may be more cost effective to appoint a family member or friend as a trustee, as a company will charge a fee, however, you need to be sure that you can trust the person or people you appoint, and ensure that they are reliable, know their responsibilities and are happy to play that role.

Regardless of which route you go down, you will want to get the help of a professional to make sure that everything runs smoothly, and that you get the most from your money. That is where we come in. Our experts in finance here at Chilvester would be more than happy to sit down with you and talk through your options when it comes to setting up a trust fund for yourself or a loved one. Our first meeting will be completely free of charge. We will sit down with you and talk about your situation to ensure that you get just the advice you need when setting up a trust fund. So, get in touch today!

For most people, the biggest key goal in life is to get on the property ladder. Owning your own home is often seen as the key to a stable life, with mortgages often being much cheaper month by month than renting, therefore being much easier to manage alongside all the other costs of living.

According to a recent study, nearly 60% of people in the UK who rent name “owning a home” as their number one life goal. However, due to the rising costs of home ownership, coupled with the global pandemic putting the brakes on house sales, this goal is getting increasingly more difficult to achieve. While it appears hopeful that the worst of the pandemic is behind us, and we can begin to move on, it has had a lasting effect on the cost of housing.

House prices have risen in the last year by roughly 8%, but the demand is higher than ever. This is especially true with older age groups, in particular, those in their 40’s and 50’s, who may be scared that their time is running out to get on the property ladder, with retirement edging ever closer and the dream of being a homeowner seeming less likely.

It’s never too late to get on the property ladder though, with many people renting well into their 50’s before finally purchasing their first home and taking out their first mortgage.

On the other hand though, many younger people are becoming increasingly interested in becoming homeowners, with just under half of those aged 18-23 in the same survey expressing a desire to climb the property ladder.

If you can afford it, getting on the property ladder early can be incredibly beneficial moving forward, with it being much easier to continue to climb the property ladder once you’re on the first step.

Here at Chilvester, we know better than anyone that getting onto the property ladder can be difficult, regardless of your age. If you’re just starting out and want to get on the property ladder early, or if you’ve been trying for years with no success, then let us help you take that step.

We are also very happy to introduce our brand-new mortgage adviser Ryan Pipkin, who joined us in May this year. While he may be a new face, he is not lacking in experience. He has been in financial services for just under 6 years and has been advising for four. He has experience in arranging residential and buy to let mortgages, as well as more niche areas such as help to buy, shared ownership, right to buy and adverse credit.

Ryan is eager and ready to share his knowledge and help you purchase your first home, go through your borrowing options with you, and ultimately give you just the advice you need to take that first step onto the property ladder. So, if you’re looking to purchase you first home, or continue on your journey up the property ladder, get in touch with us at Chilvester Financial for your free, no obligation-consultation today!

 

Survey was conducted by data group Censuswide in March 2021*