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My Trust

My Trust
What is a Trust Fund?
 
A trust is where one person transfers money or a house to another person to look after for someone else. The main reason for this is that normally the person transferring the money or house feels that the person they want to receive it may be unable to look after it on their own. So instead they put the money or house into trust with someone else. They agree that the money or house will only be used to benefit the person of their choice.
 
A trust is made up of 3 people:
  1. Truster - the person transferrign the money or house into the Trust
  2. Trustees - the people who look after the money
  3. Beneficiary - the person who will benefit from the money or house

Every trust will have a Deed of Trust. This says how the trust should be looked after. Some trusts are set up as part of someone’s Will. The Deed of Trust or Will is a legal document written by a solicitor and it will say:

  1. Who the Truster is
  2. Who the Trustees are
  3. Who is the Beneficiary
  4. How much money was paid into the trust
  5. What happens to any money that is left in the trust when the beneficiary dies
  6. What the Trustees can and cannot do
  7. What types of things the trust can be used for
     
What can the money in my Trust be used for?
 
The money in your trust should be used to buy things that you need or want. These should be things that benefit you or make your life better in some way. People normally use their money for things like:
  • Holidays
  • Day trips
  • Special occasions such as a wedding
  • Therapies such as physiotherapy sessions
  • Christmas
  • Furniture
  • Redecoration costs
  • Things for their home such as a cooker, washing machine or fridge freezer
     
What can the money in my Trust not be used for?
 
The money in your trust should not be used to buy things for other people. You should also not use your trust to pay for everyday items such as:
  • Food
  • Bills for your house
  • Everyday clothing
  • Care services
These things should be paid for from the money you get from your job or benefits.
You should also not use the money to give you extra money or pay off debts. If you use your trust to pay for these things it could be seen as an extra income to you. This could affect some of the benefits that you receive.
 
How do I ask for money from my Trust?
 
You can ask for money from your trust by:
  1. Filling out one of our Standard Payment Request Forms
  2. Emailing Susan Parker at susan.parker@enable.org.uk  
  3. Sending us a letter with all the information
  4. Phoning Susan Parker on 0141 225 1710
Forms or letters should be sent to ENABLE Trustee Service Ltd, 2nd Floor, 146 Argyle Street, Glasgow, G2 8BL
 
Why might you say no to a payment request made by me?
 
When making a decision about a payment request by you we will think about:
  • What age you are
  • What your health is like
  • How much money you have asked for
  • How much you have left in your trust
If you are young with good health we would want your money to last you throughout your life. We would not want you to spend all your money at once. We may therefore limit the amount you spend each year. This will make sure you have money available in the future if you need it. On the other hand if you are a bit older with health problems and a lot of money left in your trust we would encourage you to use it while you are still able to.
 
When making a decision about a payment request by you we will also consider if the item you want to buy will benefit you or enhance your life in some way. We will also check that the item you want to buy is good value for money. If the answers to these questions are no, then we may say no to your request or pay you a lower amount.
 
Any decision made by us will always be based on your best interests. We will also make sure that the payment is for something that is allowed in the Deed of Trust.
 
How will my money be paid to me?
 
We can pay the money into your bank account so that you buy something
  1. We can send you a cheque
  2. We can pay other people for you such as a travel agent or shop
  3. We can give you money back for something you have already bought
If you would like us to give you money back for something you have already bought you should always speak to us first. This is because payments are decided by the Board and we cannot guarantee that we will always say yes to a request. Agreeing requests beforehand will make sure that you do not spend any money that you will not be paid back.
 
We will also ask you for receipts for the things that you buy with your money. This is so that we can see that the money is benefiting you in some way.
 
How long will it take for my money to be paid to me?
 
Normal requests will be paid to you within around 7 days. Any unusual or large request may take longer. This is because unusual or large requests need to be agreed by the Board first.
 
How can I find out how much money I have left in my Trust?
 
We will send you a statement every year around the end of April. This will tell you:
  • Any money paid to you from your trust during the year
  • Any money paid into your trust during the year
  • How much money is left in your trust
You can also contact Susan Parker at any time for up to date information about your trust.
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