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A Vulnerable Persons Trust (VPT) is a legal structure designed to hold and manage assets on behalf of a vulnerable beneficiary.
Planning for vulnerable beneficiaries involves creating a framework to protect and provide for individuals who may have special needs or require additional support due to physical, mental or financial vulnerabilities, or other factors that make them vulnerable to exploitation or unable to manage their own affairs. This may include setting up a Vulnerable Persons Trust (VPT).
A Vulnerable Persons Trust is a legal structure designed to hold and manage assets on behalf of a vulnerable beneficiary. It provides a way to ensure the beneficiary’s needs are met while protecting their eligibility for government benefits and safeguarding their assets. Not everyone will be eligible for a VPT and it very much comes down to the benefits an individual qualifies for.
There are several important steps involved with setting up a VPT, and Price Slater Gawne has an experienced team to guide you through the process and ensure the trust is established correctly.
Once established, the VPT must be administered by the trustees and regularly reviewed to ensure it aligns with the beneficiary’s needs and comply with any changes in legislation or regulation.
The two main differences are the extent to which non-vulnerable beneficiaries can benefit and the relevant taxation that is to apply. The trustees of a VPT are restricted in terms of distributing to a non-vulnerable beneficiary to the lower of 3% of the Trust Fund and £3,000 in any one year, whereas a discretionary trust has no restrictions. A VPT is taxed as if it was owned by the vulnerable beneficiary while a discretionary trust is taxed in accordance with the relevant property regime.
There are pros and cons to each approach, which makes it extremely important to consult with specialist professionals to ensure the trust structure best suited to the beneficiary’s circumstances is chosen.
Our specialist team is experienced in setting up vulnerable beneficiary trusts. If you would like to speak to a member of the team, please contact 03333 058375 or email WealthProtection@psg-law.co.uk.
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