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Thread: trust fund and esa

  1. #1

    trust fund and esa

    My brother and I are trustees of a trust fund that holds money for me. All I know about the trust is it is a discretionary trust. I am currently on ESA income-related. He will not release the money unless it is to buy a house or make improvements to my current house. I am planning to sell my house and buy a new house using the money in the trust fund. I am not breaking any rules, am I?

  2. #2
    Senior Member nukecad's Avatar
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    It will depend on what the trust deed itself says.

    The trustees are bound by what the deed says, and must anyway act in the interest of the beneficiary(ies) of the trust.

    In your case if you, as a beneficiary, were given money for something other than a house purchase or improvement then it would (probably) stop you claiming IR ESA, which is not in your interest.
    I suspect that is why it was set up as a trust in the first place.

    You need to talk with the company/solicitors who set up the trust deed.

    Here's an explanation from Legal & General about how their discretionary trusts work, yours may have been set up differently:
    L&G Discretionary Trust pack
    I don't know everything. - But I'm good at searching for, and finding, stuff.

    Migration from ESA to Universal Credit- Click here for information.

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