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Jennifer's story

Financial security for the family’s future

About Jennifer

Jennifer, 48, is widow of John, trustee and beneficiary of john’s will. Edward, family friend and accountant, is trustee of John’s will. Jennifer and John’s two grown up daughters, Claire and Catherine are also beneficiaries of John’s will.

Issues identified by her Private Banking and Advice Manager:

  • £200,000 currently held on deposit following probate being granted for John’s estate
  • Edward and Jennifer met with a Private Banking and Advice Manager to discuss how best to invest the Trust fund. The terms of the Trust were to provide Jennifer with an income for the rest of her life with Claire and Catherine benefitting from the capital on Jennifer’s death.
  • Jennifer has a widow’s pension from the occupation pension scheme that John was a member of. 
  • She also received a lump sum from the same scheme along with a payout from some life cover that John had put in place.
  • The income from Jennifer’s job, her widow’s pension and deposit income is not quite enough for Jennifer to get by on. Jennifer was concerned about this but also wanted to ensure her children benefitted from the potential capital growth of the trust fund.

Recommendations

Edward and Jennifer were introduced to a Private Banking and Advice Manager that:
Outlined their duties and responsibilities as trustees when investing the trust fund. It was recommended that Edward and Jennifer seek independent legal advice for the specific questions they had around their general duties and responsibilities as trustees.

Discussed investment options, including the risk of different investment profiles and the importance of achieving a balance between capital growth and income to help meet the interests of all beneficiaries of the Trust.

Recommended a balanced investment that aimed to provide an attractive income for Jennifer, but also offering good potential for capital growth for Jennifer’s daughters.

Outcome
  • Agreed investment strategy in place
  • Plan in place that meet trustee’s requirements to balance the interests of Jennifer and her daughters
  • Plan in place to aim to provide an income for Jennifer
  • Potential capital growth for children


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