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Scottish Trust Deed Forum
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Topic starter
10/03/2021 8:08 pm
Hi everyone.
Looking for some general advice.
I have just discovered that my partner has a trust deed that they didn’t tell me about for the last 12 months. I completely understand that they were very embarrassed about having one in the first place.
However they are due the annual review or something and they are worried as bank statements will show me giving money for some bills / food etc etc. Will this have an impact.
Also I am very weary of giving a company my personal bank statements as in reality it has nothing to do will me therefore can the trust deed force me to give out my details. Please note I am more than happy to show them my P60 etc showing my earnings which are around the same earnings bracket as my partners.
Sorry for the rambling just looking for some advice to start of with.
Thank you in advance
11/03/2021 9:15 am
Welcome to the trust deed forum Wilsonl90.
It's obviously common for couples to transfer money to each other to cover various bills and expenses. In itself that's nothing to worry about.
There's no compulsion for you to hand over your own private documents. Having said that, in some circumstances it might be beneficial if a trustee can have a full overview of your household's finances.
Your trustee's duty is to ensure that your partner is paying what they can reasonably afford towards their debts via the trust deed. This is established by deducting their reasonable share of household bills and their other reasonable expenses from their total income. This process will also therefore assume that you're paying your reasonable share of joint bills and expenses.
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11/03/2021 12:27 pm
You shouldn't need to worry about either of these things, WilsonI90.
If you were earning less than your partner then it might be in your partner's interests for you to share your income details with the trustee. This is because the trustee could allow a higher proportion of the joint household bills to be borne by your partner, therefore reducing the mount they may have to pay into the trust deed.
As you are earning a similar amount then it shouldn't make much difference at all.
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