Question about A Trust for Financial Requirement

[JDHUS]

I am the spouse of a British citizen. We live in the US but would like to move to England. While my husband is working on getting a job there, we will likely start the visa application before that happens, and will have to rely on savings to meet the new financial requirement.

I have a trust account but I am not clear on the information about a trust that I found. It says:

10. In respect of non-employment income all the following evidence, in relation to the form of income relied upon, must be provided:

(b) To evidence dividends or other income from investments, stocks, shares, bonds or trust funds:
(i) A certificate showing proof of ownership and the amount(s) of any investment(s).
(ii) A portfolio report (for a financial institution regulated by the Financial Services Authority in the UK).
(iii) personal bank statements for the 12-month period prior to the date of application showing that the income relied upon was paid into an account in the name of the person or of the person and their partner jointly.

It sounds like income from a trust counts toward the financial requirement, but the trust itself does not. Am I interpreting that correctly? Also, I saw a provision that said that money must not just be "resting" in the account, but must have been there for six months. Does that mean I'd have to get the money out of the trust six months in advance?

Thank you so much for your help on this confusing gray area.

[ID29]

... It sounds like income from a trust counts toward the financial requirement, but the trust itself does not.

While no expert, I'm afraid that is how I read it too.

The advice you quoted does speak about income and when you think about it, it does make sense. You might well, for example, have an impressive asset but unless it is realised (turned into cash) then the only benefit you could draw from it would be if it paid interest, dividends or profits on an ongoing basis (income). I would guess that for all practicable purposes your trust fund is no different than owning say a condominium or a fist full of Coca-Cola shares. In these examples, you would either need to submit respectively the annual rental yield or dividends as income... or sell the asset and submit the proceeds as savings.

[JDHUS]

Thanks for your response.

The "income" context is something I hadn't thought of before. Previously, I thought that because I wouldn't have income in the UK, I would have to provide, instead, evidence of the required amount of savings by having a portion of the trust turned over to me.

It sounds like an income of the equivalent value from the trust could also satisfy the requirement. It would also be easier to manage.

I only fear that it's not quite so simple. Is it time to turn to a lawyer?

[ID29]

I think seeking legal advice might be sensible.