Trust Fund Banking

G8311374
G8311374 Posts: 143 Forumite
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in Savings & investments
Hello

Apologies if this is in the wrong section.

My parents are in the process of establishing a Trust Fund for me when they die because of my mental health problems. I'm in a good place at the moment so I am suspicious that their solicitor has asked them to open a bank account for the trust fund. Shouldn't that be the solicitors job? Should my parents be getting some sort of separate financial trust planning or does it all happen when they die and the money is available? Also which banks do trust fund bank accounts?

Thanks

Comments

  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    G8311374 wrote: »
    Hello

    Apologies if this is in the wrong section.

    My parents are in the process of establishing a Trust Fund for me when they die because of my mental health problems. I'm in a good place at the moment so I am suspicious that their solicitor has asked them to open a bank account for the trust fund. Shouldn't that be the solicitors job?

    No.
    G8311374 wrote: »
    Should my parents be getting some sort of separate financial trust planning or does it all happen when they die and the money is available?
    It's up to your parents and also you if you are capable of influencing what you'd like whether to set up guidance now or leave the trustees to do that. In many respects it would seem unwise and handicapping to decide now what should happen In say 30 years time when many things about the financial situation of the trust, your circumstance and legal and tax regimes may all be completely different to today,
    G8311374 wrote: »
    Also which banks do trust fund bank accounts
    No idea but does it matter?
  • bigadaj
    bigadaj Posts: 11,531 Forumite
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    OP the problem is that the fact they are creating a trust for you suggests you may not be capable of making a sensible judgement.

    With respect to teh solicitors then they just take care of the legal side, they can do more and open a bank account, or help to do so, but it's bloody expensive way of doing it.

    In terms of the trust and what it might hold then that isn't a solicitors job, they probably need to consult and ifa to ensure that investments and risk aspects are covered.
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