Setting up Trust Fund

cashisqueen

As executor of a will, I need to set up a Trust for a child beneficiary, with myself as Trustee until the child reaches 25yrs at which time the Trust will end and they can access the money. Any ideas on how to do this?

DRS1

Are you sure you need to set up the trust - it would usually be written in the will. What you would need is a copy of the will to show to banks and other interested people when you open accounts to hold the money or invest it in whatever.

SeniorSam

Hi cashisqueen,

The Will almost almost certainly should say that with a beneficiary as a minor, the funds should be held in Trust until a specified age. That being said, a Trust account can be set up with most banks and building societies, but it would be wise to have 2 Trustees, just in case anything happens to the one.

When the child reaches the set age, the Trust can either be dissolved and paid over to the beneficiary, or, possibly better, assigned to the beneficiary so that they can do as they wish with it from within the Trust. The company you set this up with will no doubt have some documents to make this clear to you.

Hope this helps

Sam