Trust funds and investment plans

pamster

My children were left a sum of money each by my mum when she died 7 years ago. The trustees are my husband and I. We initially invested part of the money in investment plans through St Andrews life but as these have not preformed well we decided to seek financial advice through an independent financial advisor. He recommended withdrawing the money and setting up new plans with The Prudential which we have tried to do. Now we are being told that The Prudential need to see the grant of probate. We have already provided them with a copy of the will and also another document to prove us as trustees and do not understand why they need to see the grant of probate. We are being told that it is a legal requirement but do not understand why. We didn't have to do this when we set up the other plans. My Solicitor obtained probate so it has been done legally. I do not have a copy and don't really want to provide this as it will show the full value of my late mum's estate when only 25% has been left in trust to the children. Does anyone know if it is a legal requirement and if so why?

xylophone

I do not have a copy

Anyone can obtain a copy. http://www.ancestor-search.info/NAT-Probate.htm
http://www.justice.gov.uk/courts/probate/copies-of-grants-wills

In one sense it is immaterial whether or not it is a legal requirement.

The point seems to be that if you want to invest with the Pru you have to comply with their terms of business?

Anthorn

Perhaps the Pru is under the impression that the sharing out of the estate by the executor is in process and the Pru is the destination of funds directly from the estate in which case they would need proof of authority which is the grant of probate. Either that or they suspect money laundering and they want to see proof of where the money came from.