Trust Account for Adult with Learning Disabilities

chrissy513

hi, i have been struggling for years with getting a Trust account for an adult (my sister) with learning difficulties, as she was left some money by her father, in trust.
I did open an account with the Skipton BS, which is due to finish soon.
Also, i opened another account with the Halifax (Guaranteed Reserve), but they now say they no longer operate trust accounts like this, and to try their 'sister' bank Lloyds - i tried them, but they messed me around, with two interviews and 3 hours and still they couldn't even find me the right application form!!!
Does anyone know of any other banks/building societies who do this type of account? Preferably not where i have to travel hundreds of miles with other trustees to sign a form.
Many thanks.

xylophone

You need to look at what is available and then check the T&C of each account to see if it can be held in trust. http://www.thisismoney.co.uk/money/saving/article-1583859/Best-savings-rates-General-savings--Internet-branch.html#axzz2JkjUw1ad
That said, the general information booklet entitled Savings for....produced by Yorkshire Building Society says on page 30

"Some of our accounts can be opened and held in trust for another person.The foldout table on page 26 shows which accounts allow this."

and it may be that other banks and building societies produce such a booklet or have similar on their website.

You may find this of interest concerning the lack of training in branches etc on this matter.http://www.markthompsonlaw.com/best-...-compensation/

laurylaury

As far as I'm aware, you may struggle to find an 'In Trust' account as when banks do offer these they are often just for an adult holding money in trust for a child under the age of 16.

Banks will however, be able to offer an account where you are Power of Attorney if this is something you would be willing and able to get in place.

chrissy513

hi, thanks, but although i have power of attorney that is not the best way to do this, as it will invalidate the trust and any money will then be held in her name ... point being, social services then counts it as an asset! In a trust, it is not, although income accruing from the trust account is. Therefore when an adult is receiving care from social services, they will charge more if you have more savings, and reduce the savings of the poor person to the minimum level over a short period of time. It was the only way her father could see to protect her money from their clutches.....

greenface

Could you not hold it for her. We have a similar set up as we couldnt hold a trust in DS name as the money we have for him was never his. We have it stashed away and in our wills it goes to our girls only and they know its to enhance his life above and beyond what his benefits permit . I know i will be shot down here so load your weapons. Good luck in the minefield that should & could be easier

elsien

Have you tried one of the learning disability charities - mencap have a direct advice line http://www.mencap.org.uk/news/article/one-number-learning-disability-advice-and-information . They'd have come across similar situations before, I'd have thought.
The problem with holding the money for the person in your own name, aside from all the other aspects to it, is that if anything happens and you end up in financial difficulty then it's going to be counted in your assets. Plus although you hope your nearest and dearest will follow your wishes after you've gone, it's certainly not guaranteed - I've seen more that one sibling of people with learning disabilities vanish into the sunset after mum and dad have gone. If you want the guaranteed outcome, you need to try to do it properly if you can.

We[ve generally found building societies to be slightly more amenable than banks - not for trust accounts but for people who have accounts in their own name but who can't manage without help. Nationwide have been helpful, might be worth giving them a try.

You could also try posting the question on the disability and dosh part of the forum as well.

chrissy513

Just found out that NS&I do Income Bonds for Trustees (for adults) - though you do have to send them an awful lot of info (ie copies of the will trust, signed by an individual solicitor (not the company), etc)