Account in single name requiring three signatures

ionican

I'm trying to open an account in my mothers name but requiring my, my sister's and my mother's signatures (the money being the proceeds of a dissolved trust where we need the safeguard of multiple authorisation but don't want to create another trust to administer the money).

Despite at least two banks telling me over the phone they can do this (HSBC, Metrobank), trips to the branch to open the account have revealed it's not in fact possible. We don't need internet access, just some way of holding the money in mother's name until such time as it can be invested.

Do such accounts exist?!

xylophone

The trust has been dissolved.

Was your mother the only beneficiary so that the money now belongs to her absolutely?

Your mother has capacity?

Is there any reason why the money should not simply be held in a current account in her name so that she can make the investments (with advice if necessary), that she chooses?

henm2

So from what has been mentioned already this is not a case where a trust account is required. If your mum still has mental capacity then as well as her being able to set up and sign on her own account she could authorise and arrange to get set up by her bank a third party mandate where third parties such as yourselves can jointly or jointly and severally also sign on the account. If your mum is able to set up and sign on her own account she can distribute monies by herself as she sees fit. Perhaps another trust needs setting up?

If she has lost mental capacity but previously set up either an enduring power of attorney (and this has subsequently been registered with the court of protection) or there is a lasting power of attorney in place then either of these documents can be used to allow the attorneys to to set up a bank account in her name.

If she has lost mental capacity and there is no kind of power of attorney in place then you will need to apply for a court of protection order https://www.gov.uk/become-deputy/overview

[Deleted User]

What are you protecting against? Your mother going and withdrawing it all?

ionican

Thanks for the responses.

The money is now mine and my sister's (as beneficiaries of the old trust). However we will loan it to mother for her to invest/possibly purchase a house. To ensure that she is not influenced or otherwise and spends the money other than was intended we have all agreed the three-signatory control. This also protects the other two in the time before investments are made.

Obviously we could constitute a new trust to enshrine these protections but we're keen to try and keep it simple - the risks are low but given the quantum of cash I feel that we do need some basic safeguards.

She has full capacity - the loan will become repayable upon her losing capacity/death and will be secured against her assets.

grumbler

So, none of three parties trusts other two? What a family...
Instead of hassle of a three-signatures account can you just split the money with your sister, keep it and then make transfers to the solicitor or whatever when needed?

xylophone

Have you, your sister and your mother taken qualified legal and financial advice?

firefox1956

xylophone wrote: »

Have you, your sister and your mother taken qualified legal and financial advice?
[/QUOTE

Does not sound like it to me.........
Never mind 3 signature accounts get some proper legal advice is what I would do.

Alter_ego

What's wrong with a joint account?

Westie983

Im not sure about all banks but the one I work at only allow two signatures on account, thus a joint account, but the way around having a third person on the account is if its a savings account and you conduct a third party mandate which allows someone who is not on the account to transact on the account.

I am not quite sure why you require three signatures though...

cant you just split the money then get a contract written up when you "gift" your money to your mum??


I would second what others have said though and seek professional help as it seems a quite specific issue and not really think a forum is the right place to ask for help....

grumbler

Westie983 wrote: »

...the way around having a third person on the account is if its a savings account and you conduct a third party mandate which allows someone who is not on the account to transact on the account.

The OP wants all three signatures at the same time, not any one of three.