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Bare trust account

xpjpx2000

xpjpx2000 Posts: 13 Forumite

9 May 2016 at 8:47PM in Savings & investments

Hi,

A sum has been left to my child by a family member in a bare trust. The trustees of the funds are me and my brother. The solicitor has the funds at the moment.

We are looking for an account to use for the funds to be deposited into that we can then use as a base to distribute the funds into various investments. We must have access to the funds and be able to transfer in and out of the account as we wish.

We have been having all sorts of problems getting such an account from several banks - does anyone know of a bank / building society that will open a suitable account that allows us this flexibilty?

Thanks,
Paul.

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Comments

xylophone Posts: 45,573 Forumite

9 May 2016 at 9:37PM

http://www.osborneclarke.com/connected-insights/publications/the-powers-and-duties-of-bare-trustees/

Remember that the child is entitled to access and control at the age of 18.

It should be possible to open an account in the names of XY and AB Trustees of JY.

https://www.caterallen.co.uk/reserve-account-for-trusts might suit as a bank account.

Remember that investment/ savings accounts will also need to be held in trust.

http://www.ybs.co.uk/savings/childrens/one-day.html

http://www.santander.co.uk/uk/current-accounts/123-mini-accounts/123-mini-in-trust

http://www.hl.co.uk/news/articles/why-bare-trusts-offer-a-simple-and-effective-way-to-invest-for-a-grandchild

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xpjpx2000 Posts: 13 Forumite

9 May 2016 at 9:48PM

Thanks xylophone, those links are really useful.

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