We'd like to remind Forumites to please avoid political debate on the Forum... Read More » This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

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.

0

Comments

xylophone Posts: 45,576 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

0
xpjpx2000 Posts: 13 Forumite

9 May 2016 at 9:48PM

Thanks xylophone, those links are really useful.

0

This discussion has been closed.

★ ★ ★ Meet your Ambassadors

Confirm your email address to Create Threads and Reply

Categories

All Categories
350.3K Banking & Borrowing
252.9K Reduce Debt & Boost Income
453.2K Spending & Discounts
243.3K Work, Benefits & Business
597.8K Mortgages, Homes & Bills
176.6K Life & Family
256.4K Travel & Transport
1.5M Hobbies & Leisure
16.1K Discuss & Feedback
37.6K Read-Only Boards

MSE News

Winter Fuel Payments to be reinstated for millions – Martin Lewis explains how it'll work, what it means and if it's an improvement
Winter Fuel Payments will be reinstated to all pensioners in England and Wales this winter – but will be clawed back automatically from those earning over £35,000 a year, the Government has confirmed. It means nine million pensioners will get the £200 or £300 top-up. MoneySavingExpert.com founder Martin Lewis shares his instant response and analysis.
Car finance mis-selling update: regulator prepares for compensation scheme – and warns against using claims firms
Payouts for mis-sold car finance could be another step closer as the financial regulator has set out the factors it will consider if it were to introduce an industry-wide redress scheme – though we won't know more about how this will work until after a key Supreme Court decision expected in July. In the meantime, the regulator has warned that you DON'T need to sign up with a claims firm to be included.
Winter Fuel Payments to be extended to pensioners earning £35,000 or less – here's what we know so far
Winter Fuel Payments will be extended to all pensioners with incomes of £35,000 or less this winter, the Government has confirmed. It means nine million pensioners will get the £200 or £300 top-up.
Winter Fuel Payments extension confirmed for this winter – watch Martin Lewis' instant response and his message to the Chancellor
Winter Fuel Payments will be extended to more pensioners this winter – though not to everyone – the Chancellor has today confirmed. However, exact details of who will now qualify still remain scant. Watch MoneySavingExpert.com founder Martin Lewis give his instant response, as well as his key message for Rachel Reeves.
Nationwide Fairer Share: Free £100 bonus confirmed for 2025 – here's who will get it
If you bank with Nationwide, you could get a free £100 paid into your account in June or July as part of the building society's 'Fairer Share' scheme. The bonus will be paid to millions of its current account customers who also have savings or a mortgage with it.
Forced onto a prepay energy meter? You may be due money back as 10,000s to be compensated
If you had an energy prepayment meter forcibly installed or your smart meter was remotely switched to prepay mode without your permission, you could be entitled to compensation of up to £1,000 and may even be eligible to have your energy debts written off.
Tesco shopper? It's your last chance to use £15 million worth of Clubcard vouchers – or extend them with our trick
If you've got a Tesco Clubcard, check if you have any vouchers close to expiring, as nearly £15 million-worth are due to run out on Saturday 31 May. Don't want to spend your vouchers yet? We've got a trick to extend their validity.
Nationwide Fairer Share: Free £100 bonus confirmed for 2025 – here's who will get it
If you bank with Nationwide, you could get a free £100 paid into your account next month as part of the building society's 'Fairer Share' scheme. The bonus will be paid to millions of its current account customers who also have savings or a mortgage with it.
Misleading Child Trust Fund claims ads BANNED after MSE complaint – here's how to trace yours for free
Misleading Child Trust Fund (CTF) adverts that targeted young people on social media have been banned following a complaint by MoneySavingExpert.com. The Turner Lewis Ltd ads claimed savers had "nothing to lose" despite the firm charging possibly £100s for its services.