Bare Trust & Trustee Responsibilities

Beardie4

xylophone wrote: »

You have stated that the money has been left in trust - have you clarified what type of trust this is?

If a trust had not been mentioned in the will ( and this does not appear to be the case), and money had simply been left indefeasibly vested in minor children, then a "de facto" bare trust would have been created - the child could not give good receipt for the money, so the parent would open an account in his name but "for" or "as trustee of" XYZ child!

The word trust was used in the will but that is the full extent of what we have been told. I see were you are coming from about the children's accounts and it makes sense. I think I need to speak with the solicitor again to get more clarification on what sort of trust it is and and stipulations we must adhere to.

this has kinda been dumped on our lap suddenly so having never done this sort of thing before the advice is fantastic information to be able to ask the appropriate questions going forward to either financial or legal institutions

xylophone

The solicitor who drafted the will should be in a position to advise you as to the precise nature of the Trust that has been established.

https://www.step.org/sites/default/files/Comms/Trusts_Explained_2011_WEB.pdf

If you are the Trustee and you do not know how to handle matters, take the appropriate professional advice.

http://www.leonardgray.co.uk/download/Guide-to-Trustees-Powers-and-Duties.pdf