Trust Fund investment

fnewboy

After the death of my ex-wife, a 1/4 share of £140K remains in a trust fund - at present still with the probate solicitor - for our 50 year old vulnerable adult son.

The other 3/4 has been distributed to 3 other beneficiaries.

One of the beneficiaries (our daughter) and myself (not a bemeficiary) have been appointed trustees of the remaining 1/4 share under the terms of the will.

We must open an account in our names, keep full accounts and register it with HMRC, while advancing money at our discretion to my 50 year old son.

Since his weekly income is via a NHS appointeeship, we can't open a "pay-in"
current account. So it looks like £15K into an ISA and £20K into a savings account.

C'mon folks, any ideas - bearing in mind there must be some accessability.

xylophone

https://www.caterallen.co.uk/solutions-for-trusts

You will need a current account for the Trust and might find the above of use.

As you are Trustees of a discretionary Trust then you need to open any accounts in the name of the Trustees of the Trust - you cannot open an ISA in the name of a Trust.

See also http://disabilitytaxguide.org.uk/other-tax-issues/trusts-for-disabled-people/

https://www.mencap.org.uk/advice-and-support/services-you-can-count/wills-and-trusts-service/our-wills-and-trusts-resources

Yogamumma

If you want a high street option, Nat west will open a current account for a trust; they will need the trust document. The trustees will be signatories, and it's usually both/two signatures required. No cards, obviously, but a cheque book.