Has anyone had experience of opening a 'trustee' account?

newstd100

Hi, can anyone tell me if they’ve setup a trustee account, and if so - who with? I’ve trawled the web, but with little success; so wondering if it’s actually called something else.
Let me explain a little about the circumstances; there was a Life Interest Trust in my late father’s will, which ‘protected’ his half of my parent’s property. My mum has been given a Life Interest in this half. On the death of my mother, my father’s half goes to me & my siblings.
The property is now being sold (my mum has moved into a care home), so half the value of the sale will be paid to my mum, the other - I’m told - has to go into a ‘Trustee account’ (which can be used for the benefit of my mum, if needed).
Has anyone had to do something similar?
Given the banks are pretty cash-rich, I wonder if they’re trying to distance themselves from these type of accounts because it doesn’t make them any money…
Any help appreciated.
Thanks

xylophone

Presumably your parents owned the house as tenants-in- common and the Trust gave your mother the right to occupy the property as here?

http://www.greenwoods.co.uk/knowledge-base/private-client/life-interest-trusts/

http://www.redstonewills.com/news/item/what-is-a-life-interest-trust-and-how-can-it-help-you

The house has been sold and half the proceeds belong to your mother in her own right - the other half is "protected" for the beneficiaries to the extent that your mother is only entitled to the income from the capital?

You should check the terms of your late father's will/terms of the IIP Trust to see what exactly was to happen in the event of the sale etc of the house.

Anecdotal evidence from other posters has indicated that setting up Trust current accounts is proving difficult and even when one of these is set up, it is usual to find that no interest is paid - this is certainly the case with a Trust current account held by a family member and a solicitor with Barclays.

In theory, there should not be a problem about a savings type account being held by AB and CD, Trustees of the XYZ Will Trust ( if the terms of the account permit).

However, you would need to check with the provider in question.

It would also be possible for a stocks and shares type account to be held in the name of the Trust as above - this does not seem to present a problem. For example see FAQs http://www.hl.co.uk/investment-services/fund-and-share-account/faqs

Below may be of interest.

https://www.caterallen.co.uk/reserve-account-for-trusts

It may be possible to hold an NS&I Income bond account in trust - you would need to check.

chambta

RBS offer them. Just a bog standard account with effectively no interest.