Probate: Residue Income / Life interest on savings

getmore4less

If you remain a trustee you will never be free of this.

if you want out you have to get the other executors and/or the solicitor and/or the mum and/or the kids to be trustees.

If the will has appointed trustees(usually the life tenant or the remaindermen not the executors) then this is not your problem.

gwernybwch

Just as a update; spent some time phoning around a few IFA's that specialise in wills and trusts. Surprisingly I struggled to find anyone that was interested! The family only want to invest it for the short-term and the IFA's were only interested in taking a cut out of a 5 year + investment.

I thought that maybe I was asking about the wrong thing; that I should be asking about simple current accounts / deposit accounts that are set up with trustees, so popped into my local high street branch of a bank. Cue blank expressions as I was trying to explain what I wanted to achieve......

So have phoned up NS&I (very helpful BTW) and they seemed to understand the situation and outlined that the Guaranteed Income Bond or Guaranteed Growth Bond might serve the purpose. Although for one of those accounts to be opened, they need to have the money paid in directly from the bank accounts of the trustees.
BUT the Solicitor has (previously) said that she won't pay the money directly to the trustees!!!!

Crabapple

Banks hate trustee accounts and very few offer anything more complex than an account for a child.

The amount involved makes anything more complex than NS&I excessive.

The solicitor should hand the money to the trustees if they request it. Seems like the family have an unhelpful one so maybe just get an NSI account sorted quick to bring this to an end for now.