Trustee accounts

Tigerbrad

Hi, I’m an executor on an estate and struggling to find some sort of saving accounts for 2 beneficiaries who can receive the money when they are 21 in 18months and 2years time.
The account will need to allow 2 executor signatures on it.
It seems theses types of accounts are few and far between and you can no longer just by national savings certificates or premium bonds. Any help greatly appreciated.

kidmugsy

Try Metro Bank and Skipton B.S.

Keep_pedalling

As both beneficiaries are over 18 they have the right to claim their inheritance now. If you manage to find an account it will pay very little or no interest, so personally I would let them have their inheritance now, so they can take advantage of things like LISAs for a future house purchase.

xylophone

Hi, I!!!8217;m an executor on an estate and struggling to find some sort of saving accounts for 2 beneficiaries who can receive the money when they are 21 in 18months and 2years time.

If the money has "indefeasibly vested" in the beneficiaries then the money is held in "bare trust".

If it is a bare trust, then the beneficiaries have the absolute right to call for access and control at the age of 18 (16 in Scotland).

Check the exact terms of the will.


See https://www.gov.uk/hmrc-internal-manuals/trusts-settlements-and-estates-manual/tsem1563

and google "Prescient Financial - bare trust returns.

If it is not a bare trust then you will need to determine the type of trust that has been created.

https://www.gov.uk/trusts-taxes/types-of-trust

You might try Skipton Building Society or Bath Building Society or NS&I.

https://www.nsandi.com/how-do-i-manage-accounts-other-people

https://www.bathbuildingsociety.co.uk/savings/business-and-professional-accounts/trust-information/trust-account-a-complete-guide