Child's inheritance trust fund

rig_pig_78

Hi guys. Hopefully I'm posting this in the right place. My uncle sadly passed away at the end of last year. On his will he has left 40% of his estate to my 10 year old son. This is his total estate, including a house sale so fairly substantial.
Our solicitors have told us this needs to go into trust until he is 18 and managed my myself and my mum, both of us being joint exectutors.
I have been asking around various high street banks and building societies but none can help me.
The solicitors could probably do something but I really don't want to be paying silly fees.
Have any of you guys been in the same situation and if so what did you do?

xylophone

Has the legacy "indefeasibly vested" in your child? That is to say, is the money is an absolute gift without condition or contingency and the only reason he cannot have it now is that as a minor he is too young to give good receipt? Check with the solicitor.

If so, the money will be held in bare trust for your child until he reaches the age of 18.

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

You may find that NS&I can help.

https://www.nsandi.com/system/files/asset/pdf/trust-faqs.pdf

https://www.nsandi.com/investment-account

You may find that Natwest or Metro Bank would open a Trust Bank account.

This also may be of interest

https://www.bathbuildingsociety.co.uk/savings/business-and-professional-accounts/trust-accounts

The amount would appear to be substantial - you will need to decide whether you have the power under the Trust to invest (rather than merely save) the money.

It is possible to set up investment accounts in bare trust - example

https://www.hl.co.uk/investment-services/investing-for-children/junior-investment-account

It may be appropriate to make the full contribution to your child's JISA each year.

You may feel that you need financial advice

https://adviserbook.co.uk/ You would tick "confirmed independent" and specialism as appropriate.