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Trust accounts - trustees are adults

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So my parents set up what they thought was a Trust Bond with Santander to be told it was just a normal bond and now they won't immediately pay out (as was my father's wishes on his death) without Probate.

My question is, my mum also set one up so she wants to move it to a Trust Bond otherwise the same will happen again on her death. Are there any banks out there that offer Trust accounts where the trustees are adults? Seen lots for children and Santander are saying they can't do it as they only offer this for children!

Thanks.

Comments

  • Browntoa
    Browntoa Posts: 49,604 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    There's all kinds of issues with this , tax liabilities , iht liability , possible deprivation of assets.

    You need professional advice on trusts
    Ex forum ambassador

    Long term forum member
  • System
    System Posts: 178,348 Community Admin
    10,000 Posts Photogenic Name Dropper
    Possibly better off setting up some kind of Trust using a solicitor, and wording it "to be payable on my death" or something like that. Trustees would usually be the executors. The money itself could probably go into any sort of account provided the bank / building society allowed that. I am fairly sure that National Savings will hold money which is in a trust.
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
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