Bank account for a trust

Legacy_user

Hi,

Wondered if anyone could help me please.

A will left an estate in trust to my children, they are the sole beneficiaries and the trust will run until they reach 21. The estate has a property which the trustees are renting out, the income generated will make up parrt of the trust they will receive.

Apparently a bank account has been set up by the trustees to receive the monies received from the property rental. However, I am not sure if the bank account will just be in the names of the trustees or if it will include the names of my children as they are the beneficiaries names in the will.

The trustees have never contacted us to obtain any information about our children.

If anyone can shed some light on whether our children's names should be on the bank account and if the trustees are able to do this without any authority or signatures from ourselves as parents.

Any information would be most helpful.

Many thanks

GDB2222

The account should be in the trustees' names. They don't need permission, as they have this under the will.

I don't know what information you think that they need about the kids?

jonesMUFCforever

The Lloyds stable of banks do not offer trust accounts anymore.

eskbanker

jonesMUFCforever wrote: »

The Lloyds stable....

Is that where the black horse lives?

GDB2222

Fed_Up_2019 wrote: »

Looks like I might do better not existing as a parent.

Are you saying you should be consulted about the trust? Can I ask how old the children are?

Ben8282

You don't say from who this property has been inherited by your children but surely that person would have chosen individuals that they could trust to be the trustees? After all, having left this property to your children, presumably they would have taken reasonable precautions to ensure they actually receive it.
Why do you accuse the trustees of funding their lifestyle, fraud, tax evasion and money laundering? What evidence do you have to support these claims?
Who was the executor of the will? Was it a solicitor? Have you discussed your concerns with them?
Do you have any idea of why you, as the children's parents, was not made trustees?

xylophone

the trust will run until they reach 21.

Has the bequest "indefeasibly vested" ( ie been left to the children absolutely and without contingency)?

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

http://trustsdiscussionforum.co.uk/t/bare-trusts-beyond-18/2008

https://www.gov.uk/trusts-taxes/trusts-and-income-tax

https://www.duttongregory.co.uk/site/personal/tax-wills-and-probate/trusteesdutiesandpowers/

The account should be in the names of X and Y Trustees of the ABC Will Trust.

Presumably they are aware of their duties to the beneficiaries?

Ben8282

Something has happened to this thread.
The OP's second post mentioning the things referred to in my post above and quoted in part by GDB2222 has disappeared. Not edited or changed but disappeared as if it never existed.
There is also a duplicate thread
https://forums.moneysavingexpert.com/discussion/6027603/legal-requirements-of-trustees