Trustee bank account

thrombel

Does anyone have experience of these?

My mother's solicitor has mentioned a Trustee/Trust account for her personal injury compensation. Theres a set-up fee of £1,000 for the Trust Deed + another £1,000 per year to run the account.

As I understand it...... one has a Trust Deed drawn up by a solicitor & then opens a Trust bank account with nominated Trustees?

Trying to find a more cost effective way, other than the solicitor manage the account for her, which will cost her £1,000 per year.

thrombel

I have just phoned Barclays who said they do Personal Trust Accounts.
Hoorah! They seem to be the only bank that does such accounts for adults.... I have just phoned them all....

I will pop into Barclays & get more info...

xylophone

https://www.markthompsonlaw.com/need-a-personal-injury-trust/personal-injury-trust-to-protect-personal-injury-compensation/

See

https://forums.moneysavingexpert.com/discussion/6025119/trust-bank-accounts&highlight=personal+injury+trust