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Using own acc for a trust fund payout
ANGLICANPAT
Posts: 1,455
Forumite
Having sold (as trustee) some of the SMT fund within the bare trust I opened for my grandchild, its now as cash within the trust .A portion is destined to go to a BS where the child already holds a CTF which hasnt been funded for years. The trust only releases money to my nominated acc. Can I presume me sending it on from there to the BS is acceptable as long as I have a clear paper trail , or do I need to change the nominated account to the childs BS one temporarily so money goes clearly trust to CTF ?
( I thought I would have to fill in an application form or something to do this , but Yorkshire BS says just send the money electronically to YBS referenced the childs acc number --does that sound odd ?)
( I thought I would have to fill in an application form or something to do this , but Yorkshire BS says just send the money electronically to YBS referenced the childs acc number --does that sound odd ?)
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but Yorkshire BS says just send the money electronically to YBS referenced the childs acc number --does that sound odd ?)
No - quite normal.
Ideally, a Trust should have its own bank account but under the circumstances, I'd keep a clear record and send the money to the CTF as soon as possible.
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