We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
We're aware that dates on the Forum are not currently showing correctly. Please bear with us while we get this fixed, and see Site feedback for updates.

Using own acc for a trust fund payout

ANGLICANPAT
ANGLICANPAT Posts: 1,455 Forumite
Part of the Furniture 1,000 Posts
edited 15 July 2020 pm31 4:53PM in Savings & investments
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 ?)  

Comments

  • xylophone
    xylophone Posts: 45,426 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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.

Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.3K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 240.9K Work, Benefits & Business
  • 617.2K Mortgages, Homes & Bills
  • 175.7K Life & Family
  • 254.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.