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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. 1
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