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Using own acc for a trust fund payout

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ANGLICANPAT
ANGLICANPAT Posts: 1,455 Forumite
Part of the Furniture 1,000 Posts
edited 15 July 2020 at 5:53PM 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 ?)  

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  • xylophone
    xylophone Posts: 45,599 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.

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