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inheritance

My daughters dad death without a will and now we have an estate money to put into an account - grandad wants to be a trustee as well but lives miles away and not sure how to find an easy access account with two trustees for all withdrawal until we can come to an agreement on what to do with the money. Any way done this before and point me in the right direction
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  • tacpot12
    tacpot12 Posts: 9,014 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper
    edited 11 September 2020 at 4:31PM
    There is a list of banks offering trustee savings accounts here: https://moneyfacts.co.uk/savings-accounts/guides/how-do-trustee-savings-accounts-work/#

    I would start calling them to see who can offer an account where both trustees have to sign. It shouldn't really be unnecessary for you both to have to sign.

    It is a good idea to have two people who can access the money in case something happens to the other, but it seems overkill to require both of you to have to sign to withdraw money - either of you would be guilty of theft if you withdrew the money for any purpose other than to spend it for the benefit of your daughter. You might look for an account where you can both have online access to both can monitor the balance, but either of you can withdraw money.
    The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.
  • Thanks I have already looked at that listed and things have changed and many banks don't offer them now.
  • xylophone
    xylophone Posts: 45,426 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Your daughter inherits from the intestacy of her deceased father - the money must be held in bare trust for her until she reaches the age of 18 (16 in Scotland).

    How old is your daughter? How much money is involved?
  • Just the sale of his house and she is 10 years old.
  • macman
    macman Posts: 53,128 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    To avoid all doubt, were you married to her father, and, if so, were you divorced before his death?
    What is the value of the estate after expenses and debts are paid?
    No free lunch, and no free laptop ;)
  • never married - how does this help?
  • xylophone
    xylophone Posts: 45,426 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    The child is too young to give good receipt for the bequest and therefore it must be held in bare trust for her until she is 18 (16 in Scotland).

    The capital and income belong to the child and are taxable on her - just like an adult she has her own Personal,  Savings, Dividend  and capital gains allowances.

    NS & I allow Trust Accounts.

    https://www.nsandi-adviser.com/trusts

    https://www.nsandi.com/downloads-and-forms

    You might consider opening  the Investment Account and the Income Bonds Account - the interest from the Income Bonds could be  paid into the Investment Account.

    You can download the  Trust Forms above.

    Metro Bank and Natwest have been mentioned in respect of current accounts for Trusts.

    Your daughter has a CTF? It would be possible to transfer up to £9000 into this and then to transfer it to a JISA and pay in another £9000 in this tax year.

    It would be possible to  contribute to the JISA  in subsequent years from Trust Funds.

    NS&I offer a JISA paying 3.25%.


  • Just wondering if I can I invest the money for her in say a property until she is 18.
  • xylophone
    xylophone Posts: 45,426 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Just wondering if I can I invest the money for her in say a property until she is 18.

    Your duty as Trustee is to protect your child's legacy. 

    She has the right to call for access to and control of that legacy at age 18. 

    Property investment is not appropriate in these circumstances. 

    It might be appropriate to invest some part of the legacy in stocks and shares but unless you have knowledge and expertise,  the advice of an Independent Financial Adviser would be advisable.

    https://adviserbook.co.uk/ You would tick "confirmed independent" and "investments".


  • so whats the difference between the all the types of trusts?
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