Trust account

Hi
My father-in-law passed away last year and had set up a 'Disabled Persons Trust' in his will for my wifes sister. My wife is one of the 2 trustees and now need to set up a trust account to put the money into to run the trust.
My question is which is the best bank or building society who offers the best account for this type of trust?
Any help would be greatly appreciated
Thanks

Replies

  • Newly_retiredNewly_retired Forumite
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    Does the will/ trust specify what is to happen to the money left in the trust , if any, after the sister dies?
    My mother left a trust for a vulnerable relative in her will, which specified that she could receive a certain amount of income per year, so the capital was invested. The sums guarantee that there will be money left when she dies, which will go to the vulnerable relative’s adult children.
    All this was set up after my mum died by a solicitor experienced in trusts, who engaged a financial advisor to invest the funds. Money well spent, as it all runs smoothly without intervention, and the investment has done well so far.
    So I would recommend getting professional advice. Currently no banks are paying any good rates of interest, so the capital may not last long, depending on the sums involved. For larger sums, investment rather than “ savings” is probably the way forward. 
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