Trust funds

HelenW10

My children (ages 18,17 and 15) have been left money in a will that states that it is to be held in trust until they're 21 - I'm finding very little on the Internet to guide me on how I go about this.  Am I ok to just set up savings accounts for them?? Any advise very gratefully received.  Many thanks

xylophone

My children (ages 18,17 and 15) have been left money in a will that states that it is to be held in trust until they're 21 

https://forums.moneysavingexpert.com/discussion/comment/78222485#Comment_78222485

james.wardle

Hi  Helen.   
You first need to establish if the trust is a bare trust or a discretionary trust.   If it's a Bare trust the children become entitled to the cash at 18 no matter what the will says.   
Either way, the starting point is probably to set up a bank account for the trust.   Both Trustees would need to take the trust deed (usually the will) along with ID to the bank to set up ab account for the trust.  I've just done this with Barclays and it was only mildly painful,  other people have had success with Metro bank.   Many banks dont offer this service or make it very difficult.
As Trustees you can then give the share of the money to the children at 18 or 21 depending on what the will says. 
If it's a lot of money in the trust   (£100K+) you might want to think of investing it,  but the tax on trusts is very complicated and you should find a good IFA if you are going to do this.
good luck.

HelenW10

This is really helpful - thanks James