Benefits & Inheritance/Discretionary Trust

Jim80

The family decided to go for a living trust as the parent wanted to see it in action for piece of mind. So far easy to fill in paperwork. Next up to find a bank to put it in! Any suggestions of banks who hold discretionary trusts?

TELLIT01

Does it have to be a bank?  If it's simply paperwork it could probably be lodged with a solicitor.  If the parent has a will it would seem to make sense to keep the documents in one place.

Jim80

The money for the trust needs to go in the bank, not the paperwork

elsien

If the family want to try to protect the money, that’s their choice. 

Just wanted to point out to some of the responses here that unwise decisions around money don’t equate to lack of capacity. As the debt free section of this forum evidences. 

Jim80

All helpful responses so far, thanks.

Jim80

Have asked at all high street banks and none are taking on discretionary trust accounts. There are a couple of special banks, some have minimum deposits which don't help so mostly limited to using Cater Allen who so far seem OK.

Jim80

For general info, the account with Cater Allen has finally been setup, took about 7-8 weeks...