Probate trust

pothole65

We are at the moment applying for probate for my mums estate, we shall set up a separate executors account, and when everything is sorted distribute the estate.
Because there was no will we are dealing intestate, so the estate will be distributed as follows, to me, my sister and my brothers two children, one being from a former marriage living in Scotland somewhere. The other child is a minor 15 years old so a trust will need to be set up for her, I have googled it and from what I have read this is a minor benerficery trust, and led to believe must be set up by a parent. So how is this done, as her parent is not very trustworthy, we certainly don’t want to hand the money to her and trust that my brothers daughter will eventually get it on her 18 birthday.

Keep_pedalling

Who led you to believe the trust had to be set up by the child’s parents? If the estate administrators think the child’s parents cannot be trusted to manage the trust or might just pocket the money they should look to alternative trustees. This could be themselves or if the legacy was a large one consider handing it to professionals to deal with.

How much will the 14 year old inherit?

pothole65

She will inherit £40000

Keep_pedalling

pothole65 said:

She will inherit £40000

Considering her age and the amount the only real choice of home for that money until she reaches 18 is a cash account. Too much to go into a JISA and 4 years is too short a period to put it into equities. 

Unfortunately trustee accounts will only pay about 0.5% interest, but on the up side they require little administration from the trustees. The following link is the application form for a trust account with NS&I which I have provided to show what sort of information is required from the trustees. It would be worth shopping around once the funds become available.

https://www.nsandi.com/files/asset/pdf/income-bonds-application-form-trustee.pdf

pothole65

Thank you thank you for all your help

Frogletina

Skipton Building Society have a children's account paying 1.3% that can be held in trust. I've opened one as an executor/trustee for a child.