Executor / Trustee Bank Account

PhilipEV

Afternoon all,
Hopefully this will be the right place to post this type of question..
Looking for some advice as I seem to be between a rock and a hard place.
I am an Trustee / Executor for my friend who has passed away recently. She has a will in place and has asked that all her assets are passed on to her son. He is currently 19 and the will stipulates that he gets nothing until he's 25.
There are assets of my friends estate that include houses and such like, and these are rented, therefore we have a monthly income coming in that must be held for her son. Our solicitor has advised organising a Trustee account, however, after endless research, these are not available anymore. I have tried to go down the route of an Executor account, however, as we require access to the money, as well as a place to deposit rent money etc, we have been told that we are unable to use one of those types of accounts!
I am in full time employment, so I can't have an account in my name as it will then effect my tax, which is obviously something I don't want to happen.. 
Is there anything that is available to use?? Currently I am at a dead end, so any advice would be gratefully received!!
Thanks in advance!

jlfrs01

I faced a similar situation last year after my father passed away leaving legacies to my 2 daughters to access when they were 18. In the event, the Solicitor handling Probate held onto the money until my eldest turned 18 in April, my youngest daughter's 18this next year. I imagine your Solicitor is handling all the aspects of Probate which will include keeping Estate Accounts, it ought to be possible for them to arrange for any monies from rent, etc to be paid into their Company Account, etc. Any charges for administering it will be deducted before the assets are finally distributed.

kipsterno1

Might be worth asking this in the death, funerals  and probate section.

Keep_pedalling

What is the exact wording regards to him not receiving his inheritance until he teaches 25? In many (if not most) wills this is simply not enforceable as it is nothing but a wish. If he has been left her estate absolutely then he is entitled to it as soon as you have wound up the estate. In order to prevent him getting his hands on his inheritance until he is 25, the will would either have to stipulate that the assets must be placed in a discretionary trust or contain a clause that he only receives the money if he survives to his 25th birthday with the inheritance going to another beneficiary if he fails to do so.

If he has been left the estate absolutely then he is responsible for any tax liability generated so it is impracticable to prevent him gaining control of it. Few wills actually set up things like discretionary trusts because they are an absolute pain to manage and attract some hefty tax liabilities. If the will has created a discretionary trust then an executor account is not going to be a suitable account for a trust you will need trustee accounts which some banks and BS do offer do offer (some examples below)

https://www.metrobankonline.co.uk/business/sector-services/products/trustee-banking/

https://www.bathbuildingsociety.co.uk/business-accounts/accounts/trust-accounts/

https://www.caterallen.co.uk/accounts/reserve-account-for-trusts/

xylophone

https://www.caterallen.co.uk/accounts/specialist-banking/solutions-for-trusts/

https://www.metrobankonline.co.uk/business/sector-services/products/trustee-banking/

https://www.barclays.co.uk/wealth-management/news-and-insights/your-wealth/are-you-a-trustee/


 may help.

She has a will in place and has asked that all her assets are passed on to her son. He is currently 19 and the will stipulates that he gets nothing until he's 25.

Be very careful - what exactly does the will say - consult the solicitor who drafted the will.

Have the assets "indefeasibly vested" in the son?

https://www.gov.uk/hmrc-internal-manuals/trusts-settlements-and-estates-manual/tsem1563

If so, the Trust is bare and it is possible that the age 25 clause is not enforceable.

At all events, the type of Trust will determine treatment for taxation.

https://www.gov.uk/trusts-taxes/types-of-trust

And note details of registration where required.