Trustee account problems !

Bear with as this is complicated !!  
My husband and his brother are named trustees on their late fathers will - they have a sister who has mental health issues and her third of the assets (£55,000) was requested in the will to be put in trust fund for her so that it could be dripfed to her and she wouldn’t lose benefits. Our solicitor is saying no one will touch a trust fund under £250,000 and he is really struggling to find a trustee bank account. It has been agreed that the sister can get £500 per month without affecting benefits so that is what is currently being proposed - BUT my husband (first named trustee in the will so gets asked everything) wants nothing to do with it as there is bad blood between the brothers and their sister going back to when their mum left them when they were kids as their sister lives with their mum now and neither want anything to do with her. It is starting to affect my husbands MH and I am trying to do whatever I can to help - any advice please on how to make this as easy as possible ?
2021 - £50 My Favourite Puzzle Win
2020 - £50 Take a Break Win, Cloud 9 straighteners
2019 - £4,000 Jazz FM, Gin distilling lesson

Comments

  • elsien
    elsien Forumite Posts: 31,090
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Forumite
    Can he not just step down if he doesn’t want to be involved?
    All shall be well, and all shall be well, and all manner of things shall be well.

    Pedant alert - it's could have, not could of.
  • Keep_pedalling
    Keep_pedalling Forumite Posts: 14,741
    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    Forumite
    It is difficult, because there is not sufficient funds in the fund to be able to pay a professional administrator. Finding a financial organisation that will hold the cash should not be so difficult and I know NS&I d o trust accounts.

    I would recommend your husband talks to Mencap for some advice.


  • kazzystar1973
    kazzystar1973 Forumite Posts: 24
    Part of the Furniture 10 Posts Name Dropper
    Forumite
    As far as I am aware you are not able to step down as a trustee - but please correct me if I am wrong ?  

    And thank you for the info about NS&I - I will look into that as I know that’s a name I would trust !
    2021 - £50 My Favourite Puzzle Win
    2020 - £50 Take a Break Win, Cloud 9 straighteners
    2019 - £4,000 Jazz FM, Gin distilling lesson
  • elsien
    elsien Forumite Posts: 31,090
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Forumite
    As far as I am aware you are not able to step down as a trustee - but please correct me if I am wrong ?  

    And thank you for the info about NS&I - I will look into that as I know that’s a name I would trust !
    According to this you can in some circumstances.
    A guide to disputes with trustees & executors - Willans
    All shall be well, and all shall be well, and all manner of things shall be well.

    Pedant alert - it's could have, not could of.
  • diego_94
    diego_94 Forumite Posts: 208
    Part of the Furniture 100 Posts Combo Breaker
    Forumite
    Look at Cater Allen, they do trust bank accounts
  • kazzystar1973
    kazzystar1973 Forumite Posts: 24
    Part of the Furniture 10 Posts Name Dropper
    Forumite
    Thank you for everyone’s help with this - families are so complicated and I just want to try to help smooth things over to keep as many happy as possible 
    2021 - £50 My Favourite Puzzle Win
    2020 - £50 Take a Break Win, Cloud 9 straighteners
    2019 - £4,000 Jazz FM, Gin distilling lesson
Meet your Ambassadors

Categories

  • All Categories
  • 338.7K Banking & Borrowing
  • 248.6K Reduce Debt & Boost Income
  • 447.5K Spending & Discounts
  • 230.7K Work, Benefits & Business
  • 600.7K Mortgages, Homes & Bills
  • 171K Life & Family
  • 243.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards