Share Dealing account for a Deceased Will Trust

WorsleyRed

Hi,
Sorry if covered elsewhere but I couldn't find the answer, so....
I am sat on a sum of money following my father's death. A deceased will trust has been created and the monies will now live within that. 
I wanted to set-up a share dealing account (e.g. with Hargreaves or YouInvest) to put the money into, but neither offers this. Hargreaves used to, but no longer do. 
Do any platform providers offer this? Or is the solution actually just to set-up a new account in my name, and simply ensure that the other trustees are notified of account balances, monies received. from dividends, sale of stocks, etc. I think I'm obliged to pass income (i.e. dividends) directly to my mum as primary beneficiary but again hopefully it's fine to do that from within the account even if has my name on it? 
Any advice gratefully received. 
Thank you.

Marcon

WorsleyRed said:

Hi,
Sorry if covered elsewhere but I couldn't find the answer, so....
I am sat on a sum of money following my father's death. A deceased will trust has been created and the monies will now live within that. 
I wanted to set-up a share dealing account (e.g. with Hargreaves or YouInvest) to put the money into, but neither offers this. Hargreaves used to, but no longer do. 
Do any platform providers offer this? Or is the solution actually just to set-up a new account in my name, and simply ensure that the other trustees are notified of account balances, monies received. from dividends, sale of stocks, etc. I think I'm obliged to pass income (i.e. dividends) directly to my mum as primary beneficiary but again hopefully it's fine to do that from within the account even if has my name on it? 
Any advice gratefully received. 
Thank you.

Are you absolutely sure you need to have a (continuing) trust at all? Sometimes the wording in wills can send you down a primrose path you really don't need to follow.

If you do definitely need to have an ongoing trust, it would be sensible to get some proper professional advice to ensure you fully understand what you have to do - much cheaper than finding our further down the line that things weren't done quite right.

Keep_pedalling

These type of trusts can get horribly messy and difficult to manage unless they are simply for the family home. Unless their is a real nessesary to have this in place personally I would be looking at a deed of variation to get rid of this complication and let my mother have the benefit of the capital as well as the income.

Linton

If the purpose of the trust is to benefit your mother I suggest it would be prudent to invest through a professional if it is a large sum (say > £50K) or keep the money in a high interest savings account.  It sounds like you may be thinking of trading shares which is high risk - taking risks with other people's, especially if they are family, money is a good way to destroy relationships.  

WorsleyRed

Thanks all. However, to the extent that this wasn't clear from my initial email, I'm not looking for advice on the pros and cons of a trust, or on the pros and cons of share dealing. I am looking for a straight answer as to whether anyone knows of a provider offering share dealing accounts that can be set up in the name of a trust (in this case a deceased will trust), or whether actually that is unnecessary, and assets can be held simply in my name, for example in an account that is separate from the one I use for my own share dealings.

Keep_pedalling

No, it can’t be kept in your name. Apart from anything else any income from the trust is taxable income and that should fall on the beneficiary not you as it would do if you put this in your own name.

You might do better in get an answer to your query over on the savings board where there is a great deal more experience on trust accounts than there is here.