Disable Persons Trust / Trust bank account

nzadt

I have set up a trust  for my disabled brother but cannot find a bank that will open a trust bank account. Metro have turned me down as it says that it will not operate an account for a trust with a non-resident settlor (my elderly parents who live in NZ). All Trustees are UK based. Any suggestions as I really need an account to make use of the trust

If the trust is set up but no bank is found that will accept the account, what happens to any funds left to the Trust?

Thank you.

tacpot12

I would say that if the Trust doesn't have a bank account to receive the funds then the Trust doesn't have any assets yet - the settlors has so far failed to settle any amount on the Trust (the Settlors may have passed the money to your UK bank account, but this isn't setting the trust up with any assets until you  can find a bank that will open the account). 

It might help to know who which banks have already tried. I have recently helped some family friends that needed to register their trust (they are the trustees) with HMRCs Turst Registration Service. HSBC required them to do so, so HSBC seem to be happy to operate Trust accounts, but I don't know if they accept applicaitons for new ones or if they would have the same issue with the settlors being overseas. My friends are paying £8 per month for the account. 

If any bank is going to be happy with oversears selttlors I expect it woudl be HSBC seeing as how they are an international bank. If your parents have had a long-term relationship with HSBC in NZ, this could help greatly.