set up trustee bank account for 4 adults to receive their inheritance

Ragdollsarethebest

How and where to please 

Flugelhorn

wouldn't they each receive their own share ? 

Ragdollsarethebest

Half The money was in a trust ? So the solicitor said this account is where it has to be paid into then they can equally take 1/4 each all sounds ridiculous waste of time but thats it a what has to be done just wanted to see if anyone else had this issue 

Keep_pedalling

Ragdollsarethebest said:

Half The money was in a trust ? So the solicitor said this account is where it has to be paid into then they can equally take 1/4 each all sounds ridiculous waste of time but thats it a what has to be done just wanted to see if anyone else had this issue 

What sort of trust? Can you post the wording in the will regarding the trust (redact any personal info)? 

poseidon1

Ragdollsarethebest said:

How and where to please 

Agree with Keep_pedalling, specific wording regarding the trust requirement needed here.

Implications of most trust arrangements is that the Trustees have ongoing control of those funds for the beneficiaries concerned, on terms set out by the trust.

Ragdollsarethebest

What type of trust account do we need to open?

Keep_pedalling

Ragdollsarethebest said:

What type of trust account do we need to open?

If you answer the question I asked earlier we might be able to tell you but at the moment you have not supplied enough info.

bobster2

Ragdollsarethebest said:

Half The money was in a trust ? So the solicitor said this account is where it has to be paid into then they can equally take 1/4 each all sounds ridiculous waste of time but thats it a what has to be done just wanted to see if anyone else had this issue 

Are you sure you're not just getting confused by the standard wording in a will which says the executors are trustees who should hold the assets "on trust" for the beneficiaries?  This is a standard part of the administration period - and executors usually just use a normal bank account for this - prior to distributing the funds.

tls123

I would check back with the solicitors if they are dealing with distributing inheritance the usual scenario is monies are paid to the solicitors client account then the solicitor would distribute to beneficiaries. If monies are held in trust but are not part of the estate and the monies are being encashed it would be usual for the funds to be made to the trustees (not beneficaries) as trustees are the legal owners.