Trust Fund Help

rstyrone

Hi, My Son just turned 18 and My Mum had a trust fund set up. My Son went to the bank to transfer the money to His account, The bank wouldn't do it unless my Mum is their, Problem is she is 80 years old and can hardly walk, So how do I get round this? I also have two younger kids 10yo and 12yo and they also have trust funds, What would happen in future when My Mum is no longer here?

dunstonh

Ideally, there should be multiple trustees and not just one.   

The money belongs to the trust until the trust transfers it to your son.    Hence, the trustee's signature is required to release the funds to the beneficiary.   The beneficiary cannot do it.

Keep_pedalling

Exactly what sort of accounts are these? Has you mother put a LPA for finance in place? 

poseidon1

rstyrone said:

Hi, My Son just turned 18 and My Mum had a trust fund set up. My Son went to the bank to transfer the money to His account, The bank wouldn't do it unless my Mum is their, Problem is she is 80 years old and can hardly walk, So how do I get round this? I also have two younger kids 10yo and 12yo and they also have trust funds, What would happen in future when My Mum is no longer here?

If these were just bog standard deposit accounts set up by your mother as bare trustee for her grandchildren, best bet is to get the bank to supply forms permitting her to appoint you as co -trustee of the accounts with joint and several  power to transfer funds to each beneficiary on their 18th birthday. 

Frankly that was what should have been done originally, as a prudent measure against death or incapacity of your mother whilst your children were under 18. Did you not discuss any of this with her when the accounts were being set up?

rstyrone

dunstonh said:

Ideally, there should be multiple trustees and not just one.   

The money belongs to the trust until the trust transfers it to your son.    Hence, the trustee's signature is required to release the funds to the beneficiary.   The beneficiary cannot do it.

My Mum cant manage to go to bank.poseidon1 said:

rstyrone said:

Hi, My Son just turned 18 and My Mum had a trust fund set up. My Son went to the bank to transfer the money to His account, The bank wouldn't do it unless my Mum is their, Problem is she is 80 years old and can hardly walk, So how do I get round this? I also have two younger kids 10yo and 12yo and they also have trust funds, What would happen in future when My Mum is no longer here?

If these were just bog standard deposit accounts set up by your mother as bare trustee for her grandchildren, best bet is to get the bank to supply forms permitting her to appoint you as co -trustee of the accounts with joint and several  power to transfer funds to each beneficiary on their 18th birthday. 

Frankly that was what should have been done originally, as a prudent measure against death or incapacity of your mother whilst your children were under 18. Did you not discuss any of this with her when the accounts were being set up?

This  account was set up just after My Son was born, I didn't know that My Mum had set up the account. I'll need to talk to My Mum about becoming a co-trustee.

marcia_

rstyrone said:

dunstonh said:

Ideally, there should be multiple trustees and not just one.   

The money belongs to the trust until the trust transfers it to your son.    Hence, the trustee's signature is required to release the funds to the beneficiary.   The beneficiary cannot do it.

My Mum cant manage to go to bank.poseidon1 said:

rstyrone said:

Hi, My Son just turned 18 and My Mum had a trust fund set up. My Son went to the bank to transfer the money to His account, The bank wouldn't do it unless my Mum is their, Problem is she is 80 years old and can hardly walk, So how do I get round this? I also have two younger kids 10yo and 12yo and they also have trust funds, What would happen in future when My Mum is no longer here?

If these were just bog standard deposit accounts set up by your mother as bare trustee for her grandchildren, best bet is to get the bank to supply forms permitting her to appoint you as co -trustee of the accounts with joint and several  power to transfer funds to each beneficiary on their 18th birthday. 

Frankly that was what should have been done originally, as a prudent measure against death or incapacity of your mother whilst your children were under 18. Did you not discuss any of this with her when the accounts were being set up?

This  account was set up just after My Son was born, I didn't know that My Mum had set up the account. I'll need to talk to My Mum about becoming a co-trustee.

 Is there any chance she could get to the bank if you hired a wheelchair? There are places to hire from for the day like mobility shops.