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Need for a Trust or not?

Thanks to those who replied to my previous threads, very helpful.

I’m helping my niece sort out her late mother’s affairs. She left a will, but both executors have died, so we know about the need for letters of administration.

One of the beneficiaries is under 18 and we’ve already established that two adminstrators are required.

My question is: In respect of the juvenile beneficiary, do you have to set up a Trust and register it with HMRC? Or, can the administrators hold the money in a separate account until the beneficiary comes of age?

Thanks

Comments

  • Keep_pedalling
    Keep_pedalling Posts: 23,368 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic

    What is the age of the child and the amount involved? Generally a bare trust is required but I would not bother if they are very close to their 18th birthday. If the amount is relatively small you could go down the JISA route rather than a trust.

    I think if a trust is required then it will need registering with HMRC.

  • Qashqai
    Qashqai Posts: 7 Forumite
    First Post

    Thank you for your reply. The child is 16, and the amount involved is approx £30k. I do know from previous dealings with Metro Bank, they require a minimum of £50k in a trust account.

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