Issues with family trust - investment

xylophone

I am no expert but having had a certain amount of experience with Trusts (family reasons) I would urge you most strongly to clarify the nature of your parents' arrangements (type of Trust(s), tax treatment and the situation with registration.

Otherwise you could find yourself entering a world of pain with HMRC, if not immediately, then eventually when you have the sad task of dealing with your mother's estate.

MistySky

the latest on this is that I’ve met with an IFA and a financial planner. The IFA has taken months and won’t provide an advice note - he is now saying to go elsewhere. The financial planner has triggered an inquiry into an PoA account for my mother which is obviously not the right thing! I can’t believe how difficult it is to get a professional to do their job! I’m aware it could be too niche for some but i’m very clear about the support I need when I contact 🙈

xylophone

Have you consulted a STEP solicitor?

You seem to think that your only concern is finding a provider offering an account for a Trust.

As far as I can see, other matters have an equal claim on your/your fellow Trustee's attention, see previous.

Even were it just a matter of banking the proceeds of sale, the account must stand in the name of both

Trustees, yours and the professional's.

As I recollect from my own relative's experience, the cheques showed the names of the Trustees

(three in this case, one a solicitor), with the name of the Trust underneath.

Then there is the question of the mandate - who is to sign? In my relative's case, it was any two of the three.

You say that the capital must earn interest which will be directed to just one of the potential beneficiaries, in

this case your mother.

Who is to deal with the matter of tax on the interest?

You also mentioned that there is some problem with a claim on the estate.

If this relates to the property, his share no longer belonged to your father as it had been gifted into Trust.