Wills and trust funds - where to set up a trust account

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Seraphiina
Seraphiina Posts: 2 Newbie
in Savings & investments
Me and my husband have just written our wills, and we now need to set up a trust fund account. We have two children - one with special needs, who is unlikely to be able to manage his own finances as an adult. We need to set up a trust account for him, as we have stipulated in the will that half of our finances, which would include selling our house, should be put into a trust account for him.



Does anyone have any advice on where we can open a trust account? I've looked online, but don't seem to be getting anywhere. Ideally I'd like to set it up online. Thanks!

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  • kidmugsy
    kidmugsy Posts: 12,709 Forumite
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    It's notoriously difficult. Do you want a current account with cheque book and so on, or would a savings account do?

    Sometimes you'll find that a local building society offers trust accounts.

    For investments it may be easier. I have the impression that several of the "platforms" (i.e. online stockbrokers) offer Trust accounts e.g. Alliance Trust Savings. It would be worth checking Hargreaves Lansdown and AJ Bell too.

    https://www.lemonfool.co.uk/viewtopic.php?f=11&t=11227
    Free the dunston one next time too.
  • Seraphiina
    Seraphiina Posts: 2 Newbie
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    I think a savings account, so we can add money in as and when. Do you just go into a bank/building society and set one up/set one up online? How do we then link it to the will? I'm assuming we just take the will docs in, and they sort it from there? I'll have a look at building societies as well.
  • grey_gym_sock
    grey_gym_sock Posts: 4,508 Forumite
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    whom do your wills appoint as trustees?
  • xylophone
    xylophone Posts: 44,413 Forumite
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    You have written a Trust into your will (s)? (Testamentary/Will Trust)

    If this is the case, it will be up to the Trustees appointed to set these up after your death(s).

    Or do you mean that you have created (or are about to create) an "inter vivos" (Living Trust)?

    You have taken (or will be taking) advice from a solicitor qualified in wills and trusts?

    https://www.step.org/member-directory

    https://www.gov.uk/trusts-taxes/trusts-for-vulnerable-people

    https://forums.moneysavingexpert.com/showthread.php?t=5614157

    You might try the Skipton Building Society for a Trust account.

    Or Bath BS

    https://www.bathbuildingsociety.co.uk/savings/business-and-professional-accounts/trust-information/trust-account-a-complete-guide

    Or NS&I

    https://www.nsandi.com/how-do-i-manage-accounts-other-people
  • Malthusian
    Malthusian Posts: 10,941 Forumite
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    edited 25 June 2018 at 11:54AM
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    As Xylophone says, why do you need to set up a trust account now? Unless we're missing something, the trust only comes into existence when both of you have died. (I am assuming the trust is created on the second death.) Banks which are good for trust accounts today might be totally useless in many years' time when the account is actually needed.

    If by "trust account" you mean a bank deposit account, a deposit account is highly unlikely to be suitable as the only investment for the proceeds of the sale of half a house to provide for the needs of a vulnerable adult for the duration of their lifetime. A deposit account would be suitable for day-to-day trust expenditure and other short term needs only. When you have died and the trustees receive the money, they will be obliged by law to invest it as a prudent person of business would.

    *edit*

    I missed the second post when you said you wanted to add funds in "as and when" during your lifetime.

    I'm still not clear on why you need to do so. It is likely to be far easier (and more tax-efficient) to use your own money to provide for his needs during your lifetimes, rather than giving money into a trust and then having the trust use it to provide for his needs.
  • bundoran
    bundoran Posts: 174 Forumite
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    Seraphiina wrote: »
    Me and my husband have just written our wills, and we now need to set up a trust fund account. We have two children - one with special needs, who is unlikely to be able to manage his own finances as an adult. We need to set up a trust account for him, as we have stipulated in the will that half of our finances, which would include selling our house, should be put into a trust account for him.



    Does anyone have any advice on where we can open a trust account? I've looked online, but don't seem to be getting anywhere. Ideally I'd like to set it up online. Thanks!

    I don't think you do need to set up a trust account now. Really you're just making life a lot more complicated for yourselves by doing so. A trust will be created under the will when the second parent passes away, and the trustees will set up the appropriate accounts for it at that time.
  • Glen_Clark
    Glen_Clark Posts: 4,397 Forumite
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    Be very wary of anyone offering to set up a Trust for you - so called 'free seminars' etc.
    They may well be scammers like this.. https://forums.moneysavingexpert.com/showthread.php?t=4935458
    “It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair
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