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Trust Account
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jackandjodie95
Community member Posts: 9 Listener
Does anyone know banks in UK that are willing to open a Trust Account as I wish to do so for my grandson.
Comments
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Hi @jackandjodie95!
Are you talking about a Child Trust Fund? The Money Advice Service talks about them but says they have been replaced by Junior ISAs. I'm not sure if this is what you're looking for but there is information on the gov.uk website about opening an account.
I hope this help! -
Hi. My grandson is 23 yrs old, so I am trying to set up a Discretionary Trust fund , so not a Child trust Fund.Thanks.
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Hi @jackandjodie95,
I haven't been able to find any information that might be useful for you on this topic, unfortunately. Have you already tried enquiring with different banks? -
Will start trying asap.
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Hi @jackandjodie95
Im just reading up on this now as I hadnt heard of it before.Discretionary trusts
These are where the trustees can make certain decisions about how to use the trust income, and sometimes the capital.
Depending on the trust deed, trustees can decide:
- what gets paid out (income or capital)
- which beneficiary to make payments to
- how often payments are made
- any conditions to impose on the beneficiaries
Discretionary trusts are sometimes set up to put assets aside for:
- a future need, like a grandchild who may need more financial help than other beneficiaries at some point in their life
- beneficiaries who aren’t capable or responsible enough to deal with money themselves
Scope
Senior online community officer -
Sam_Scope said:Hi @jackandjodie95
Im just reading up on this now as I hadnt heard of it before.Discretionary trusts
These are where the trustees can make certain decisions about how to use the trust income, and sometimes the capital.
Depending on the trust deed, trustees can decide:
- what gets paid out (income or capital)
- which beneficiary to make payments to
- how often payments are made
- any conditions to impose on the beneficiaries
Discretionary trusts are sometimes set up to put assets aside for:
- a future need, like a grandchild who may need more financial help than other beneficiaries at some point in their life
- beneficiaries who aren’t capable or responsible enough to deal with money themselves
With the time it took the solicitor to draft up the document and the bank issuing a cheque book took almost three months. The major delay was down to the bank which is the main branch in a large town and they told me that they only knew of one other similar trust account as a customer.
The major difficulty you may find is trying to open investment accounts with other banks/building societies. I could only find one building society that would be prepared to accept an account in the name of a Discretionary Trust.
Thankfully there was a local branch and all of the cash capital is invested with them. The other investment is a mortgage charge against our home where the Trust lent the money to settle the mortgage and is repayable when the property is sold - interest is rolling up at the rate of 6% compound.
Our Trust has a life of 499 years.
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Thank you.
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At last I can share this useful info. NSand I do Discretionary Trust Funds called Formal/ Informal, depending on whether you choose Trustees or solicitors to run the Trust. Forget abut Banks, they are not interested.Happy to help.
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jackandjodie95 said:Does anyone know banks in UK that are willing to open a Trust Account as I wish to do so for my grandson.
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I have a discretionary trust and I am a trustee and a primary beneficiary
Mainstream banks forget same with building societies
We ended up opening an account with Drummonds Bank part of RBS
However one can only open an account with £100.000 plus
They opened a savers account with no interest
you do not get a debit card as it is a savings account
The trustees receive one cheque book and a card each to draw cash from cash point
Try calling Ben Harper Drummonds Bank 07500 120936 -
Just to keep all of this discussion in one place and easier to follow, @jackandjodie95 also posted the following:I can confirm all is sorted. You go online or call NS and I. Get the form called INVESTMENT ACCOUNT FOR TRUSTEES. FORM SB 26T (2016/02) Send a min £20 cheque with completed STATUTORY DECLARATION FORM SIGNED BY TRUSTEES. THAT IS IT. SIMPLE after it took me months of research to find .it.
Read more at https://community.scope.org.uk/discussion/44105/discretionary-trust-fund#X6M8M3IiLbiaZQdG.99
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