I am dealing with a trust for 2 children under 18 which has arisen out of an intestacy, so there is no Will, it is a statutory trust. We are trying to open a bank account for the trust to deal with some cash but are facing difficulties because we don’t have a trust deed to show them. Has anyone come across this before or have any suggestions as to how we might resolve it? Or any understanding banks!! I have been through the background in some detail with the bank concerned but their policy is that if there are no documents they will not open an account (they will not accept the Grant of Letters of Administration).
Thank you
I had the very same issue earlier this year. The initial application for the account was refused on that basis. It was then refused again, by the Bank’s legal department apparently, after completion of the banks own form in which we made it clear it was a Statutory Trust (quoting legislation) so there would not be a Deed. I decided to make one more attempt with the individual contact at the bank with a lot of detail suggesting it be referred back to their legal department and it was finally accepted.
We have found Metro Bank to be very accommodating, including a Statutory Trust, so worth a try.
Agree with Karl, use Metro for SSAS clients.
1 Like