This is my first post and I’ve searched the forum and did not find a clear answer to this question.
A father has passed away and left an immediate post death interest in possession Trust (mirrored with the surviving spouse who is the life beneficiary).
There are three children who are identified in the Will as Executors, Trustees and Beneficiaries in equal share.
Two of the three trustees are concerned about the other’s credit record and general financial standing.
I understand that Trustees will have their credit linked. This is one reason the two Trustees are reluctant to have the third involved.
But I have spoken to a few banks about applying for accounts, and gained the impression that the Trustees must have good credit standing or the bank will not allow the account.
Is this true, and if so, could the one Trustee with a poor credit record stop the implementation of the Trust account and Trust itself?