I am trying to assist my clients who are trustees of a statutory trust for a bereaved minor to open a suitable bank account. The minor lives here and the guardians/ administrators live in California. They are struggling to open a uk bank account as they are not resident here and the bank apparently insists they must physically one into branch to open it but they have no plans to come here. They are likewise struggling to open a trustee account in America and have concerns it would have tax implications to them if they do (I’m not sure that is the case, but can only take what they say as I have no knowledge of US taxation). Any ideas of banks or similar that will accept Trustees that live abroad to open an account with them please
Hi Liz
Can you change the Administrators / trustees to professional ones in the U.K.? Obviously the US ones can still be consulted when decisions are required but at least that gets rid of the bank problem.
Who is looking after the minor living in the U.K. if the guardians are in California? I thought the point of guardians was to look after the children if the parents couldn’t. Just seems a bit odd.
I recall (although I may be wrong and this should NOT be taken as correct) from many years ago that attorneys in the US can be treated as owning the assets of those they are attorneys for. That may be their concern.
Have you considered any other US reporting requirements such as if the beneficiary (or settlor?) is a US citizen? This is a very complex specialist area so may be worth taking specialist advice on. Expensive in my experience.
Good luck.
Sara Spencer ATII TEP