Hi. I was about to transfer money from an estate to two discretionary will trust bank accounts that we have set up with Metro Bank. One was being used to distribute some of an estates money to the beneficiaries and would have been closed immediately after this. The other was holding other money that would be distributed in the future at the discretion of the trustees so kept open. However, I have become aware today of concerns about the stability of Metro Bank so I really don’t want to use this bank now.
I found it really difficult to find a bank that would set up a discretionary will trust bank account until I came across Metro Bank early this year. Does anyone know of another bank/building society that will set up discretionary will trust bank accounts.
Yes they do, though a client i drew a lifetime settlement for found Skipton difficult to deal with…he managed it in the end but I had to explain to Skipton the deed was valid…
I set up a discretionary Will trust with Skipton, was not easy due to compliance by a trustee but the staff were very supportive and helpful.
I’m not sure how you would avoid it but Skipton decided to call the account “(name of deceased) Disc Will Trust. Which was fair enough until you realise that Skipton do not allow transfers to accounts outside their own members other than the same name on the account.
This means only another account entitled the same can receive funds.
Also, all transactions have to be made in person in branch, as a professional with a branch nearby your only problem will be standing in the queue!
The only option for me is to go in branch, request a withdrawal that has to be cash, dodgy and limited amounts or by cheque which I then have to visit the beneficiaries branch to pay in or send in the post.
Trying to find a work around which may involve beneficiaries opening an account at Skipton so monies can be transferred, again in person in branch to that account which can then be transferred into their own accounts electronically.
If I finally sort it out I will post.
Meanwhile, Barclay’s told me a few months ago they might start trust account banking in the near future.
I have a number of trust accounts with Barclays set up about a year ago. At the time I heard that they were stopping taking new applications as they had been swamped (Largely I believe because NatWest were closing their trust accounts) . They did say that they were going to restart once they had caught up. Maybe worth a try.
However I will say it was a very slow and tortuous process and having just seen that barclays are talking of laying off staff, it’s looking unlikely…