Hi Hugh,
Will they accept Bonds also,we have Isa’s for which we would have to convert over as over £85000.
Can we access it at any time just like a standard bank?
Hi Marie
This is a site for professionals to pose tricky technical questions to other professionals.
It sounds as if you are a lay person trying to set up a trust on a do it yourself basis.
You need a solicitor to give you the appropriate advice and draft the appropriate trust deed. Not taking appropriate advice will cost you dearly in the long term. A solicitor will also be able to point you in the direction of appropriate advisers for the trust investments and a bank account if required.
I suggest you look on the STEP website and search for a local specialist.
When you sign up for the TDF you have to show which firm you work for. I am curious as to what you put there. It seems this part of the screening process is failing.
Good luck
Sara
Sara Spencer ATII TEP | Trust Manager
Sara Spencer Ltd, 8 Kingsway, Harrogate, HG1 5NQ
07952 651881 | 01423 524114
Sara.spencer@trustandestate.co.uk
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Hi Richard,
If Will Trust funds are deposited into a non-Trust account then in whose name is the account opened? The Trustee? Also how does this segregate the funds from the account holder’s own estate for HMRC purposes?
Steve
This the problem that I am now facing. The Trustees are non- UK residents and none- of the beneficiaries are UK based either.
Is it still mandatory to open a UK based discretionary bank account as the discretionary trust account was set up upon death of the settlor with the proceeds of the estate, therefore cash only.
With non- of the trustees are living or residents in the UK, opening up a trust bank account is rather challenging.