01 Oct 2016

A question about : Executor trust bank accounts

My father died in 2011 and left his half of my parents total estate to my brother and myself, but to be held in trust for the benefit of my mother, should she need it, for the rest of her life.
The trustees are myself, my brother and a solicitor.
There isn't a huge amount of cash in the trust, but what there is needs investing as it is currently sitting in the solicitor's client account. Can anyone recommend a good bank account which allows for this kind of trust as so far the only ones I have found which state that they are 'open to trusts' only allow childrens trusts.
BTW my financial advisor says that the money should be kept as cash not invested in any sort of stocks as my mother may be requiring access to it in less than 5 years.
Thank you.

Best answers:

  • A potential solution is dissolve the trust and give her the money.
    ( are there other assets)
    The issue is it will be hard to find something that will give decent returns with access.
    It probably does not have to be special trust accounts it could be held by one of you.
  • Fairly standard for the beneficiaries to agree to make changes if the trust does not prohibit it.
Please Login or Register to reply to this topic