Hi,
My wife's uncle has set up a trust fund for our children (both under 3y). It's called an accumulation and maintenance trust, and I am the main trustee. I now have to set up an account for him to use to put money into the trust. How do I do this? Can I open a savings account with a bank or building society and just use that?
Many thanks
John
I'd suggest you got a book on the subject so you understand your responsibilities. This should cover the query regarding the bank account.
I would have thought you should have the bank account in the name of the trust.
Can you recommend such a book - look on Amazon doesn't bring up anything obvious like "Family Trust Management for Dummies"?
The Inland Revenue generally have a lot of good information online -
For a general introduction a Which? guide might be useful - . Although none seem to be specifically written about trusts.
A general search on Google reveals -
hth
Daytona
You will have to submit tax returns for the trust etc. and you might have to deducyt income tax when you make payments to the children. make sure you understand how it's all going to work. It can be a pain in the neck.
Robert
How about:
The Good Trustee Guide (Good Guide Series) Kevin Nunan
Hardcover 181 pages (May 1999) Publisher: NCVO Publications; ISBN: 0719915368
Book Description Ideal as an introductory pack for new committee members or as a 'refresher' for long-serving trustees. The Good Trustee Guide contains vital information and advice on trusteeship, including the legal and financial reponsibilities and management duties of trustees, plus practical action checklists. Designed to be a versatile, working document, The Good Trustee Guide is produced in a ring binder format to enable you to add your own organisational information. There is also a comprehensive further reading section and a detailed listing of useful names and addresses.
Guess where I found it!? Amazon!
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