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?
I'd suggest you got a book on the subject so you understand your
responsibilities. This should cover the query regarding the bank
I would have thought you should have the bank account in the name of
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 -
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.
The Good Trustee Guide (Good Guide Series)
Hardcover 181 pages (May 1999)
Publisher: NCVO Publications; ISBN: 0719915368
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!