Family (lifetime interest) trust investment platforms

[Gone fishing]

As a family we’ve had a lifetime trust for a number of years with our uncle having a lifetime interest - basically his house. The trust is all registered with HMRC etc and operating fine, and while hindsight suggests he didn’t need to set it up, that ship sailed.

We’re currently to in the process of selling the house as he’s gone into a care home, he funding that from other sources of income and investments

So to the question, we need to do something with a large 6 figure sum when the house sells, but every platform I look at like II, HL, have stopped taking on new family trusts of this type, at least as far as I can tell. Even the high street banks seem reluctant to open current accounts.

Any suggestions? Given his rapidly deteriorating health, and he’s 94, we suspect it sadly won’t be for long.

[c32dave]

Fidelity - you need to apply via post, can view online but dealing is post or maybe phone if you sign the right docs. V low cost. Has an attached cash account which solves the problem of trying to find a bank for a trust.

BestInvest - can manage online but higher fees than fidelity. I guess it’ll still need postal application so they can see trust deeds etc.

You might also need an LEI if you don’t have one already. Beware that this becomes a matter of public record with your address and the trust name.

[Simpo Two]

Gone fishing said:

As a family we ve had a lifetime trust for a number of years with our uncle having a lifetime interest - basically his house. The trust is all registered with HMRC etc and operating fine, and while hindsight suggests he didn t need to set it up, that ship sailed.

If the Trust isn't needed it might be possible to break/wind it up. From a swift Google:

https://lewisnedas.co.uk/how-to-terminate-a-trust/
https://privatewealthplanning.co.uk/blog/winding-u...
Other websites exist, seek professional advice etc.

[Gone fishing]

Simpo Two said:

Gone fishing said:

As a family we ve had a lifetime trust for a number of years with our uncle having a lifetime interest - basically his house. The trust is all registered with HMRC etc and operating fine, and while hindsight suggests he didn t need to set it up, that ship sailed.

If the Trust isn't needed it might be possible to break/wind it up. From a swift Google:

https://lewisnedas.co.uk/how-to-terminate-a-trust/
https://privatewealthplanning.co.uk/blog/winding-u...
Other websites exist, seek professional advice etc.

Thanks, we've a solicitor involved on the practicalities, it is an option thats been floated. Hindsight was more a reflection that events didn't pan out like he feared they might.

[Gone fishing]

c32dave said:

Fidelity - you need to apply via post, can view online but dealing is post or maybe phone if you sign the right docs. V low cost. Has an attached cash account which solves the problem of trying to find a bank for a trust.

BestInvest - can manage online but higher fees than fidelity. I guess it ll still need postal application so they can see trust deeds etc.

You might also need an LEI if you don t have one already. Beware that this becomes a matter of public record with your address and the trust name.

Thanks - I'd seen bestinvest mentioned in my research but, rightly or wrongly, they didn't appeal, maybe its the somewhat cheesy name. Fidelity I'd not come across as doing this, but I'd understandably known them for years. There are plenty of mentions of other well known companies but they have stopped offering them, maybe it was simple economics, but I was fearful there had been some legal change like tightening AML and KYC that had made them pull out, not that we'd have any issues with our qualification on those fronts.