Trust Funds

[NDA]

My kids have been left a sum by their grandparents to be placed in trust until their 20's. I am to be the trustee.

Great!

Except I haven't a clue what to do next.

I assume I have to open two separate bank accounts for them, in my name, controlled by me but for their benefit. Or is it considerably more complicated? Are there any banks that either specialise in such accounts?

Is anyone on here knowledgable about such things?

[NDA]

I'm not entirely sure. My mother's will states that the money is to be 'put in trust' until they are 20. I don't think there are any further instructions.

[NDA]

Ok many thanks for the replies. It sounds like I need specialist advice - I'm not sure who the Executor is... one of mother's ancient friends I think.

[NDA]

JulianPH said:

You need a Bare Trust and a solicitor can handle this very quickly and simply. I would expect to pay no more than a couple of hundred pounds.

Alternatively, depending of the ages of the children you may want to consider a selection of low cost index trackers to aim for higher long term returns.

Most platforms will then provide you with the Bare Trust Deed for free.

Thank you... Just received this

"The trust already exists. It was set-up via your mother's will so no need for anything further to set it up. The idea is that the executor passes things over to you so he would no longer be involved. "

So it should be moderately straightforward.