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UKSolicitorJA
UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
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I am trying to set up a Trust Account. I am the only surviving

Resolved Question:

I am trying to set up a Trust Account. I am the only surviving Trustee. The bank have seen the Trust deed for the Trust which was set up in 2004. They have verified all the documentation but are now asking for verification of the beneficiaries. Is this a necessary legal requirement before a Trust Account can be opened.

Surely as Trustee the obligation is on me to pay the money to the beneficiaries.
Submitted: 3 years ago.
Category: Law
Expert:  UKSolicitorJA replied 3 years ago.
Hello,

I am afraid this is for the bank to decide as beneficiaries are the beneficial owners of the money in the trust account and the trustees are simply the legal owners.

The bank is not doing anything unlawful or illegal by asking for verification of the beneficiaries and this should be done as soon as possible so that the trust account is opened.

Can I assist further?
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Customer: replied 3 years ago.

I am sure the bank are not doing anything illegal but wanted to know it is a legal requirement for the bank to verify the trustees as previous trust accounts I have been involved with have not required this verification.

Expert:  UKSolicitorJA replied 3 years ago.
They have the power to do so under Anti Money Laundering regulations in a process known an enhanced due diligence.

Hope this helps

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