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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10630
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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Me and my brother are the legal trustees for our 4 under 18

Resolved Question:

Me and my brother are the legal trustees for our 4 under 18 children,who have been left money by their great grandad,the cheques are in both our names,do we have to open new joint trusts for them all,or can we pay them into my account(with brothers permission),then transfer the funds into the trusts the children already have?
Submitted: 3 years ago.
Category: Law
Expert:  Aston Lawyer replied 3 years ago.
Hello and thanks for using Just Answer.

My name is XXXXX XXXXX am happy to assist you with your enquiry.

Provided the monies end up in your childrens Trusts, without any deduction, then it is perfectly OK for these monies to pass temporarily into your own account.

On a side point, if the cheques are payable to you and your Brother, you won't be able to pay them into an account in your sole name (your Bank will refuse to cash the cheque unless they are paid into a joint account with your Brother). I'm not sure if the cheques are indeed payable to the 2 of you, but thought I would just mention this point.

I hope this assists and answers your question.

Kind Regards
AL
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