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Clare, Solicitor
Category: Law
Satisfied Customers: 34902
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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I am trustee of my mothers will. The will leaves amongst other

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I am trustee of my mothers will. The will leaves amongst other legacies £5,000 to a great grandchild who is German and lives with her mother in Spain. The parents are separated so I have to hold the money in trust until the child is 21 or marries if earlier. My bank declined to set up a trust although I can hold money in trust for other grandchildren, of UK nationality and resident her. How do I meet the requirements of the will?
HiThank you for your questionMy name is ***** ***** do my best to help you but I need some further information firstHave you tried simply opening a savings account in joint names with the child?
Customer: replied 2 years ago.
No, but as the child is not a UK national or passport holder nor resident the uk on the basis of the information I have been given so far the bank nor any bank will not do it. Frankly I don't think you appreciate the rules banks in this country operate under, nor do I think you understand the restrictions they are under for foreign nationals. I suspect I have wasted £47!! .
I am a solicitor in the East Midlands so I am indeed aware of the Money Laundering Rules here in the UK.However I am not suggesting that you open the account in the name of the child.I am suggesting that you open an account in your name on behalf of the child - which is not an unusual action for a grandparent (or god parent ) to take.Alternatively you can simply invest the money in your own name (Premium Bonds are a good option here) and hold it until the payment is due.This is an acceptable way of dealing with such gifts.Please ask if you need further details
Clare and other Law Specialists are ready to help you
Customer: replied 1 year ago.
Thank you, ***** ***** but would work. I am 71 and the child is 4 so I would have to write a codicil to my will and leave that specific investment to the child. Assuming I die before the child is 21 my trustee would have to repeat the action. It is not strictly in accordance with the will but meets the spirit of it. I don't think I would go for premium bonds as I already have some in my name and would need to separate her wins from mine and change the codicil each time she wins. Of course Premium Bonds avoids a tax issue but with the new investment tax rules that is unlikely to be a factor and I could always put her money in an ISA. I just need to make sure her parents are happy withe solution.
The alternative is to get her parents to accept the responsibility for the investment and invest it for her.There is a risk that if she reaches 21 and the money has gone you would be responsible - but you may consider the risk worthwhile.Clare
Customer: replied 1 year ago.
Thanks again Clare. Actually I'd love to pass it on to the parents and the will has a clause that permits me to do that. I have done that with several other legacies. But these parents are divorcing, fighting over money and don't trust each other - they were happy when I told them I was (as the will states) holding the money in trust. Yes, I have to make sure the money is there when she reaches 21 - so I have to put it in a safe investment. That is no different than if I were able to put it in a trust.
Sorry - what I meant was if either of he parents had spent it it would still be your responsibility.However it seems that you were a very safe pair of hands to leave this in!