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The grantor
- A trust bank account is a type of financial account set up by a trust's creator, often referred to as the grantor or settlor. The purpose of the account is to manage the assets and funds held within the trust for the benefit of designated beneficiaries.
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Can you put money into a trust?
Nov 8, 2023 · Metro Bank has reopened its facility to open a trustee bank account and is opening one for one of our clients. It may be worth giving them a try. Cater Allen is slow, but this is in part due to the lack of accounts on the market.
- What trusts are for
- What the settlor does
- What trustees do
- Beneficiaries
- If you need help
Trusts are set up for a number of reasons, including:
•to control and protect family assets
•when someone’s too young to handle their affairs
•when someone cannot handle their affairs because they’re incapacitated
•to pass on assets while you’re still alive
•to pass on assets when you die (a ‘will trust’)
The settlor decides how the assets in a trust should be used - this is usually set out in a document called the ‘trust deed’.
Sometimes the settlor can also benefit from the assets in a trust - this is called a ‘settlor-interested’ trust and has special tax rules. Find out more by reading the information on different types of trust.
The trustees are the legal owners of the assets held in a trust. Their role is to:
•deal with the assets according to the settlor’s wishes, as set out in the trust deed or their will
•manage the trust on a day-to-day basis and pay any tax due
•decide how to invest or use the trust’s assets
There might be more than one beneficiary, like a whole family or defined group of people. They may benefit from:
•the income of a trust only, for example from renting out a house held in a trust
•the capital only, for example getting shares held in a trust when they reach a certain age
•both the income and capital of the trust
Contact a legal adviser or tax adviser. They can also talk to HM Revenue and Customs (HMRC) on your behalf if you give them permission.
You can also get help from the Society of Trust and Estate Practitioners.
Our guide explains everything you need to know about setting up a trust fund if you need someone to manage your money for you, or to pay for care in later life.
Jul 19, 2023 · A trust is a way of holding assets to benefit someone (known as a beneficiary) without that person owning and controlling the assets themselves. The assets within the trust, known as the trust fund, are managed by trustees for the benefit of the beneficiaries.
The trustees are the legal owners of the assets held in a trust. Their role is to: deal with the assets according to the settlor’s wishes, as set out in the trust deed or their will. manage the trust on a day-to-day basis and pay any tax due. decide how to invest or use the trust’s assets.
Our detailed guide breaks down each step, from understanding the different types of trusts, the tax implications you will need to consider and the process of creating a trust. At Elite Law Solicitors, our experienced Private Client team specialise is setting up all types of trusts.
How you register a trust depends on whether you’re: a trustee; an agent registering a trust for a client; There’s a different process if you need to register an estate of someone who’s died.
