How do I find a Bank Account for Discretionary Trust Funds?I am a Trustee along with 2 others of a Discretionary Trust of which my longterm ill daughter is the main beneficiary. Until now it has only a nominal sum but now £12,000 has been left to it and I need an Account to put it in, preferably one that will earn a bit of interest. How do I find one? Banks and Building... | |
Set up a special needs trust for your daughter. One that the government understands is not her money but one that is held in the trust for her benefit. One that the trust pays taxes on, not your daughter. You would be able to purchase things for your daughter. You should use this money for special needs not ordinary purchases- for most benefit to her. Let it keep appreciating interests and dividends. Perhaps Franklin Templeton World Bond Fund which holds debt from other countries will earn you 4% after the first year of sales charge.
Your best bet is to consult a Finacial Adviser, the best one would be at your Bank Good luck xx
