Home Forums Q&A Sessions SETTING UP A TRUSTEE BANK ACCOUNT – UK

6 voices
7 replies
  • Author
    Posts
    • #100008725
      eabe
      Participant

      In preparing for setting up a private trust I’ve looked into how to get a bank account for the trust. Here is a list of all the details I’ve been told I will need to provide in order to open such a bank account:

      Required to set up a trustee bank account in the UK:

      Documents required:

      ·       Trust deed
      ·       Deed variation
      ·       Death cert if applicable
      ·       Written confirmation of source of funds showing where the money is coming from
      ·       Name : ID for all trustees, settlor, beneficiaries
      ·       Address confirmation for all involved parties via utility bills, council tax bills less than 3 months old
      ·       Confirmation of 3 year address history for each of the parties listed
      ·       Confirmation on how many signatories to have on account
      ·       Any court docs , power of attorney docs
      ·       A detailed list of each party’s occupation, mobile number, email address, country of birth, info on whether they have duel nationality and tax status for country where trust is based.
      Given that the trust purpose is for privacy, what to do about this?

       

    • #100008765
      brassmonk
      Participant

      I believe that this is a reason for there being a stand-alone Solutions Empowerment course on trust creation. Though it might be primarily for Australia.

      • #100010677
        Vicki.
        Participant

        I have just purchased a private trust. Thanks for the information. How have you progressed? Have you received the settlers details?

    • #100010680
      THX1138
      Participant

      Obervation Deck on YT has an interview with Mark. OD is UK bassed so it has a lot more UK specific info that mght help.

      Eabe, which bank did you get this list from? I have heard that Building Societies are more open as they are more “community focused” Also, which type of trust did you tell them you would be setting up? You mention “Private Trust” but Mark has said not to use that description and to use ‘Non registered trust’ instead, although that may be Australia specific. I also like Private Discretionary Trust as that is recognised in the system.

      • #100010897

        Mark says to just say you want to set up a trust account and not to mention it is a non registered trust unless you have to eg if they start trying to impose rules on you that only apply to registered trusts.

    • #100011532
      Vicki.
      Participant

      Update on opening a Private Trust Account – via SimpsonsFS (Financial Services)

      Registered Office:

      Simpson Financial Services Limited

      23a Cross Street,

      Leamington Spa

      CV32 4PX

      Registered In England No. 4830621

      Tel  0800 6342 111

      Should you wish to instruct me then I require the following supporting documents (I am happy to receive all of the requested information via our secure Personal Finance Portal for ease as long as you have scanned documents or alternatively copies through the post):

      1.    Trust Deed as well as any Deed of Variation/Deed of Appointment (this may be a Will, a separate trust deed )

      2.     Death certificate (if applicable)

      3.      Copy of correspondence confirming the source of the funds – (e.g. solicitors letter, bank statement, etc) – Trustee Account providers are very particular about this in order to combat Money Laundering and to understand trail of funds.

      4.      Name ID for all Trustees/Settlors (e.g. passport, Driving licence)

      5.      Name ID for all named Beneficiaries (e.g. passport, Driving licence, birth certificate for minors – no address confirmation required for minors

      6.     2 x Address confirmation for all Trustees, Settlors and Beneficiaries (utility bill, bank statement no more than 3 months old or a current years council tax statement)

      7.    Full 3 year address history for all named within the Trust – confirming the time spent at each address

      8.    Confirmation on how many signatories you wish to have on the account – you may wish to have all Trustees as signatories – if this is the case then you can decide whether you use any 1 signature to operate or all signatures to operate. The less signatures to operate the more flexible the accounts can be by way of internet banking etc

      9.    Any court documentation where applicable (Court of Protection, Lasting Powers of Attorney)

      10. If all parties (Settlors, Trustees & named beneficiaries) can confirm their occupation, mobile telephone numbers, email addresses,  country of birth, whether you have dual nationality and whether you pay tax in any other country other than the UK

      11. If someone is acting as a Corporate Trustee then please provide a list of authorised signatories on company letterhead

      12. Please provide any maiden names/previous surnames for all parties

      As long as the registered address of the Trust is a UK address and 50% of the Trustees are UK based then an account can be considered. All supporting documents can either be posted or scanned across to me securely through our Personal Finance Portal. Once a sourced account is approved by yourself I can complete the application form and documents  on your behalf. You will be required to check the information and once you are happy then all Trustees/Settlors must sign and date the application where indicated. I will then package this all off and assuming the provider is happy with the application the account is usually opened within 1 weeks (longer if a term deposit).  On occasion the providers may require further clarity on various issues which would be addressed at the time. Upon successful opening it is at this point that my involvement ceases and I would issue my invoice of £399 (1-4 parties named) £599 (5-8 parties named) per Trustee Bank Account opened – I will confirm my fee upon sight of the Trust Deed.

    • #100011533
      Vicki.
      Participant

      Please note the settlor information is not applicable, unless the settlor will be involved with the trust.  If you have purchased your Trust from Solutions Empowerment Team the settlor will not be involved with the trust.

      Good to understand what information maybe required to open a UK bank Account.

    • #100011584
      zxrrider
      Participant

      Hi I have tried several main banks but they re not doing trust accounts some minor building societies are but do not have online banking and only use postal service or local branch and don’t offer a debit card. Bit stumped any one had success with current account and debit card account

      regards Rob

Topic tags

You must be logged in to reply to this topic.