Can I be a trustee?

Get expert opinion. This is the place for new questions to be posted.
4 posts Page 1 of 1
User avatar
mike875
Posts: 2
by mike875 » Sat Jun 09, 2018 9:27 pm
HI
I have been in an IVA for just over 3 years. My brother recently died and in his will he asked for me and my sister to be trustees for his daughters inheretence as she is under 10 and is not to receive it until she is 18.Would I be able to do this ?
Mrs_Brown
Posts: 43
by Mrs_Brown » Sun Jun 10, 2018 4:12 am
https://www.gov.uk/trusts-taxes

In the link above it doesn't say someone in an IVA can't act as a trustee for the type of trust you refer to (charities are an out and out no) - however, it also says "The trustees are the legal owners of the assets held in a trust." The best thing might be to discuss this with your IP tomorrow.
User avatar
luluj
Forum Expert
Posts: 10116
Contact
by luluj » Sun Jun 10, 2018 5:41 am
You should be fine be but as suggested confirm it via your IP. The money is basically going up sit there for s few years and is not your money ultimately.

Let us know how you get on.
User avatar
mike875
Posts: 2
by mike875 » Sun Jun 17, 2018 1:10 pm
Thanks for replies.
Barclays Bank will open a trustee account as long as the IP will provide a letter of authority.
shame my IP is not as helpful. I emailed them last Monday, then rang and was told by recoding to leave message and will be called back within 2 working days. Needless to say I am still waiting for a response 4 working days later !!
4 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 4 guests