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After my wife died a few years ago I decided to put the proceeds of a life insurance payout into a Discretionary Trust for the future benefit of our children. I set up a bank account in the name of this Trust, into which the payout was deposited; and then all but a nominal £5 went into an offshore investment fund. That means the bank account has not been used even once since then; the interest/profits/growth accumulate within the fund.
Now, I've just been advised by my bank that they are discontinuing Trust accounts and so will be closing mine in 6 months' time. My question is, do I actually need to run a new Trust bank account? At least until such time as I or my kids need to close the Trust and withdraw the funds? It seems to me a lot of fuss to locate a new provider and create a new account (which will likely come with a monthly fee, unlike my current one) so that if I don't actually need to do this it wold save a lot of hassle and expense... anybody?
Now, I've just been advised by my bank that they are discontinuing Trust accounts and so will be closing mine in 6 months' time. My question is, do I actually need to run a new Trust bank account? At least until such time as I or my kids need to close the Trust and withdraw the funds? It seems to me a lot of fuss to locate a new provider and create a new account (which will likely come with a monthly fee, unlike my current one) so that if I don't actually need to do this it wold save a lot of hassle and expense... anybody?
