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Hi ....I hope somebody can help me.. I'm about to receive an inheritance via a cheque.. can I pay this into a joint account that I hold with my Mum as I'm disabled and she helps me manage my money? Thanks
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Or is it possible to set up a trust for me? -
If you have a joint account and the cheque is in your name indeed you can pay it in there.
A cheque payable to either individual or to both at the same time can be paid into a joint account.COMPLETING AN N180 DIRECTIONS QUESTIONNAIRE (SMALL CLAIMS TRACK) GUIDE
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It is also possible to set up some form of trust or investment plan although depending on the value of the inheritance it might not be viable.
If I am being totally hard hearted I think you might be better to open a new account in your name only with your Mum as a co signatory because as it stands, any money in the joint account belongs to both of you.
As an example, if for example your mother needed residential care , it is possible the council might make a claim against the money in the account
Its about protecting your position, not about not trusting anyone elseComment
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