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Let’s face it, dealing with a Trust and its administration can be a really daunting task.

Today, lets cover Trust accounts and what steps we can take in order to make things run as smoothly as possible.

Trusts are set up in order to protect assets.  Whatever the reason that a Trust has been set up, in some cases a bank account will need to be set up to accommodate any monetary Trust funds going forwards.  Trust bank accounts are used if the beneficiary of the Trust needs regular access to funds rather than them being tied up in an investment.

Trust Bank accounts are very different to normal accounts, so it’s best to understand the way that things work, as the forms that you will need to fill in are very different.  Unfortunately, a normal bank account can’t just be opened – it needs to be a specific Trust Account.

Banks are always changing their rulings as to if they accept new Trust Account openings or not and sadly, since the pandemic, the options are unfortunately a little limited.  It’s always good to check beforehand and get independent financial advice if you think that you need it.

A Trust Account is opened in the names of the Trustees, rather than the beneficiary or the name of the person who set up the Trust, which is an important point to remember.  This is due to the fact that the Trustees are the ones managing the Trust, agreeing to the payments etc. and will be the signatories of the account.

Based on the terms of the Trust and how many Trustees you have, online banking options are few and far between.  This is due to the fact that any payments need to normally be authorised by two Trustees which online banking can’t seem to cope with at the moment in some cases!  There is still the option of telephone banking though and good old fashioned cheques if you’re so inclined till we wait for the technology to catch up!

The bank that you select will then proceed with their checks on the Trustees that are opening the account and sometimes the beneficiaries too, so make sure that you have the relevant identification ready.  They will also need to see the original (or certified copy) of the Trust document and any variations to it (such as a deed changing any Trustees etc.)

Once you have the Trust Account set up (and you have fully recovered with a good sit down and a cup of tea – or possibly something a tad stronger…) it’s time to proceed with the running of the Trust Account.

Make sure you get regular statements and keep them in a safe place.  Keep a note of any payments that are made, why they have been requested and which of your Trustees has dealt with the authorisation.  You can then cross check these payments when you receive the statements.  If Solicitors are involved with the running of the Trust or as Trustees, they will need to complete monthly reconciliations of the account due to strict SRA (Solicitors Regulation Authority) rules so make sure that you are aware of this and the fees that are involved.

Depending on the type of Trust, any interest that’s received into the account may also be taxable on a yearly basis, so make sure you know what needs to be done and when.

Dealing with administration of a Trust can be a daunting process.  If you need any guidance, our specialist Private Client Team can assist and advise accordingly.

Contact our New Enquiries Team to book an appointment with an expert and put your mind at rest!

Samantha Stooke


Samantha Stooke


Working within the Private Client team, based at Kettering, Samantha is responsible for carrying out essential Trust and Estate administration tasks. Her work includes: Preparing Deeds of Appointment, transferring Trust assets, reviewing and registration of Trusts with the HMRC, supporting Trustees, liaising with Beneficiaries, managing…