Hi, my name is Whipspan! information needed on who owns the funds in a trust

Whipspan
Whipspan Community Member Posts: 4 Listener
edited December 2024 in Money and bills

My stepson was awarded compensation for a serious accident when aged 8 which left him with serious head injuries leading to learning and physical disabilities. He is now aged 54. A trust fund was set up for his long term care but I do not know the details other than it is managed by a solicitor who is now retiring. The fund is with Lloyds Bank. His mother has died and his stepfather manages his day to day needs accessing the fund. I have offered to be a new trustee.

His stepfather is under the impression that the bank own the funds and not the beneficiary. Surely this can’t be so. I have assumed that the trustee (solicitor) manages the fund held by the bank. I’m about to have discussions about long term care arrangements and taking on this trusteeship. Any advice is welcome.

Comments

  • durhamjaide2001
    durhamjaide2001 Scope Member Posts: 15,450 Championing

    hi unfortunately I can't give you any advice on banks and funds. However, I am aware that this exists. When I went on respite couple of years ago at Kielder Calvert Trust there was a guy there who had a trust set up by his parents who sadly passed away.

    On to the fun housekeeping things now. I would recommend that you visit the coffee lounge for a chat or the games den for some fun.

  • Albus_Alumni
    Albus_Alumni Scope alumni Posts: 11,373 Championing

    Hi @Whipspan and welcome to the community.

    Unfortunately I cant give legal advice and I don't know a huge about about trusts. Though I have found some information here which may address your questions. The best person to speak to would be the solicitor who arranged the trust.

  • Whipspan
    Whipspan Community Member Posts: 4 Listener

    Thanks for this. My detective work continues but your help has been a useful shortcut.

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