The Lemon Fool

Parky wrote:

hiriskpaul wrote:I popped in NatWest to see if they do trustee accounts and it turns out they do and the person I spoke to was knowledgeable about the subject - the branch manager just happened to be at the desk when I went in. He confirmed that they cannot open a trustee account until we have probate and the process is tedious. The Will should be fine, once proven by probate, but it has to be sent off somewhere for scrutiny and final approval. As this branch is local to me and has someone in it who knows what he is doing I think I will stick with them. NatWest is convenient for the other trustee as well.

Congratulations - you were lucky. The person I spoke to at my local Natwest was certain they did not do trustee accounts. Natwest would have been more convenient for me too. In fact, I might go back to them if Barclays fail to perform. As you indicate, it is important to find someone who knows what they are talking about - a rare commodity these days

hiriskpaul, did Natwest open the trust account? What was the procedure? I am still having trouble with Barclays, and am looking for an alternative.

Parky wrote:

Parky wrote:

hiriskpaul wrote:I popped in NatWest to see if they do trustee accounts and it turns out they do and the person I spoke to was knowledgeable about the subject - the branch manager just happened to be at the desk when I went in. He confirmed that they cannot open a trustee account until we have probate and the process is tedious. The Will should be fine, once proven by probate, but it has to be sent off somewhere for scrutiny and final approval. As this branch is local to me and has someone in it who knows what he is doing I think I will stick with them. NatWest is convenient for the other trustee as well.

Congratulations - you were lucky. The person I spoke to at my local Natwest was certain they did not do trustee accounts. Natwest would have been more convenient for me too. In fact, I might go back to them if Barclays fail to perform. As you indicate, it is important to find someone who knows what they are talking about - a rare commodity these days

hiriskpaul, did Natwest open the trust account? What was the procedure? I am still having trouble with Barclays, and am looking for an alternative.

I have yet taken this any further as I have been away and NatWest have told me I will not be able to proceed without Probate. Hopefully Probate will not take long now as HMRC have accepted the IHT400 and sent the IHT421 to the Registry office.

A friend told me they had a trust account with Lloyds, so after a bit of perseverance and despite the ignorance of branch staff, I have initiated the setting up of a current account for the trust.

The only way to do this is over the phone to the business banking unit (0800 056 0056). In my case it took 1 hour, but was not too onerous. A pack is on the way in the post and no doubt there is more to do, such as sending off the Will (Trust Deed).

They needed:
- name, nationality and date of birth of Settlor
- name of Trust (I made this up on the fly as it is not named in the Will) and date of settlement. I used the date of death, which I think is correct.
- names, nationalities, dates of birth, addresses (including month/year of moving in) of Trustees
- names, nationalities, dates of birth, addresses (including month/year of moving in) of named beneficiaries
- some details of how much money was going into the trust and where it was coming from (property and investments)

Both trustees passed credit checks, so no proof of ID required. The named beneficiary did not (unsurprisingly), so we will have to get him to a branch with some ID documents.

No sooner started than abandoned. Lloyds sent me details of the account and the next steps. It turns out that they want me to employ a solicitor to scrutinise the will (trust deed) and fill in a form. Well I will not be doing that if I can possibly avoid it, so yesterday I signed up for an account with NatWest. Having been through it once, I have realised that these accounts for trusts are set up through business units, so I went to the web site and set up an account in about half an hour. A fairly straightforward process so far and I await a response from NatWest.

hiriskpaul wrote:No sooner started than abandoned. Lloyds sent me details of the account and the next steps. It turns out that they want me to employ a solicitor to scrutinise the will (trust deed) and fill in a form. Well I will not be doing that if I can possibly avoid it, so yesterday I signed up for an account with NatWest. Having been through it once, I have realised that these accounts for trusts are set up through business units, so I went to the web site and set up an account in about half an hour. A fairly straightforward process so far and I await a response from NatWest.

Keep us posted please.I may have to start all over again.
I am still struggling with Barclays. It will be 2 months on 15th September since the first meeting. At least they have their own Trustee Accounts department, with solicitors who scrutinise the deed. But the branch staff I am working through are confused and contradictory about the process. Part of the delays are my fault, but it could all have been sorted out a month ago if managed properly.

Parky wrote:

hiriskpaul wrote:No sooner started than abandoned. Lloyds sent me details of the account and the next steps. It turns out that they want me to employ a solicitor to scrutinise the will (trust deed) and fill in a form. Well I will not be doing that if I can possibly avoid it, so yesterday I signed up for an account with NatWest. Having been through it once, I have realised that these accounts for trusts are set up through business units, so I went to the web site and set up an account in about half an hour. A fairly straightforward process so far and I await a response from NatWest.

Keep us posted please.I may have to start all over again.
I am still struggling with Barclays. It will be 2 months on 15th September since the first meeting. At least they have their own Trustee Accounts department, with solicitors who scrutinise the deed. But the branch staff I am working through are confused and contradictory about the process. Part of the delays are my fault, but it could all have been sorted out a month ago if managed properly.

I will let you know how it goes. This is very much a learning exercise for me and I find the lack of knowledge of branch staff baffling. With Barclays, could you have bypassed the branch staff completely and communicate directly with the central unit? From my experience so far this is the best way to go for both NatWest and Lloyds, provided you know where to start.

hiriskpaul wrote:I will let you know how it goes. This is very much a learning exercise for me and I find the lack of knowledge of branch staff baffling. With Barclays, could you have bypassed the branch staff completely and communicate directly with the central unit? From my experience so far this is the best way to go for both NatWest and Lloyds, provided you know where to start.

Unfortunately the branch staff would not allow me to contact the central unit direct. There is no mention on the Barclays web-site that they exist - certainly no contact details. In any case, the branch needed to view ID documents and make a copy of the Trust deed ( fair enough, as it avoided the need to get an (expensive) certified copy.)
You might well have to get involved in this type of activity, but if the central unit tell you exactly what is required the process might be smoother for you than for me.

NatWest have now decided I cannot open a will trust online and have cancelled my application!

They have told me I can open an account through a branch, so back to that route again in a day or so.

hiriskpaul wrote:NatWest have now decided I cannot open a will trust online and have cancelled my application!

They have told me I can open an account through a branch, so back to that route again in a day or so.

I still have not completed the process with Barclays. One of the trustees has had an appendectomy and couldn't visit the bank to sign forms, and Barclays refused to send them by post for signature!

Does anyone have an update on this?

I had expected Lloyds Private Banking to be able to help but they have confirmed that Lloyds no longer offer trust accounts.

Barclays?

Chrysalis wrote:Barclays?

Barclays definitely offer trust current accounts. I am still in the process of opening two. In a weeks time it will be 3 months since my first meeting at the bank, so they are not speedy! Some tips I have learned during the process.
1. Make an appointment, they will not see walk-ins.
2. Expect to take 1 1/2 to 2 hours.
3. They will keep you waiting for your appointment.
4. Make sure you take all the documents required. The original trust deeds, passports and driving licenses for ID if you are not already customers (for all trustees).
5. All trustees need to be present and sign the forms. If they don't all live near the branch you use, they can visit another branch to do this, but in my case this has caused confusion and delay, so try to avoid it.
6. Make sure you understand the procedure,as far as possible,and try to make sure whatever staff are dealing with it understand it too. (I still don't fully understand what is going on.)
7. Make sure you get the direct phone number and email address of your contact at the bank. It is impossible to contact them using the banks website information.

Not a wonderful experience, but there is no other high street bank that offers the service, as far as I know.

I have ours with Barclays wealth (private banking arm). Not sure if that might have been a smoother experience...
Good luck with getting it sorted

Lloyds are still offering trust accounts. You have to go through their central business unit and a lengthy phone call to initiate the process. Unfortunately you then have to pay a solicitor to validate the trust deed and fill in a simple form. I have not been able to make progress on this as I am still waiting for probate.

NatWest through a branch is possible, but again I need to wait for probate. I suspect the same is true for Barclays.

I might pop into Metro Bank. They may be a bit slicker than these lumbering traditional banks with poorly trained staff.

Parky wrote:Thanks. I am going with Barclays, and have set up a meeting with them to open the account.

Accounts finally opened 3 and 1/2 months after application - yes three and a half months, and still some minor outstanding issues. Barclays really did not try very hard! I only hope the operation of the accounts works properly.

My local branch of Lloyds suggested a Treasurer's business account might be suitable but 'Business Accounts' transferred me to 'Personal accounts', which was where I started. Eventually, my 'Relationship Manager' in Lloyds Private Banking stated categorically that Lloyds no longer offered trust accounts.

I phoned Barclays. They could not offer a preliminary meeting for two weeks.

I then contacted Cater Allen, a subsidiary of Santander, whose website refers to accounts for trusts. I downloaded their detailed but straightforward application form and the account was opened within two weeks. Furthermore, the questions I had when completing the application form were answered immediately, over the phone.

I hope this experience may help others in a similar situation.

Jimbob47 wrote:My local branch of Lloyds suggested a Treasurer's business account might be suitable but 'Business Accounts' transferred me to 'Personal accounts', which was where I started. Eventually, my 'Relationship Manager' in Lloyds Private Banking stated categorically that Lloyds no longer offered trust accounts.

I phoned Barclays. They could not offer a preliminary meeting for two weeks.

I then contacted Cater Allen, a subsidiary of Santander, whose website refers to accounts for trusts. I downloaded their detailed but straightforward application form and the account was opened within two weeks. Furthermore, the questions I had when completing the application form were answered immediately, over the phone.

I hope this experience may help others in a similar situation.

Very helpful thanks.

Did you have to get a financial advisor involved, or would Cater Allen deal with you directly?

Were there any costs involved? eg Lloyds want me to pay a solicitor to fill in a form about the Trust.

How did they check the trustees ID's?

I dealt directly with CA. I did not need a financial advisor and there were no costs involved.

As regards ID, the Application Form requires a great deal of personal information (nationality, how long at the current address etc) for the trustees and beneficiaries plus, of course, the trust deed. The bank mandate requires certified copies of passport, utility bills, etc.

There is also a Self-Certification for Trusts form that requires a Tax Identification number (UTR in the UK) for trustees and beneficiaries and a UTR for the trust itself.

Jimbob47 wrote:I dealt directly with CA. I did not need a financial advisor and there were no costs involved.

As regards ID, the Application Form requires a great deal of personal information (nationality, how long at the current address etc) for the trustees and beneficiaries plus, of course, the trust deed. The bank mandate requires certified copies of passport, utility bills, etc.

There is also a Self-Certification for Trusts form that requires a Tax Identification number (UTR in the UK) for trustees and beneficiaries and a UTR for the trust itself.

Thanks, sounds very straightforward compared to the hassles I have had with Lloyds and NatWest.

Hi, I realise this may be a bit late to help you but Metrobank offer trust accounts and the process is much easier, service is much better than what you have described!

no need to go through a solicitor like lloyds have suggest, no appointments needed. pop into or call a branch and they can do everything remotely, you would need to send certified ID or pop into store with your ID.
account can be opened in a week!