Clitheroekid wrote:teecee90 wrote:However, having made a few initial enquiries with brokers/platforms such as Halifax and Vanguard it seems that making investments in the name of the trust is not as easy as I first thought. So far, the response has been that they will only accept account applications for personal accounts, not an account in the name of a trust, so I'm not sure how in practical terms I am going to get the money invested.
I would query whether it’s really necessary to set the trust up at the platform with a specific ‘trust’ type name. After all, it’s only a label, and the legal nature of the investment and its beneficial owners is not defined by that label.
Consequently, if you were to make the investment in your own name or the joint names of yourself and your co-trustees I can’t see it making any practical difference. You know it’s a trust; your co-trustees know it’s a trust; it will be administered in accordance with trust law, so the actual label would seem irrelevant.
The only obstacle that may exist is if you have to sign a declaration confirming that you’re the beneficial owner - but without having seen the application form I simply don’t know whether you would or not.
I have had Trust accounts with and without the Trust label.
If you invest in your own name (i.e. not a Trust account) I could forsee problems if/when a Trustee dies, in that it would be difficult or impossible to keep the funds out of their estate, and thus subject them to inheritance tax etc. A Trust account would just by-pass all that, which is why I have gone that way for a Trust which is expected to outlive me as trustee.