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Child's inheritance/ Child's Bank Account (In Trust)


andymr
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Hi, I'm trying to help a friend.

Child is three years old, mother was common law wife of the child's father.

 

Father has been killed in a work related accident.

The employer has made a payment (from Avia) through a solicitor engaged by the mother.

The child is the beneficiary of the very small estate.

 

The solicitor will only pay the monies into a the Child's account which has to be a trust account with two signatories and flatly refuses to pay into a simple Child's account.

 

We have been unable to find an High Street bank that offers such an account.

 

The solicitor is pushing the mother to go to a company that specialises in Trust accounts but this would be a big hit on the very small amount of money involved, less than £20K.

 

1) Does she have to have a trust account?

 

2) If yes, where can we setup such account ourselves to save taking a kit on the funds?

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Is the payment an interim payment or a final one?

If the employer is liable for a wrongful death the sums involved can be large.

 

How about an account with a high street bank, but for the Trust created for the child, with at least 2 trustees as signatories:

http://www.markthompsonlaw.com/best-bank-or-building-society-account-for-personal-injury-trust/personal-injury-trust-to-protect-personal-injury-compensation/

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Thread moved to General Legal Issues.

 

Andy

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