Written by Lisa Simpson

Here at Trustee Bank Accounts we work with a great number of Solicitors who are often faced with the same handful of challenges. Therefore, we have decided to put together this blog sharing the advice our clients seek when they come to us. Hopefully, you will find it useful. Happy reading…

Let’s start with the difficulties you face as a Solicitor:

  1. You frequently talk to frontline banking staff who have a lack of knowledge on the subject. This is time consuming, and you’re never 100% confident they can tell you what you need to know
  2. Where investments are held in trust and dividend income or sale proceeds from this investment are being paid out, the money has to go into an account in the name of the Trust, not an individual trustee
  3. You have to deal with individual Trustees trying to circumvent the difficulty by opening up a bank account in individual names, potentially putting the Trust money at risk with personal wealth
  4. You can end up having to manage trust cash to ensure that there is no more that £85k with any one financial institution/bank to ensure all the money is covered by the Financial Services Compensation Scheme (FSCS)
  5. You are required to keep up to date (and in line with) compliance with regards to the Solicitor Regulatory Authority (SRA) rules on Client Money and Client Accounts for example  under the SRA rules, Solicitors are not allowed to use their client accounts as ‘bank accounts’ and should not hold client funds unless there is an underlying transaction.  Unless the solicitors are themselves trustees, they should not be using client account and even then, only for the short term

I’m sure there are a few more that spring to mind too, if you’d like to share these with me my email address is This email address is being protected from spambots. You need JavaScript enabled to view it. It would be very helpful to find out any other difficulties you face. This will enable me to help my clients even more.

Read more ...

Whether you’ve been considering setting up a Trustee Bank Account for a while, or it’s completely new to you, we’ve put together 8 reasons why you should set one up.

Hopefully this will help you understand the benefits of setting one up.

Reason 1 – Managing Assets

A Trust Bank Account can help you to manage assets on behalf of beneficiaries e.g. who may lack mental capacity, be minors, have a disability.

Reason 2 - Protecting Assets

A Trust Bank Account can help you to protect assets from creditors, from those who may influence beneficiaries. For example, other family members may get involved when it comes to discussing the money left for beneficiaries upon death. However, by putting it in a Trustee Bank Account, there will be no dispute as it’s full protected to go ONLY to the beneficiary listed.

Read more ...