If the trustees simply wished to place the funds in a bank account, they would first need to find a bank that could offer a trustees’ account. Not all banks may be able to do so.
Once a suitable bank account had been chosen, the account opening forms and any anti-money laundering procedures completed for the bank, the funds to be placed in the bank account could be transferred to it from our client account, on the trustees’ instructions.
After that, the control of the funds in the bank account would rest with the trustees. We would normally recommend that any transactions on the trustees’ bank account should require the authorisation of all or, at least, a majority of trustees for security reasons.
If the trustees wished to consider the investment of any part of the trust funds in something other than a bank account, the trustees would be responsible for making that decision. They might themselves agree what to do, but they are more likely to want to obtain independent financial advice from an independent financial adviser.
Anderson Strathern operates a subsidiary financial services company, Anderson Strathern Asset Management Limited (ASAM), which would be happy to assist, if desired.
Fees payable in respect of the obtaining of independent financial advice would be on top of the set up and, where appropriate, additional ongoing fees described above.