Trustee Bank Accounts

[babalicious]

my grandad recently past away and left myself and my children some money in his will, my kids money is to be put in a trust till the reach 18. Myself and my husband are appointed new trustees of there money. We havent got any money yet but i am told we have to open special bank accounts??
What i want to know is how can we(if possible) get some of their money if we wanted too, how does the process work? I ask because before my grandad died he said he wanted me to take the kids to disney in orlando with the money when he died! Now my money will cover most of it but we may need a little more and as the holiday is for the kids i thought i would be ok to use some of theres! so can i get hold of any of their money?

[Prudie]

If this was all done through a proper will with a solicitor then no you will not be able to get hold of their money.

[Buenchico]

Trustees can use the whole of the income from a trust (which means the interest from a bank account, or the dividends from shares in which the fund might be invested) for the 'maintenance, education, or benefit' of the child.
(Trustee Act 1925, Section 31)

They can also use up to half of the capital of the trust for the 'advancement or benefit' of the child.
(Trustee Act 1925, Section 32)

http://www.statutelaw...306887&filesize=20080

Chris