Hi there,
A friend is the executor of an uncles will. The uncle died last year and life insurance for his daughter has come through to the solicitor. The child's mother and the deceased were never married and not together when he died. My friend needs to set up an account for the child's inheritance along with the other executor of the will. The solicitor is advising him that a bank account in the executors names will suffice rather than a trust. Both executors are self employed. Would there be any tax implications for them if the account was in their name. I assume the child's name will need to be on the account too.
A friend is the executor of an uncles will. The uncle died last year and life insurance for his daughter has come through to the solicitor. The child's mother and the deceased were never married and not together when he died. My friend needs to set up an account for the child's inheritance along with the other executor of the will. The solicitor is advising him that a bank account in the executors names will suffice rather than a trust. Both executors are self employed. Would there be any tax implications for them if the account was in their name. I assume the child's name will need to be on the account too.