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Mon 27 Feb, 2017 12:58 pm
Hello, any advice what type of account is ok for a minor to receive inherited funds in by UK law? My children live in the UK, have inherited a lump sum from their grandfather who lived in Belgium, tax has been paid to the Belgian gvt and now the net funds are ready to transfer to my kids... but the solicitor in Belgium who is holding the funds wants to read what UK law states as to the kind of account she can transfer the monies into (eg in some countries the account needs to be of the 'protected' type, preventing parents drawing money out, or it has to be in the child's 'own name', not Trust) so I'm looking ideally for something official that I can link to her as I think there are no restrictions in the UK. Thanks for any info.
@catandlights,
Talk to your bank manager, they'll have something.