Trustee accounts

The Shelby Sensation

I am the executor of an estate where there are several child beneficiaries (under 18 years). I have been informed by my legal representative that I need to set up trustee accounts for each of the children to hold the funds until they reach 18 years of age.

Is this a service BOI provide and if so can you please give me an idea of what is involved in setting up such accounts (required documentation etc)?

I would also be interested to know what the fees, if any, would be for such accounts.

Thanks.

Bank of Ireland Reps

Hi There

Thanks for getting in touch with us overnight.

We are sorry for your loss, understand it is a difficult time for you and family. 

Yes, we certainly do provide this service and they can be set up in your chosen Branch. We would be asking you to bring along the will, the requirement for documentation can vary and we can arrange for a Branch to call you to chat through this with you. 

Could we ask you to PM us with the below information please? 

Your full name, contact number and if you have accounts already which Branch are these linked to please.

If the person, that has passed had account with us and which Branch they are linked to. (Not a requirement to bank with us to open trustee account)

The Branch you would like to open the accounts in. 

Hope to hear from you soon,

Many thanks,
Alison 

The Shelby Sensation

Bank of Ireland Reps wrote: »

Hi There

Thanks for getting in touch with us overnight.

We are sorry for your loss, understand it is a difficult time for you and family. 

Yes, we certainly do provide this service and they can be set up in your chosen Branch. We would be asking you to bring along the will, the requirement for documentation can vary and we can arrange for a Branch to call you to chat through this with you. 

Could we ask you to PM us with the below information please? 

Your full name, contact number and if you have accounts already which Branch are these linked to please.

If the person, that has passed had account with us and which Branch they are linked to. (Not a requirement to bank with us to open trustee account)

The Branch you would like to open the accounts in. 

Hope to hear from you soon,

Many thanks,
Alison 

Thank you for the prompt response. At the moment I am evaluating different institutions to see which is most suitable for my needs.

Can you please clarify the fees question as in what fees or charges would apply on such accounts?

Thanks.

Bank of Ireland Reps

The Shelby Sensation wrote: »

Bank of Ireland Reps wrote: »

Hi There

Thanks for getting in touch with us overnight.

We are sorry for your loss, understand it is a difficult time for you and family. 

Yes, we certainly do provide this service and they can be set up in your chosen Branch. We would be asking you to bring along the will, the requirement for documentation can vary and we can arrange for a Branch to call you to chat through this with you. 

Could we ask you to PM us with the below information please? 

Your full name, contact number and if you have accounts already which Branch are these linked to please.

If the person, that has passed had account with us and which Branch they are linked to. (Not a requirement to bank with us to open trustee account)

The Branch you would like to open the accounts in. 

Hope to hear from you soon,

Many thanks,
Alison 

Thank you for the prompt response. At the moment I am evaluating different institutions to see which is most suitable for my needs.

Can you please clarify the fees question as in what fees or charges would apply on such accounts?

Thanks.

You're very welcome. 

Sure, the fees being charged to a trustee account, would be our business fees and charges here
Hope this helps, 

Alison 

The Shelby Sensation

Bank of Ireland Reps wrote: »

The Shelby Sensation wrote: »

Bank of Ireland Reps wrote: »

Hi There

Thanks for getting in touch with us overnight.

We are sorry for your loss, understand it is a difficult time for you and family.

Yes, we certainly do provide this service and they can be set up in your chosen Branch. We would be asking you to bring along the will, the requirement for documentation can vary and we can arrange for a Branch to call you to chat through this with you.

Could we ask you to PM us with the below information please?

Your full name, contact number and if you have accounts already which Branch are these linked to please.

If the person, that has passed had account with us and which Branch they are linked to. (Not a requirement to bank with us to open trustee account)

The Branch you would like to open the accounts in.

Hope to hear from you soon,

Many thanks,
Alison

Thank you for the prompt response. At the moment I am evaluating different institutions to see which is most suitable for my needs.

Can you please clarify the fees question as in what fees or charges would apply on such accounts?

Thanks.

You're very welcome.

Sure, the fees being charged to a trustee account, would be our business fees and charges here
Hope this helps,

Alison

Thanks. Can you tell me if I am correct in the following assumption:

Say €1000 was lodged in a trustee account today. In ten years time with no subsequent transactions on the account and assuming no changes to current fees and interest rates, there would be €400 remaining (10 x 4 quarterly maintenance fees of €15 deducted).

Bank of Ireland Reps

The Shelby Sensation wrote: »

Bank of Ireland Reps wrote: »

The Shelby Sensation wrote: »

Bank of Ireland Reps wrote: »

Hi There

Thanks for getting in touch with us overnight.

We are sorry for your loss, understand it is a difficult time for you and family.

Yes, we certainly do provide this service and they can be set up in your chosen Branch. We would be asking you to bring along the will, the requirement for documentation can vary and we can arrange for a Branch to call you to chat through this with you.

Could we ask you to PM us with the below information please?

Your full name, contact number and if you have accounts already which Branch are these linked to please.

If the person, that has passed had account with us and which Branch they are linked to. (Not a requirement to bank with us to open trustee account)

The Branch you would like to open the accounts in.

Hope to hear from you soon,

Many thanks,
Alison

Thank you for the prompt response. At the moment I am evaluating different institutions to see which is most suitable for my needs.

Can you please clarify the fees question as in what fees or charges would apply on such accounts?

Thanks.

You're very welcome.

Sure, the fees being charged to a trustee account, would be our business fees and charges here
Hope this helps,

Alison

Thanks. Can you tell me if I am correct in the following assumption:

Say €1000 was lodged in a trustee account today. In ten years time with no subsequent transactions on the account and assuming no changes to current fees and interest rates, there would be €400 remaining (10 x 4 quarterly maintenance fees of €15 deducted).

Thanks for coming back to us here. Yes this would be correct with the Fees and charges applied to the account over the period of time.

Thanks Jen