Shared Household Bills Trust Account


The Money Carer Foundation has established a new trust account scheme for holding monies on behalf of individuals or their deputies, appointees or attorneys.

The sole purpose of this scheme is to pay communal and household living expenses for those individuals living in shared residential property. On receiving a completed application form by the occupiers or by their representatives, The Money Carer Foundation, acting by the appointed trustees will open a Trust Bank Account on behalf of each household into which the occupiers will each make monthly monetary contributions. The trustees will hold funds on behalf of each household and will use the monies to pay household bills and communal expenses and hold any surplus funds in accordance with the terms of the scheme.

What Bills Can The Trust Account Pay?

It is intended that the Trust Account will be used to meet household expenses agreed in advance. This may include food and grocery shopping, council tax, ground rents, rent payments, utility bills (electricity. gas, oil, water), telecommunications and entertainment (telephone, internet, television), property maintenance and improvement costs (redecoration, gardening, window cleaning, repairs) and other such expenditure as shall be agreed in writing between the Trustees and Occupiers from time to time.

How To Set Up A Trust Account

In order to open a Household Bills Trust Account. the proposed occupiers, or their representatives, should first complete an application form. On receiving a completed form, the trustees shall consider the application and, if approved, will proceed to open a trust bank account. Each individual household will have its own dedicated trust bank account. Please return completed applications to refer@moneycarer.org.uk

How To Fund The Trust Account

The occupiers or their representatives will be responsible for funding the trust account. In order to establish the required contribution from each occupier, the trustees will first calculate the total contributions that will be required in order to fund the trust account. This will be based on the anticipated monthly expenditure of the household.

The total fund will then be divided equally (or in such portion as agreed in advance) between the occupiers in the household. Each occupier will then make a contribution to the Trust Account on a monthly basis, with cleared funds to arrive on the first day of each month. As and when household expenses increase (or decrease), the trustees will recalculate the total contributions that are required and will notify the occupiers or their representatives of their new monthly contribution.

How Much Does The Trust Account Cost?

The Household Bills Trust Account has an initial fee of £55 to cover the cost of opening the trust bank account. The trust bank account fee is levied annually on the anniversary of the account being opened. 

The ongoing cost of managing the Household Bills Trust Account is £15 per month and is deducted from the account via direct debit on or about the 25th of each month.

Administrative Powers of the Trustees

The Money Carer Foundation Household Trust Account Scheme is governed by a trust deed which provides extensive administrative provisions for the protection of both the Foundation, the Trustees and the Occupiers. A copy of the trust deed can be made available to the occupiers or their legal representatives on request.

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