Trust funds - help

[norrahe]

Chaps, please. Desist.

MF was trying to help. Rare occurence that it is.
EO you are trying to do the right thing, and credit the posters in general with the sense to give a responsible answer (not always going to work).

Feel the love

MF trying to help?

Methinks it was more along the lines of and

[MarillionFan]

MF trying to help?

Methinks it was more along the lines of and

I've only placed a few of my own threads and posts recently on where to invest money for kids. It's a very important decision.

Nothing worse than those who don't listen though.

[MarillionFan]

And a final point. And frankly I don't know why I'm ******* bothering.

If you are concerned that because of the amount (say 3k) is a 'life' changing amount that the parents or kids may abscond/waste. Effectively, you are the legal guardian if the money. A bond/fund etc will not transfer until they are (16/18 would need to check). By opening it yourself you hold it in trust until said time, therefore it cannot be usurped by others.

[suityou01]

And a final point. And frankly I don't know why I'm ******* bothering.

If you are concerned that because of the amount (say 3k) is a 'life' changing amount that the parents or kids may abscond/waste. Effectively, you are the legal guardian if the money. A bond/fund etc will not transfer until they are (16/18 would need to check). By opening it yourself you hold it in trust until said time, therefore it cannot be usurped by others.

I think you have been very helpful.

HTH

[EternalOptimist]

And a final point. And frankly I don't know why I'm ******* bothering.

If you are concerned that because of the amount (say 3k) is a 'life' changing amount that the parents or kids may abscond/waste. Effectively, you are the legal guardian if the money. A bond/fund etc will not transfer until they are (16/18 would need to check). By opening it yourself you hold it in trust until said time, therefore it cannot be usurped by others.

Yes , but who holds the bond/fund/account ? (i.e. who is the trustee) the executor of the the will, or the childs parent/guardian.
With the governments scheme, its the parent/guardian.

[Gonzo]

Sheesh. Why is this so difficult?

I think the Government's Child Trust fund is the most economical option. The money belongs to the child but they cannot spend it until they turn 18.

The Government scheme is not available though to children born before 1st September 2002.

If that is not an option then I think that you should see a solicitor who can draw up a trust deed. The trustees can be you, your missus, the executor of the will, anyone, but the solicitor can explain the legal implications of undertaking that role, I can't.

The executor of the will then transfers the cash / investments / doll collection / whatever to the trustees and they have to do with it what the trust deed says they must do.*



* I am not qualified to give this advice.

[MarillionFan]

Yes , but who holds the bond/fund/account ? (i.e. who is the trustee) the executor of the the will, or the childs parent/guardian.
With the governments scheme, its the parent/guardian.

I see your point with that as executor, sorry.

Sounds like the same problem I'd have with my sister. She wouldn't be able to not touch one of the kids monies.

There are plenty of free 1/2 hour legal consultations you can try. Heres one.

Guardian, How to Appoint, Setup a Childrens Trust Fund and Protect Your Family

and phone up the Yorkshire Bank to check the legal situation. If you can manage them in bonds then you can keep a direct eye on it and always ensure you get the best deals.