Trust funds - help Trust funds - help
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    Default Trust funds - help

    Does anyone have any experience of trust funds ?
    I was executor of a will and have some money to give to a ten and a nine year old. Is there such a thing as a trust fund/account ?
    what are the pitfalls




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    Quote Originally Posted by EternalOptimist View Post
    Does anyone have any experience of trust funds ?
    I was executor of a will and have some money to give to a ten and a nine year old. Is there such a thing as a trust fund/account ?
    what are the pitfalls




    There are different trust funds available. The government in it's wisdom has been paying out £250 per child 'trust fund' vouchers on birth. We top up the funds by £20 per month, but frankly the return has been in terrible and in my daughters case is worth less than we started with.

    An independent IFA may have more options.

    Personally I recommend the 5 year Yorkshire savings bond for children (Child Savings Bond - Savings - Personal Banking - Yorkshire Bank)

    It was 5% Gross, then 4.45%. I see here that they have dropped it again in the last week to 4%. For a child the savings are tax free.

    Dependent on the amount I would consider a longterm bond, some premium bonds and something with an IFA. Avoid the high street banks.

    Savings for children are an absolute joke and I've been sitting here toying with the idea of a 'childrens building society' for about a year. Pity I know bugger all about starting a building society.
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    An IFA sounds like the best option here. The thing about what you are considering is that the money can be locked away for a few years, and IFA's ought to be able to advise what the best options are. No harm in asking - whilst they will charge for advice you could ask whether it might be something they would be happy to give advice on, and what cost.

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    Quote Originally Posted by Saddo View Post
    An IFA sounds like the best option here. The thing about what you are considering is that the money can be locked away for a few years, and IFA's ought to be able to advise what the best options are. No harm in asking - whilst they will charge for advice you could ask whether it might be something they would be happy to give advice on, and what cost.
    I know that you are trying to be helpful, but please read the op.

    If I wanted to speak to a snakeoil salesman, turd-eating, fckwit son of a camel, sh!t-kicking tosspot, then I would consider an IFA.

    What I really want (which, coincidentally, is why I mentioned it) is to find out if anyone here has experience of this.

    I mean, what is a trust fund, are they policed ? who polices them. whats to stop a dodgy parent absconding with all the loot

    etc


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    Quote Originally Posted by EternalOptimist View Post
    whats to stop a dodgy parent absconding with all the loot

    etc



    That would be my advice.
    Abscond with the wonga making sure they know that you blew it on wine, women, and the new pink Everton Shirt.
    It will be a life lesson on not trusting any fooker. And let's face it, in 21st Century Britain that will be worth far more than any free handout of cash will ever be to them.

    PS You don't have to pay me any cash for this tip, but if you PM me, I'll let you know where to send me a bottle of decent Malt for my sage advice.

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    Quote Originally Posted by shaunbhoy View Post
    That would be my advice.
    Abscond with the wonga making sure they know that you blew it on wine, women, and the new pink Everton Shirt.
    It will be a life lesson on not trusting any fooker. And let's face it, in 21st Century Britain that will be worth far more than any free handout of cash will ever be to them.

    PS You don't have to pay me any cash for this tip, but if you PM me, I'll let you know where to send me a bottle of decent Malt for my sage advice.

    shut it, klunge sponge



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    Quote Originally Posted by EternalOptimist View Post
    I know that you are trying to be helpful, but please read the op.

    If I wanted to speak to a snakeoil salesman, turd-eating, fckwit son of a camel, sh!t-kicking tosspot, then I would consider an IFA.

    What I really want (which, coincidentally, is why I mentioned it) is to find out if anyone here has experience of this.

    I mean, what is a trust fund, are they policed ? who polices them. whats to stop a dodgy parent absconding with all the loot

    etc


    You can start a trust on your own. Effectively a limited company with board of directors. Bung the money in there, charge a 5% admin fee (to cover accountants fees) and then the company can invest the money. Transfer the shares to the kid/kids when old enough and job done.
    Knock first as I might be balancing my chakras.

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    Quote Originally Posted by EternalOptimist View Post
    shut it, klunge sponge



    Wasn't remotely funny even first time round.

    HTH
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    Dont know much about trusts apart from what i have read regarding dodgy IR35 schemes

    You would setup a trust and you would probably be the trustee of the trust?

    google 'Trusts for vulnerable beneficiaries'

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    Quote Originally Posted by Iron Condor View Post
    Dont know much about trusts apart from what i have read regarding dodgy IR35 schemes

    You would setup a trust and you would probably be the trustee of the trust?

    google 'Trusts for vulnerable beneficiaries'
    aye. Ive done that. It seems to be a massive grey area. everyone knows what a trust fund is, but noone can define a trust fund.




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