Trust fund advice
Discussion
Im hoping someone can point me in a good direction here. I want to set up a trust fund for my daughter. It wont be huge as im not mega rich but i hope it will help her out in time of need for uni fees or whatever she wants when she gets to that age.
We have set up one using the government money which was given to all children in an effort to get parents to save for their childrens future. This is fine, however, the fund is owned by my daughter and will be hers to do with as she pleases once she hits 18.
now i dont know about you but if someone gave me several thousand pounds when I was 18, i would have had an amazing week and it would have been gone. Then when i hit 20 ish and had worked out what i wanted ot do with my life i would have regretted wasting the cash on nothing.
So to this end i want to try and find an account that can be in my daughters name if possible, with as high interest as possible ( the CTFs can run up to 6% ish) which is hers when she reaches a certain age But is subject to my/her mothers approval in terms of when she can physically use it.
Any ideas the best route to go down? I have done some searches but i cant find anything with decent interest rates like the CTFs and no mention of parental approval etc.
Or is it best to just open somehitng in my own name for her future? If so what?
im thinking initially about ~£50 per month payed in. She is 4 yrs old at present.
Many thanks for any advice.
We have set up one using the government money which was given to all children in an effort to get parents to save for their childrens future. This is fine, however, the fund is owned by my daughter and will be hers to do with as she pleases once she hits 18.
now i dont know about you but if someone gave me several thousand pounds when I was 18, i would have had an amazing week and it would have been gone. Then when i hit 20 ish and had worked out what i wanted ot do with my life i would have regretted wasting the cash on nothing.
So to this end i want to try and find an account that can be in my daughters name if possible, with as high interest as possible ( the CTFs can run up to 6% ish) which is hers when she reaches a certain age But is subject to my/her mothers approval in terms of when she can physically use it.
Any ideas the best route to go down? I have done some searches but i cant find anything with decent interest rates like the CTFs and no mention of parental approval etc.
Or is it best to just open somehitng in my own name for her future? If so what?
im thinking initially about ~£50 per month payed in. She is 4 yrs old at present.
Many thanks for any advice.
CTF/Junior ISA will probably be most cost effective. And hide the statements.
In all seriousness this is the most tax efficient vehicle, setting up a bespoke "Trust Fund" will cost you more in legal fees than the first year's contributions.
If you don't use ISA allowances you could theoretically start an ISA in your name and earmark it for her, but otherwise having it in your name will just mean paying unnecessary tax.
In all seriousness this is the most tax efficient vehicle, setting up a bespoke "Trust Fund" will cost you more in legal fees than the first year's contributions.
If you don't use ISA allowances you could theoretically start an ISA in your name and earmark it for her, but otherwise having it in your name will just mean paying unnecessary tax.
I posted the exact same question a few months back little BS2 is 9months now (doesn't time fly) general advice was a junior isa or something like Halifax's 6% account something they can't access till they are 18.
I share your concern about giving them a chunk if cash at 18 but you will hold the account numbers you could wait till they were 21 to hand them over or try and teach the value of money by 18. If little BS2 follows my footsteps it won't last long maybe the military is the answer.
I share your concern about giving them a chunk if cash at 18 but you will hold the account numbers you could wait till they were 21 to hand them over or try and teach the value of money by 18. If little BS2 follows my footsteps it won't last long maybe the military is the answer.
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