How best to save for a child that is not mine?
Comments
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AnotherJoe wrote: »When you say "they work" in what sense do they work? Seems to me you lose out on flexibility (especially if you have a child that's "gone off the rails") and most of the benefits that that link mentions are equally applicable in an ISA.There are downsides to ISAs in this context, such as if there are multiple children you would have to segregate the money inside it yourself, since you cannot contribute to multiple ISAs in one yearAs for no need for an ISA I'd say balderdash, 18 years out, without an ISA, capital gains tax could be a problem0
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https://thescottish.co.uk/wp/wp-content/uploads/2017/05/03903-SIT-AFS-application-pack-2017.pdf
You can hold this either as a "designated" account (in which case the investment belongs to you - leave a bequest of "my holding in SIT (Godchild A/C) to Mary Jane Jones)
or in bare trust (belongs to godchild who has right to access and control at age 18).0
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