Trust funds

kendafarben

I need to set up 7 accounts for my nephews of £10,000 each, I don't want them to be able to touch the money before 21.

How would I go about doing this?

Kenda

dunstonh

unit trust or investment trust with a designation to them. Or a life assurance bond written in trust. It really depends on the instructions that require the trusts to be set up (if any).

kendafarben

Would that be something i could set up at a building society or would I need an IFA?

Kenda

dunstonh

kendafarben wrote: »

Would that be something i could set up at a building society or would I need an IFA?

Kenda

Banks and building societies mostly use tied agents/sales reps. You could do it through them but you are reducing your choice to what they offer (and bank investment options are typically very poor and expensive) rather than that of the whole of market that you would get with an IFA. You can also do it yourself although you would then be taking on the liability for getting it right. Being a trustee usually means you have to not only do the best for the beneficiaries but also be seen to be doing the best. Use of a tied agent would not be best and if you do it yourself and mess it up that wouldnt be best either. However, if you are competent at investments then DIY is fine.

kendafarben

Thanks

Kenda