Child Trust Fund Set Up By Aunty?! Help Needed

Spudette

Hi guys,

Ok so here is the deal, my sister passed away last year (she was only 27) and she left a 7 year old son behind. I would like to set up some type of account where I can put money in it and when he turns 18 I will give him all the money in the account. The problem I have is:

I don't know whether this is possible.
My Nephew lives in Ireland and I am unsure how this will affect what I want to do.
I don't know what the best account is for this type of thing.

Please help I don't want to let my Sister down I want to give her son something for when he becomes an adult and this is the best thing that I could think of.

Any help would be greatly appreciated.

Natasha

ses6jwg

Hi there, sorry to hear about your sister, and respect to you for thinking of her son.

I can't help with long-term accounts, but a good starting point might be a Halifax Childrens Regular Saver at 6%.

http://www.halifax.co.uk/savings/childregularsaver.asp

Spudette

Can I apply for this in his name or does it have to be mine? Sorry I am all new to this.

ses6jwg

You apply in his name I think with yourself as the trustee,

theyll be able to help you more in branch

Spudette

Does this mean that he has to be there? As he is all the way in Ireland and I kind of wanted this to be a surprise for him when he turns 18.

Gymgenius

I've opened accounts in trustee for my daughters, and they didn't have to be there. I did have to take their birth certificates though.

Spudette

How about if I opened a savings account in my name and just gave him the money when he was 18? What is the best savings account for a 21 year old part time worker?

Thanks