NS&I in trust ?

Reaper

higueron wrote: »

It took a bit of time for you guys to cotton on to my post but at last you are mostly agreeing with me I believe it is a loophole and in my original post I said I had asked the NS&I helpdesk if I was understanding the rules correctly and they confirmed that my understanding was correct we can have 45k between us or if I had taken my wife and myself certificates out separately then we could have had 60k

Yes, my fault as the T&C are not very clear and I couldn't believe such a gaping loophole had gone unnoticed by everybody for so long. But I have come around to the idea.

Jonbvn

I'm surprised you don't need a solicitor for the trusts.

IMHO, the whole issue of trusts for this type of account is rather bizarre. Perhaps even a little antiquated?

kidmugsy

I have a old newspaper cutting describing the £60k opportunity - but it doesn't mention what happens when the trustee pegs out.

But I have now dug out of a file a leaflet from ns&i that says that the certificate becomes the business of the beneficiary alone (the value of the certificate was already the property of the beneficiary alone, of course) and can be held by her in addition to any holding she already has in her own name. I'd guess that the lawyer who deals with the estate and probate would send a standard letter to ns&i reporting the death.

moneybagsuk

Daft. But very handy.

lisyloo

Are you only allowed 1 per person or is it £15k max per person?

£15K per person per issue (plus another £15K each in trust).

Because I was thinking of splitting mine into 2 £7.5ks just in case I need to withdraw some early, is that allowed?

No need. You can cash them in partially (see section 6 of form).
http://www.nsandi.com/files/asset/pdf/savings-certs-cash-in.pdf

If you are marride the only advantage to splitting is quicker access if one of you dies as on death there would be delays in accessing the money (you'd need proof of death and that you are entitled to act).

calypso_rhapsody

this is a great wheeze - our trustee applications will be in the post tonight.

I suppose that in a situation where a solicitor say is holding funds as trustee and making investments he can hardly be expected to check with each beneficiary whether or not they have already bought a particular NSandI issue ..... so maybe it's not quite as odd as it looks at first glance.

DRS1

So here's an idea. Number your trusts and then apply for a holding in the name of each trust. You could apply for as much as you want.

kidmugsy

Good idea. Do you suppose that the Loins of Longleat has one for each wifelet?