child savings

jforman

Need some help. My daughter has been left some money, stipulated in will that needs to be put in to trust fund until she turns 21yrs. Cannnot find anything suitable as either accessible before she is 21yrs or there is a restriction on amount and she will inherit more than the limit. Please help.

xylophone

As the specification is until age 21, you might be best contacting HMRC re tax treatment.
http://www.hmrc.gov.uk/trusts/types/index.htm

atush

you should be able to hold the money for her as her trustee, or the trustees of the estate should. Conventional accounts for children leave the money at their disposal at 16/18. But you could put cash into a long term bond before that time.

The problem is, if she is young, you dont' want to leave all that money in cash- you want at least some of it in equities or you will actually lose money against inflation during the time it takes her to reach 21.

Also ask if the trustees have any leeway should she for instance need some of the money for university expenses before age 21.