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Saving for my grand child with a lump sum not to be uses until she is 18 t
bb.roberts
Posts: 2 Newbie
Do I go for Bare Trust but what are the charges likely to be?
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Comments
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Junior ISA is the obvious one unless parents have used it. Depends on the amount too of course.
The trust isn't what costs money. Just like an ISA isn't the cost. That is just a wrap/vehicle. It's what you have inside it, i.e. the underlying investments. You can have a savings account in a bare trust, and there is no charge - that's what "Re" accounts are for children.
If you need advice from a professional then you need to pay for this too.Stephen Covey once said that "when you teach once, you learn twice". That is the primary reason for my participation on the forums as an IFA.
Although I strive to provide accurate information in my posts, there may be the odd time when I fail. Yes I know it's hard to believe but even Your Hero can make mistakes. Apologies in advance.0 -
Does you mean that you wish to make your grandchild a gift of a lump sum now, to be held in bare trust until she is 18?
How much is the lump sum? How old is the child?
Does the child have a CTF/JISA?
Do you intend to use some form of deposit account or stocks and shares/investment trust/OEIC etc?0
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