Investment bonds held in trust

Baked_goods

Help! I hold as a trustee some investment bonds for my children from money left to them by their father. I want to allow my daughter access to her money as she is buying a property, and the company are not enabling this. They offered me the option to remove some of the money but this would mean me breaking the trust as I am not a beneficiary, only the children are. The form to assign the fund to my daughter are not available through the investment company and the cost to get a solicitor to draw them up is prohibitive. If the money is paid direct to my daughters bank if I apply for the cashing of of a proportion of the clusters, will if be liable for the tax due on this amount, . The company are rude and unhelpful and seem to be making it financially impossible for me to ever access my children's fund. It feels like they are preventing any access to this money

xylophone

Your children were left money in their father's will but were minors so that you bought these bonds in bare trust for each of them? In such a case, the children would be beneficial owners of the investments and have the right to access and control at the age of 18 ( possibly sixteen) - one would expect the investment company to be able to facilitate this.

Or do you mean that their father's will set up a specific trust for his children naming you as sole trustee?

You then invested this money as " Mary Baked Goods, Trustee of the John Baked Goods Will Trust"?

If the above, what kind of Trust was established?

See here http://www.hmrc.gov.uk/trusts/types/ and do some reading.

You may need expert advice from a solicitor/tax accountant?

http://www.step.org/online-directory