Trustees' bank account

getmore4less

If the plan is to continue with investments(which might be required if there is a big pot and a number of years before they are 18) then you could look at the nominee providers to see if any will offer something suitable.
(a nominee account is a trust )

It may be possible to just transfer the current nominee account to avoid charges and cashing in at the wrong time if you want to liquidate the portfolio.

Anthear

Hi - I have an IFA and the plan is to move the funds onto a new investment platform. Monies to be held in Trust until kids are 25 and there is about 10 to 15 years to go before then.

We are up against some issues as the platform the funds are going to doesn't support some of the Unit Trusts. Apparently different platforms have different versions of different funds. Very challenging time and extremely complex! A steep learning curve!

getmore4less

What's wrong with the platform they are currently sitting in? why can that not be used.

Check the charges carefully.

Yorkshireman99

Anthear wrote: »

Hi - I have an IFA and the plan is to move the funds onto a new investment platform. Monies to be held in Trust until kids are 25 and there is about 10 to 15 years to go before then.

We are up against some issues as the platform the funds are going to doesn't support some of the Unit Trusts. Apparently different platforms have different versions of different funds. Very challenging time and extremely complex! A steep learning curve!

Trust purporting to hold the funds until age 25 are, AIUI, no longer enforceable. The beneficiary can claim the money at age 18. Although it is some time ahead you may want to take this into account

securityguy

"Trust purporting to hold the funds until age 25 are, AIUI, no longer enforceable."

And haven't, as we have discussed before, been enforceable since 1841.

https://en.wikipedia.org/wiki/Saunders_v_Vautier

Discretionary trusts can be drafted which are enforceable, but are also both more complex and riskier; the claim of the beneficiaries to the money is less clear, and making it clear makes the trust no longer discretionary and puts it back into Saunders v Vautier. In 2016, the age of majority is 18, so any trust with a closed and defined set of beneficiaries (ie, not something like "all my grandchildren born and yet to be born") can be dissolved on demand by the agreement of all beneficiaries, provided they are all aged over 18.

Again, as we've discussed, it's something of a mystery as to why people persist in setting up unenforceable trusts.

getmore4less

By the time the beneficiary realises....