Trust needed through Deed of variation to benefit my 15 year old

Boleyn19

Hi I hope you can help.
My brother and I are joint executors and sole beneficiaries of our mother's will. He children aged 24 and 22. None are 18 and 15. Both of us would like a deed of variation to pass some money on top them from our own shares. It works well with the three over 18 but do I need to go to the expense of a trust for my 15 year old. Could I put the money into an account in his name that he cannot access until 18?

All ideas gratefully received.

Keep_pedalling

Really depends on how much we are talking about if less than £4260 you can open a JISA for the 15 year old.

Malthusian

And if it's more you can open an account in bare trust for the child with most banks or investment platforms. There is no extra cost for this. Bare trusts are simple and involve about the same admin as one's own money.

When does he plan to spend the money?

Boleyn19

Thanks - it will be more than a JISA which he has already. All my research is that you need a solicitor to open a bare trust, is this not the case?

xylophone

All my research is that you need a solicitor to open a bare trust, is this not the case?

A Building Society /bank account in a child's name but controlled by an adult creates a bare trust.
Example

https://www.bathbuildingsociety.co.uk/savings/personal-savings-and-investments/supersaver

You say that he has a JISA already - has the allowance for the new tax year been used? If not, you can use it.

Would you wish to consider stocks and shares on the basis that he has cash and the stocks account could be for the longer term?

https://www.hl.co.uk/investment-services/investing-for-children/junior-investment-account

Boleyn19

Thanks - we haven't used this new tax year's JISA. I would consider stocks and shares as he will be getting another inheritance from his Aunt that is most likely to go into cash.

At the moment the inheritance (awaiting probate) is in an investment ISA with St James Place or from the sale of her house.