How to invest income from property owned in bare trust

AA-Audrey

Yes, I understand the above. By Ill defined i meant what we can use the rental money -aside from investing - for re their maintenance or benefit. Is nursery beneficial? Are music lessons beneficial? Are car lessons beneficial? Is a snowboarding holiday with their mates when they are 17 beneficial? The solicitor said you can use it for anything but surely some things could be ambiguous. In practice, I would likely invest most of it.

Keep_pedalling

The GPs seem to be very generous control freaks who have lumbered you with with a nightmare to manage. Are they also going to be trustees? If not I know what I would be doing once the gifts were made.

xylophone

If you want reassurance, why not write to your (or is it grandpa's) solicitor so that he may provide a formal, written response.

Dear Mr Brown,

As you know, my  wife and  I are the Trustees of Bare Trusts for our children  Mary, Jane and Robert.

At present, it is our intention to establish General Investment Accounts in trust for each child to which rental income from each child's property would be applied.

That said, we may choose to use some portion of the rental income to contribute to each child's JISA, or possibly to pay nursery/school fees or finance such activities as music lessons/ school trips or (at the appropriate time) driving lessons or a special holiday to celebrate eg, a 17th birthday.

Please would you confirm that  in our capacity as Trustees, we may properly apply the monies to the purposes set out above.

Yours sincerely, 

AAA.