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  • FIRST POST
    • mangle101
    • By mangle101 13th Oct 18, 12:48 PM
    • 143Posts
    • 148Thanks
    mangle101
    Saving money for my children
    • #1
    • 13th Oct 18, 12:48 PM
    Saving money for my children 13th Oct 18 at 12:48 PM
    I'm looking for help, advice or just a recommendation, I have 5 children ranging from the ages of 5 upto 27 and I'm looking to start putting a small amount of money each month into a trust fund or something similar for each of them which would payout on my death.
    'Dont Bury Your Head In The Sand As Your Problems Will Still Exist'
    Debt Free Since 1st September 2009
Page 1
    • justme111
    • By justme111 13th Oct 18, 10:33 PM
    • 3,063 Posts
    • 2,971 Thanks
    justme111
    • #2
    • 13th Oct 18, 10:33 PM
    • #2
    • 13th Oct 18, 10:33 PM
    Did not want to read and say nothing although I am not that knowledgeable on the topic.
    I believe that creating trusts will be not cost effective for small amounts. Even creating one trust with distribution amongst 5 of them would not be cost effective.
    You may want to look into life insurance type of products
    • Zero Sum
    • By Zero Sum 13th Oct 18, 10:43 PM
    • 595 Posts
    • 487 Thanks
    Zero Sum
    • #3
    • 13th Oct 18, 10:43 PM
    • #3
    • 13th Oct 18, 10:43 PM
    Dont really know the legalities or costs on this area but....

    Would it not be possible just to open a savings account (or 5) and state in your will that, that money is intended for the kids?
    • Tom99
    • By Tom99 14th Oct 18, 3:37 AM
    • 3,099 Posts
    • 2,151 Thanks
    Tom99
    • #4
    • 14th Oct 18, 3:37 AM
    • #4
    • 14th Oct 18, 3:37 AM
    Depending on you existing earnings and pension arrangements how about a SIPP with your 5 children as the nominated beneficiaries.
    Not only will this be outside your estate for IHT but 25% tax relief will be added to your savings.
    The payout would be completely tax free to your children if you go before age 75 and taxed at their marginal rate if you are over age 75.
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