My Dad left a lump sum each to my two nephews. We’ve done absolutely nothing with it and it’s still sitting in the solicitor’s client account nearly two years on. We need to move it. They can’t have it until 21. Currently 18 and 16. The solicitor says:
‘The accounts in question should be trust accounts, this is so that the child in question cannot access the money before they are entitled, that you are not held accountable for the tax on any interest in your personal capacities and that the funds should not form part of your estates should you unfortunately die before the child reaches the age of entitlement. We are aware that the number of organisations willing to offer such accounts are limited and are apparently becoming more limited over time and this is why some form of professional advice would be recommended.‘
Can someone point us in the right direction? Thank you.
My Dad left a lump sum each to my two nephews. We’ve done absolutely nothing with it and it’s still sitting in the solicitor’s client account nearly two years on. We need to move it. They can’t have it until 21. Currently 18 and 16. The solicitor says:
‘The accounts in question should be trust accounts, this is so that the child in question cannot access the money before they are entitled, that you are not held accountable for the tax on any interest in your personal capacities and that the funds should not form part of your estates should you unfortunately die before the child reaches the age of entitlement. We are aware that the number of organisations willing to offer such accounts are limited and are apparently becoming more limited over time and this is why some form of professional advice would be recommended.‘
Can someone point us in the right direction? Thank you.
You need to speak to an IFA 😉.
Seriously though, if you are talking about putting the money in Trust then there are a few ways you can do this, but it usually means investing the money rather than leaving it in cash. Very easy to do but you should take advice on what sort of investment is right for you/them and what sort of Trust is suitable.
My Dad left a lump sum each to my two nephews. We’ve done absolutely nothing with it and it’s still sitting in the solicitor’s client account nearly two years on. We need to move it. They can’t have it until 21. Currently 18 and 16. The solicitor says:
‘The accounts in question should be trust accounts, this is so that the child in question cannot access the money before they are entitled, that you are not held accountable for the tax on any interest in your personal capacities and that the funds should not form part of your estates should you unfortunately die before the child reaches the age of entitlement. We are aware that the number of organisations willing to offer such accounts are limited and are apparently becoming more limited over time and this is why some form of professional advice would be recommended.‘
Can someone point us in the right direction? Thank you.
Can the parents/guardians not buy Premium Bonds and put them in the children’s names? Pretty sure you can do that now.
Also, ask your Solicitor for interest on the funds they have held in Client account over that period. Every little helps.
My Dad left a lump sum each to my two nephews. We’ve done absolutely nothing with it and it’s still sitting in the solicitor’s client account nearly two years on. We need to move it. They can’t have it until 21. Currently 18 and 16. The solicitor says:
‘The accounts in question should be trust accounts, this is so that the child in question cannot access the money before they are entitled, that you are not held accountable for the tax on any interest in your personal capacities and that the funds should not form part of your estates should you unfortunately die before the child reaches the age of entitlement. We are aware that the number of organisations willing to offer such accounts are limited and are apparently becoming more limited over time and this is why some form of professional advice would be recommended.‘
Can someone point us in the right direction? Thank you.
Can the parents/guardians not buy Premium Bonds and put them in the children’s names? Pretty sure you can do that now.
Also, ask your Solicitor for interest on the funds they have held in Client account over that period. Every little helps.
Not sure that would be acceptable for the terms of the Will. Money to be held in Trust needs to be done as such. Just putting something in a child's name would not suffice I don't think.
You can't do premium bonds, simply because they transfer to the child at 16, rather than 21 for this case.
Yes - that is a real pain. Was topping up my daughter's then at 16...no access so can't do it and don't want to tell her about them as she'd simply want to spend it! Why 16 - no idea...
Interesting press release from NSI. Number of high value prizes being increased quite substantially from next month, whilst interestingly the number of £25 prizes is going down (although if you also include £50 and £100 prizes the total number of prizes stays about the same).
It's looking more like 2018. But remember that the Santa Rally doesn't usually start until the second half of Dec. It will be thin volumes this week, so could easily ratchet up a bit.
Jan/Feb looks ugly, with earnings season potentially giving some bad outlooks, and the end of the seasonal boosts (US tax, window dressing, thin volumes, etc.)
Some strange things going on with volatility (implying a big sell off in the coming weeks) but it does look like we're going to have a ramp into 7600s for the end of year.
Typically, I was a pessimist for once - never change your strategy!!
Does anyone have any experience with Chase debit cards? Just curious on opinions - thinking of getting a debit card to avail of the 1% cashback and transfer money to it monthly for the general weekly purchases (fuel, shopping, etc) and get a little back from it.
Does anyone have any experience with Chase debit cards? Just curious on opinions - thinking of getting a debit card to avail of the 1% cashback and transfer money to it monthly for the general weekly purchases (fuel, shopping, etc) and get a little back from it.
I was thinking to do the same. It seems a better deal than other cashback credit cards!
Does anyone have any experience with Chase debit cards? Just curious on opinions - thinking of getting a debit card to avail of the 1% cashback and transfer money to it monthly for the general weekly purchases (fuel, shopping, etc) and get a little back from it.
I was thinking to do the same. It seems a better deal than other cashback credit cards!
Yes and its giving you money back for the spending your going to make anyway - I currently use a revolut which takes spare change from your spending and puts it into a side pot for you, and has good exchange rates for any trips away, but a Chase card seems more useful if its going to be giving me money back rather than storing my own money elsewhere.
I'm sure I seen people discussing Chase somewhere but couldn't remember which thread it was in.
Does anyone have any experience with Chase debit cards? Just curious on opinions - thinking of getting a debit card to avail of the 1% cashback and transfer money to it monthly for the general weekly purchases (fuel, shopping, etc) and get a little back from it.
I've got one. Can't see any downside to having one and now use it for all my purchases, steadily building up the cashback pot Also set up a savings account within the app to have a separate fscs source up to £85k. The interest rate has been 2.1%, but is increasing to 2.7% from 4th Jan.
Does anyone have any experience with Chase debit cards? Just curious on opinions - thinking of getting a debit card to avail of the 1% cashback and transfer money to it monthly for the general weekly purchases (fuel, shopping, etc) and get a little back from it.
I've got one. Can't see any downside to having one and now use it for all my purchases, steadily building up the cashback pot Also set up a savings account within the app to have a separate fscs source up to £85k. The interest rate has been 2.1%, but is increasing to 2.7% from 4th Jan.
Does anyone have any experience with Chase debit cards? Just curious on opinions - thinking of getting a debit card to avail of the 1% cashback and transfer money to it monthly for the general weekly purchases (fuel, shopping, etc) and get a little back from it.
I've got one. Can't see any downside to having one and now use it for all my purchases, steadily building up the cashback pot Also set up a savings account within the app to have a separate fscs source up to £85k. The interest rate has been 2.1%, but is increasing to 2.7% from 4th Jan.
I'll second this. I have one and the app is excellent and they have webchat for customer service that I've found really useful. They also have a facility called round-up (like Revolut) that rounds up any odd pence to the neaerest pound and puts it in a seperate pot that they pay 5% on.
Does anyone have any experience with Chase debit cards? Just curious on opinions - thinking of getting a debit card to avail of the 1% cashback and transfer money to it monthly for the general weekly purchases (fuel, shopping, etc) and get a little back from it.
I've got one. Can't see any downside to having one and now use it for all my purchases, steadily building up the cashback pot Also set up a savings account within the app to have a separate fscs source up to £85k. The interest rate has been 2.1%, but is increasing to 2.7% from 4th Jan.
I'll second this. I have one and the app is excellent and they have webchat for customer service that I've found really useful. They also have a facility called round-up (like Revolut) that rounds up any odd pence to the neaerest pound and puts it in a seperate pot that they pay 5% on.
They pay 5% on the roundups? If i wasn't sold before - i'm sold now! Thanks for the app info too. Will probably just keep my revolut around for travelling then!
Comments
And after that performance tonight, I wished I'd stayed in bed all day ....
Oh well, there's always tomorrow.
You need to speak to an IFA 😉.
Seriously though, if you are talking about putting the money in Trust then there are a few ways you can do this, but it usually means investing the money rather than leaving it in cash. Very easy to do but you should take advice on what sort of investment is right for you/them and what sort of Trust is suitable.
https://moneyfacts.co.uk/savings-accounts/guides/what-kind-of-account-is-a-trust-account/#
Also, ask your Solicitor for interest on the funds they have held in Client account over that period. Every little helps.
Interesting press release from NSI. Number of high value prizes being increased quite substantially from next month, whilst interestingly the number of £25 prizes is going down (although if you also include £50 and £100 prizes the total number of prizes stays about the same).
Value of prizes in December 2022
Number of prizes in December 2022
Value of prizes in January 2023 (estimated)
Number of prizes in January 2023 (estimated)
£1,000,000
2
£1,000,000
2
£100,000
18
£100,000
56
£50,000
36
£50,000
112
£25,000
71
£25,000
223
£10,000
178
£10,000
559
£5,000
359
£5,000
1,118
£1,000
4,379
£1,000
11,983
£500
13,137
£500
35,949
£100
731,225
£100
1,160,883
£50
731,225
£50
1,160,883
£25
3,496,500
£25
2,621,112
Total
£218,993,750
Total
4,977,130
Total
£299,572,750
Total
4,992
Jan/Feb looks ugly, with earnings season potentially giving some bad outlooks, and the end of the seasonal boosts (US tax, window dressing, thin volumes, etc.)
Not good for those of us that had the FTSE closing around the 7050 mark.
Typically, I was a pessimist for once - never change your strategy!!
I'm sure I seen people discussing Chase somewhere but couldn't remember which thread it was in.
I've got one. Can't see any downside to having one and now use it for all my purchases, steadily building up the cashback pot
Also set up a savings account within the app to have a separate fscs source up to £85k. The interest rate has been 2.1%, but is increasing to 2.7% from 4th Jan.