Bare Trusts

[vxr8mate]

Hi all. Just wondered if anyone had experience of setting up a bare trust?

One of my children was left some money when a grandparent died, but the only caveat was they were to receive it when they were 18 years of age.

Since receiving it we have put the max allowed amounts in to child ISA's for last and current tax year but that still leaves some £15K.

I have read that a simple bare trust could be used to open a bank account in the trustees name, after which they can manage it (keep putting amounts in to child ISA's etc) until their 18th birthday.

The point of it being in a bank account is to keep it separate but manageable and we understand banks reqire a trust to be in writing and agreed by all parties.

Thanks for any advice.

[williaa68]

some investment trust savings plans (e.g. the foreign and colonial one i use for one of my kids) uses bare trusts? Maybe worth a look?

[NatAsp]

If the trust was established by the Will then the deposit taker will simply require sight of this. The Will is the trust document in these circumstances.

My understanding is that the trustees are the legal owners of the property and as such all assets must be registered in their name. A JISA is registered in the child's name, albeit under management of their guardian, and as such cannot/should not be held by the trustees. I'm sure someone will correct me if I'm wrong.