You don’t need to be wealthy to set-up a Trust Fund for a child or family member. It could be a policy that is ready to mature when the person is either 18, 21 or 30, this can be a god-send for someone, it could be a deposit for a house or flat. It may be enough to go travelling, whatever the person wants to do, they may have options.
A Trust Fund can be liable for tax if not set-up correctly, we recommend you speak to the company whose link is on the home page of this blog. You don’t want time to pass by and for there to be money deducted and it could have been avoided.
Relatives – Trust Fund
You might have a relative living overseas and they want to leave you financial inheritance, this is an incredible thing to happen, but you want to know if they had any intention for the money. If they are notified via a Solicitor or Family Lawyer then you can ask for your wishes to be communicated clearly to them.
When you become a parent, you might want to set-up a trust fund for your child / children, this is natural and can give some financial security as they get older. Speak to your family lawyer and get some provisions in place for your children, make sure your partner knows about this, so there is less chance of conflict, especially if he / she isn’t the biological parent. Life should be as easy as possible.
Some put conditions in place, for example if someone has a gambling issue you wouldn’t want to give them £20k in a lump sum, but each person needs to live their life in the manner they see fit. A Trust Fund should open up opportunities for growth and personal development.