My builders girlfriend sold her house and moved in with him a couple of months back, sitting on £300k until they move so I suggested £50k in premium bonds as well as some interest accounts........ first month, she wins £1100!!
My builders girlfriend sold her house and moved in with him a couple of months back, sitting on £300k until they move so I suggested £50k in premium bonds as well as some interest accounts........ first month, she wins £1100!!
Similar here - sold my property in October & waiting to buy next year. Put £50k into PB & today was my first draw.
Reminds me of the old joke about the fella who prayed to God every night to let him win the lottery. Goes on for months and the fella then berates God for not answering his prayers. God says “at least meet me half way and buy a ticket” 🤷🏻♂️😉
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.)
Comments
I live in hope for the big one
£25 For Mrs R7L
£25 for Elder Daughter
£50 for youngest Daughter (1 x £50)
£50 for Father in Law.
Just looked back and it’s £625 over the last 7 draws, including todays.
£25 😔
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.