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Setting up trust fund?

  • 25-03-2011 11:56am
    #1
    holy guacamole
    Registered Users, Registered Users 2 Posts: 348 ✭✭


    Not sure if this is the right forum for this (mods feel free to move if needs be) but was just wondering if anyone had any advice on setting up a trust fund for a child?

    It's for my godson who is due to be christened next month and I wanted to set up a trust fund for him with the intention of adding money to it on every birthday, communion etc until he reaches eighteen at which point he can access it. Anyone point me in the right direction?


Comments

  • #2
    amber2
    Registered Users, Registered Users 2 Posts: 1,618 ✭✭✭amber2


    Trust Fund would usually be a legal issue. If its just a young savers account then that would be opened in your local branch although the parent/guardian's name is the name it will be opened in for the child and the adults i.d. is required to open an account i.e. Passport or Drivers Licence for Name Verification and Utility Bill for Address Verification or Reg of Electors. As the Bank will rely on adults i.d to open the account usually until it reaches a certain age at which time it can then pass to the child's sole name but this does not have to happen if you so wish. Alternatively there is long term products in relation to saving for kids education etc., but you would need to speak to a financial advisor in regards to this. Also this type of product is usually for set amounts on a monthly basis payable by direct debit, a young savers account you can lodge directly into when ever you have the funds its really just a savings account usually with interest payable every quarter. Hope this is of some help.


  • #3
    holy guacamole
    Registered Users, Registered Users 2 Posts: 348 ✭✭holy guacamole


    Cheers Amber, will probably just set up a young savers account instead as it seems like a lot hassle. Thanks again.


  • #4
    Kennie1
    Registered Users, Registered Users 2 Posts: 302 ✭✭Kennie1


    amber2 wrote: »
    Alternatively there is long term products in relation to saving for kids education etc., but you would need to speak to a financial advisor in regards to this. Also this type of product is usually for set amounts on a monthly basis payable by direct debit.
    You can set up a Investment Account under trust and yes you would need to set up a DD but once the first DD goes through you can cancel the DD after this you can invest lumpsum when ever you like. You would need to be carefull of which company you chose as some of them have premium entry charges of up to 5% as where others have no entry charges at all likewise management charges can vary quite a lot so do a lot of research before you consider going down this road.


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