Bare Trust for Monthly Child Benefit

F

fatscally

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Hello.
I'm in the divorce courts atm. I have 2 children (9yrs+5yrs). I will request to have the their child benefit ordered into a bare trust investment account to come into their possession and control when they are 18yrs. So each month I want the child payment will be put into their accounts (no lump sums).

So I need an account that'll accept monthly payments and is locked in until they're 18.

Has anyone got experience of this scenario? Do you know of any financial houses that have a product ready to take off the shelf for this?
 
Standard Life or New Ireland are the ones I'm aware of with a packaged bare trust.
A financial broker might know of others, and will be able to advise on charges.
 
I'm not sure that's feasible in a divorce settlement - the child benefit is for the benefit of the child, whilst a child, not to be put aside until they are not a child.
 
Thanks RedOnion. I'll make enquiries.

dereko1969 said:
I'm not sure that's feasible in a divorce settlement - the child benefit is for the benefit of the child, whilst a child, not to be put aside until they are not a child.
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Thanks, that's an interesting point for consideration Derek. I'm not certain the "while they are a child" is legally binding - quick spend it all now before they're 18. Preparing for the future is part of the business of rearing a child. And I feel that locking that money into a fund for the future is a far more responsible appropriation that allowing it to evaporate month on month.
 
"Hello.
I'm in the divorce courts atm. I have 2 children (9yrs+5yrs)".

This also applies to your spouse.
 
noproblem said:
"Hello.
I'm in the divorce courts atm. I have 2 children (9yrs+5yrs)".

This also applies to your spouse.
Click to expand...

It applies primarily to my spouse! She's the spender that thinks it's part of her income to do with as she wishes, children or not. ;)
It's dreadful to imagine but sometimes only by using the courts orders can we get these things done.
 
It's definitely something that you will need to run through the courts. As far as I am aware the child benefit payment is for the day to day expenses of rearing the child. As discussed above, a bare trust is owned by the beneficiary from the outset and the funds are locked away until the child reaches a certain age. By going with the bare trust you are essentially trying to keep the money out of the reach of the spouse. Definitely an interesting idea. Would like to see how it goes for you.
 
How much of the time (days/nights per fortnight) do the children live you v with your (ex) spouse?

Who pays - in the main - the children's day to day expenses (groceries, clothes, shoes, childcare, after-school activities, sports gear, presents for parties, etc)?
 
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