Trust find and child

I am on means tested benefits and also my child gets DLA and i have carers allowance. I have no savings. i am unable to work due to being unpaid carer, and also i am in burnout and exhausted.

i have no property and no assests and gave up work to care for her when she was around 4

I would like her dad to start saving some money for her.

Is there a way to set up a trust fund for her that will not affect means tested benefits, but she can access for needs in the future (so food as ARFID, housing or healthcare or education)?

She is unlikely to be able to work and will likely be on PIP when she changes over in a couple of years, and means tested benefits when she is older.

I need to find a way for her to have some financial security because i am scared of leaving her with nothing and no support.

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Holly_Scope

Hi @Crom I hope you're well?

I would recommend running this past a legal advisor to be sure, especially when selecting the type of trust.

However I have located some information from the Gov. website which looks promising. They're saying up to £9,000 a year below on existing child trust fund, and this will not affect any benefits or tax credits you receive.

I've also attached the link to the website which should provide a bit more detail.

Child Trust Fund: Overview - GOV.UK

I hope this is helpful and you're able to get your fund set up. 🙂

All the best,

Holly.

MW123

https://forum.scope.org.uk/discussion/127735/trust-find-and-child

Given the complexity of trust law and its interaction with benefits, it is essential to consult a solicitor who specialises in this area. They can help draft a trust deed that protects your child's future financial security without jeopardising current or future benefits.

Crom

@Holly_Scope thank you, don't have a child trust fund set up and not sure how. I am not sure where to find the right solicitor because i dont want to do this wrong. I'm also autistic and burntout and stressed out

Crom

thanks @MW123

Annie_Scope

Hello @Crom

The Child Trust Fund scheme closed in 2011, but you can apply for a Junior ISA instead.

It might be worth speaking to your bank about opening an ISA (Junior Individual Savings Account). This is what I have for my children, and most banks do them. You or your daughters Dad could go into the bank, call them, or even look online with who you bank with, and they will go through it all with you.

Junior Individual Savings Accounts (ISAs) are long-term, tax-free savings accounts for children. In the 2024 to 2025 tax year, the savings limit for Junior ISAs is £9,000. Which is what @Holly_Scope mentioned above.

Here is some information on the gov.uk website about ISA's - Junior Individual Savings Accounts (ISA): Overview - GOV.UK

Hope you find this helpful, it can be hard to know where to start and where to get the right support.

Crom

i think he might have got her an isa, however isn't the savings limit for the household 6k for means tested benefits and if she is living with me not him doesn't it affect it?

Annie_Scope

https://forum.scope.org.uk/discussion/comment/964274#Comment_964274

My understanding is an Junior ISA doesn't affect any benefits that the child’s family may be receiving (like Child Benefit, for example). This is because the money in the Junior ISA is not immediately available to the child and will only be accessible when they reach the age of 18. Here is some information I found Do Junior ISA savings impact benefits? | OneFamily. But it would definitely be worth seeking advice from Citizens Advice to double check the rules before saving.

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