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Our recently deceased mother left £35k for our youngest brother who is autistic (age 45). We other 2 brothers hold the account in trust for him. On his eventual death the capital goes to his 2 nephews. According to the will he can have the interest for his own use subject to trustee approval.
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878A bare trust is not appropriate for an adult so a formal trust should be set up , but that could create tax problems.
Is he able to look after his own financial affairs? Or do the 2 of you have Power of Attorney for him?
If it is the latter then you could avoid the trust requirement and invest long term for him and let him have the interest/dividends. Instant access would not be required so you could get higher interest rates or invest in a portfolio of shares or a Tracker. You could invest some in a Corporate Bond fund.
Mike
Posted on 09 May 2012 |
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