I would like to set up a trust for myself, so that an adult can trade shares on my behalf. What company provide under 18's with trusts, and how does it work? I will greatly appreciate any help.
2006-10-29 04:15:15 · 3 answers · asked by bradleyxwright 2 in Business & Finance ➔ Investing
If you want to allow an adult to invest your money without giving them legal ownership of the investments then you need to approach a lawyer. From a legal point of view it's not a complex issue, most competent lawyers should be able to help.
Basically your investment manager will have to report back to the representative of your trust (normally the lawyer) on a regular basis. You will agree reporting requirements and investment targets (to give the lawyers a framework to decide when they need to take action). As you are under 18 you will have no legal role in running the trust, but the lawyer will be legally responsible for the making sure the money is secure and you receive the maximum possible on your 18th birthday.
Be aware that these arrangements need to be approved in court and will be hideously expensive. Unless we're talking about a trust worth £500k plus you should forget about it.
2006-10-29 08:23:00 · answer #1 · answered by popeleo5th 5 · 0⤊ 0⤋
Many banks have trust departments. Normally, they are used by people who want to establish trusts for someone else, as a beneficiary of a will. Call your local banks and ask them. I would advise not doing that however. You would be generally better off managing your own investments. Your parents can act as account holders for you until you are 18 under the uniform gifts to minors act.
2006-10-29 12:51:09 · answer #2 · answered by Anonymous · 0⤊ 0⤋
send me all your cash and i will invest it for you
2006-10-29 12:34:19 · answer #3 · answered by driver3260 1 · 0⤊ 2⤋