My friend has told me his parents have set a trust fund up for him, and i was wondering how fast they mature and how much he will look to receive and when?
2007-07-18 20:56:06 · 2 answers · asked by Rich 3 in Business & Finance ➔ Personal Finance
You friend is very lucky .. he should be able to get statements from the Trust Administrators on current values etc.
Most Trusts 'mature' at 18 .. at which point he gets some control over the Trust, depending on how it's set up.
For example, the Trust may have been set up to pay University Fees and living expenses .. or the ammount he can withdraw may be limited to the Interest/earnings ...
NB. These days it's possible to set up a Private Pension for a child .. the child gets tax Relief on the first £2808 of contributions (even if they actually pay no tax at all) but they can't touch the money untill they Retire (at 60)
2007-07-19 20:31:10 · answer #1 · answered by Steve B 7 · 0⤊ 0⤋
He can probably get the money when he is 18. It depends on how the trust document was written.
2007-07-19 01:51:57 · answer #2 · answered by Anonymous · 0⤊ 0⤋