Can you have a savings trust fund, ect but have a clause that upon their 18th bday they must have a financial advisor before withdrawal of any money?

[19magic]

So I've currently got a savings account for my daughter and it's just past 2k and she's almost 4. But I'm worried in the event she's not the careful spender I'm hoping she'll be, that she's gunna blow what could possibly be 10-15k worth of money. Also in the event that I have an accident and I pass away (obviously not planning on it). I want to make sure she has a little something to help her out and to be able to have a trusted advisor to help regulate her money. Does anyone know of such a stipulation?

Even if it's just a consultation and to say I'm going to spend up to 5k learning to drive and buying a car and all of the tax that's involved.

[OlderAndWiser]

No, you need to create a spendthrift trust for your daughter. You can name yourself as the trustee and name a trusted family member or friend as the successor trustee. As for financial advisors. . . have a sum of money sitting idle in a savings account is not the best thing to do with that money. I don't think you are yet at the point of needing to develop an investment plan, but do consult an advisor to determne the point at which money should be transferred from savings to investments. Many of the large banks have investor services and they will gladly assist you with this.

[19magic]

I was thinking that, I'm getting about 3% return on up to 1k and.5% on over a 1k. That's shite, initially it was better rates when I signed up but I know that this pot is decreasing in value and I'm thinking of investing in a share portfolio, there's enough time to recover from any dips in the economy. I just need to sit down and go through it for a few hours.

[Pudsmucker]

You can set up a trust fund for your child and stipulate what the money can be used for. But spending money on transportation like you want and learning to drive can be beneficial to help you to get point A to point B. I think you people in United Kingdom are lucky to have great to have great public transportation. Here in the Midwest in the United States we have piss poor public transportation.

[TrueConfection]

You can have her trust fund set up with a financial investment firm which will automatically include a financial advisor. However, they are only advisors and not guardians. They give advice, but can't stop an adult from closing their accounts.

You might be able to set up a fund that is not in her name with designated amounts that are distributed to her periodically (monthly payments).

[EmmaMary]

Why not simply talk to your bank's financial adviser?

[EmmaMary]

Thank you for the MHO.

[NerdInDenial]

Typically, you have to name a trustee who will manage the trust after you are gone.

https://caryestateplanning.com/types-of-trusts/

[ArtemisSilver]

What you actually would want is a fiduciary. Financial advisors operate for the benefit of their employer first, client second if at all.

A fiduciary is by contrast, legally required to make decisions in the best interest of the client.

[OnTheLevel]

Yes. You can establish a trust with whatever stipulations for withdrawal you choose as long as they are legal. The trustee you name will be legally bound to adhere to the restrictions you dictate as terms in the trust.

[Anonymous]

You can set that up with your bank.

[19magic]

Everything I looked at says it automatically gets transferred to an adults account the minute they hit 18 with unlimited withdrawal.

[Guardian45]

I don't see why not?