Kids ISA

3
Found 28th Jun
HI

Just wondering if there is an Kids ISA out there that allows for 2 trustee's on the account. The ones i've seen only allow one.

Any help would be appreciated.
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Technically, I believe its a Registered Contact, not a Trustee, and is limited to one. But I could be wrong.

I think you may be talking about setting up a bare bones trust to accept 'gifts' (IHT rules on 7 year gifting applies) from the donor with named name Beneficiaries (the 'Kids') and the trust requires Trustees.

An IFA or solicitor can advise. If you go down that route, please note that an IFA does not have to form any part of the trust. When I went down this route, the IFA offered me paperwork which automatically provided for one of the2 largest wealth firms to act as a trustee. They want in on the trusteeship to retain future custom.
Basically, I've recently become divorced and have 2 kids. We (the ex and I) want to set up an ISA for each child but she wants both of us to be trustees on it. I've said it'll be easier if i'm trustee on one and shes trustee on the other but she's not happy with that. So am looking at if it's possible to have this or not.

Once it's in an ISA neither of us can touch it so not totally sure what her issue is!!!
I'm divorced as well. Stop looking for a reason. Work out what she won't like and propose that every time. Worked a treat for me.

She could usefully talk to an IFA about who can access the funds. Once in the ISA, the funds cannot be taken back by the parent. They scheme/investment manager waits for the kid to reach 18 and then they will automatically, irrespective of you, contact the child to give them their funds. (They can contact them form the age of 16).

On other boring notes;
Did you lawyer tell you your will is now invalidated by the divorce?
If you have a pension or Life Assurance written under trust? Update the trustees on who you want to benefit from it if you don't survive.
Have you agreed Guardians in case something happens to both of you before they are 18 - grim but its the kids who suffer if you cant agree.
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