Case Study: Using a trust to help grandchildren
David and Myriam have three adult children, Jason, Kathleen and Ciara. Jason had a son last year and he is currently their only grandchild; however, Ciara is pregnant and due any day now.
David and Myriam wish to set aside £100,000 for the benefit of their grandchildren, but would prefer to wait until they have at least left university before they receive this money.
They could set up a Discretionary Trust and be the trustees, so this money to retain control of how it is invested and when/how much they wish to give to each grandchild. Jason and Ciara could also be listed as trustees and Kathleen could be added as an additional trustee if she has children in the future.