Some Relative Died And Left Me Some Money

AxTng1 on 12/12/2005 at 16:37

Semi-rich granny, lived in a 2-storey bungalow. IN THE UK. go away american advice givers.
Left me an unknown but substantial amount of money, and now I'm waiting until I can think for myself (ie. Turn 18).
I am somewhat confused as to the rules of this trust thingummie, but it appears that I am allowed to have some of it spent for me on mini-ISAs, and there is a possibility of buying a ridiculous amount of premium bonds too.

Any suggestions?

Spitter on 12/12/2005 at 17:00

Sex, drugs, rock'n'roll.

SD on 12/12/2005 at 17:19

Quote Posted by AxTng1

lived in a 2-storey bungalow

A what now?

Matthew on 12/12/2005 at 17:23

Actually, the Trustee Act 2001 greatly increased the scope of investments that a trustee can indulge in, so riskier ventures are possible as well.

AxTng1 on 12/12/2005 at 17:50

Quote Posted by Strontium Dog

A what now?

2 storey bungalow: Old person's home, smelling of lye soap and set up for easy transport around the place (shallow stairs etc). It always gave the impression of being a bungalow, even though the STAIRS were plainly visible.

I WOULD spend my moneh on sex and drugs and rock and roll, if I could be bothered :p

A quick googling does not enlighten me regarding this "Trustee Act". Any clever people feel like explaining it?

Medlar on 12/12/2005 at 18:07

(http://www.unbiased.co.uk/) You might want to try this site.

2 story bungalow = dormer bungalow.

Matthew on 12/12/2005 at 18:27

Sorry, forgot that on the mainland it's the 2000 Act. (http://www.opsi.gov.uk/acts/acts2000/20000029.htm#aofs) Here's the text. :p

(http://www.opsi.gov.uk/acts/en2000/2000en29.htm) Here's the explanatory note. I'll try to work up some quick pointers for you if you want.

SD on 12/12/2005 at 19:06

Quote Posted by AxTng1

2 storey bungalow

Yes, but you see, a bungalow is, by definition, a single storey high. One cannot have a 2 storey bungalow, because then it wouldn't be a bungalow.

AxTng1 on 12/12/2005 at 19:08

I know.

Thanks for your help, Matthew.

theBlackman on 12/12/2005 at 21:46

Hope that the person handling the trust has some smarts, and Invest now, play later.

Give some serious consideration as to what you might need in the years to come and how you can buffer your trust with some investments now.