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It is also mercenary: establishing a trust fund in the child's name shields the money from liability claims against the parents.
by Daniel_Newby 13y ago
It is also mercenary: establishing a trust fund in the child's name shields the money from liability claims against the parents.
- rrreese 13y agoCould you expand on this please, especially detailing the liability that the child is likely to face under UK laws?
- Daniel_Newby 13y agoIf the money is placed in an account jointly owned by the parents, a successful legal claim against the parents can be forcibly taken from the account. For example, a slip-and-fall lawsuit involving the front porch of the family home. When a lot of money is involved, the steps can become surprisingly slippery.