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Trusts

Bare trusts

In this type of trust the trustees act as a nominee and hold the trust assets for the beneficiary. The rules require the trustees to pass the trust assets to a child when they reach 18 years old.

This may or may not be appropriate depending on the maturity or otherwise of the beneficiary. The trustees have no power to postpone passing over the assets. However before a child reaches 18 the funds in the trust can be used for their maintenance and benefit.