To ask how I can successfully ringfence this money? (Please don’t post for moral judgement)

[Jaalp]

I am a single parent to a 3 year old who will start school in the next two years. I have saved up a significant amount of money for schools fees. As a single parent I am constantly worried about job loss or anything else that could affect things. I am aware that if for some reason I was made redundant, for example, if I have more than a certain amount in savings then I would be expected to use this before claiming universal credit etc.

I have no intention of claiming universal credit but life happens and I have to be conscious of the potential things that could happen.

My question is, is there any way to put this money in an account for my child that would be protected as theirs and not counted in an assessment for universal credit etc should that ever happen?

Please don’t make this is a private school bashing thread or about playing the system etc. I’ve worked hard all my life and intend to continue to do so. Thanks.

@Mishmashs yes that is correct

Agree with others. If you are skint enough to need universal credit, then will private school really be a priority?

You might be better off using the money to build an emergency savings buffer or insurances to cover a break in work/loss of job.

@Mrsttcno1 i thought this initially but you can have savings for children in their own account so I think there is a way to keep it separate I’m just not sure exactly what or how it would work

No. You will be caught for intentionally depriving yourself of assets.

@redskydarknight yes it would be a priority for me

They ask for bank statements and will find it.

Can you take legal advice about setting up a trust for education expenses with your daughter as beneficiary and you as trustee? The money would not be legally yours and you would only have control for specific purposes (authorising payment of education fees).

Morally I think it's not great but that's not what you asked.

@Tellysavelas thank you

Can you take legal advice about setting up a trust for education expenses with your daughter as beneficiary and you as trustee? The money would not be legally yours and you would only have control for specific purposes (authorising payment of education fees).

Morally I think it's not great but that's not what you asked.

@honeylulu thanks, hadn’t thought about a trust

If you don't have access to them but if you need them to pay school fees so not the case.

Send her to State, it'll be loads cheaper. As you're so worried about money

@Boltonb i suppose I could have been ‘off my tits’ while working to the bone to save it, rather than claiming UC all this time too?

Just a thought

Can you set up a trust in your son's name with the explicit purpose of paying for fees — the trustees then payout as and when necessary? May be an ongoing cost of managing the trust but could keep money ringfenced. You'd need legal advice to see if it's at all possible

Why are you so set on private?

This.

It is playing the system. You want to keep the money for school fees and claim Universal credit at the same time rather than use those saving to live. There is no way my taxes should be used to enable you to do this. Absolutely appalling attitude.

Wanting to ring-fence money that you've saved for a specific purpose while claiming from the state is absolutely playing the system.

No difference to saving for a holiday, or car, or house deposit.

If you have money then use it before claiming benefits. Benefits are a safety net, you already have a safety net.

I say this as someone who saved up a fair bit of money, then dd became disabled and I had to use it before claiming benefits.

This

Take out unemployment insurance so you don't have to claim benefits if you lose your job.

Over eating and keeping a roof over your head? Buying clothes for your child? Paying essential bills?

Private school is not the be all and end all.

We all work hard. That doesn't mean we're entitled to defraud the taxpayer.

@Bachboo totally agree- UC isn't intended to pay for people who have plenty of money but want to prioritise something else and be able to claim - how about OP I set up a crikeyalmighty fund towards future holidays and stick it away so that I don't have to use it towards living costs and can claim full UC if I ever need it- I see no difference-

She could set us all up a fund as she clearly has too much money to know what to do with it