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.

How juvenile.

You’ve clearly descended to the level of ‘I know I am but what are you.’ School must be over for the day.

If you're feeling financially insecure then don't go for private school for primary. It's a big old waste of money. Save the money instead so that, if you choose private for secondary, you can feel comfortable you have enough to cover fees All the way through.
Trying to work out how you can claim benefits while spending ££ on school fees is just dishonest and yes despicable.

Still truthful

Ironic, considering the amount of posters constructing their own narratives about her financial situation and intentions.

You are right that I thought you were speaking on OP. I stand corrected.

I think you re mixing up what the OP seems to want to do and prudent financial planning, in the case of death.

The op wants to so restrict her access to her own capital that she could possibly claim UC, leaving herself with very little to live on, should she stay on UC for a considerably time, she will have very little to live on, that TF will be inaccessible to her.
Plus if the DWP refuse her claim, quite probable, she'll be left with almost nothing.

I 've never heard of anything so stupid.

The key part here is that they had other savings too. That is perfectly normal and sensible. What is not normal is to plough all money into education and not have anything in place to cover essentials in the event of job loss.

I just asked a ton of people in wealth management as my next door neighbour has a company that her family are involve in.

there’s no way to do it.

nope. You can’t use a trust fund in your child’s name because it’s connected to you as she’s under 18. You could put it in a fund which you or her can’t access till she’s 18…. But that means you could t use it for school fees

i hust asked a ton of people in wealth management who had a whale of a time with it 😂

Holy shit. So you’ve got 200k saved? Saved and you expect to get UC whilst having 200k in an account?

We don’t know that OP has ploughed all her money into education. She said that £200k is specifically for her daughter’s education, not that £200k is all she has in the way of savings.

Either you didn’t, you didn’t actually describe OP’s situation, or they’re lying to you about being in wealth management.

I’ve just asked and yes. It’s fraud.

If she had she wouldn't need to start a thread asking if it would be possible to claim UC.

No, it isn’t. It can be looked at as deprivation of assets if she moved the money and then attempted to claim UC shortly afterwards, but that isn’t what OP is proposing doing.

A trust with her daughter named as the sole beneficiary can be used to fund education of her daughter without her daughter needing to be 18.

Go back and read the OP.

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?

You seem to be commentating on a different matter.

& just as i pointed out earlier, its not even possible, deprivation of capital goes back years.

Why wouldn’t she? She’s been very clear that she isn’t anticipating needing to claim UC, and doesn’t intend to.

She wanted to know if she could ring fence this specific amount of money so it wouldn’t be considered her asset or for anything other than its intended purpose. That’s it. She didn’t say she had no other savings, you’ve just decided that must be the case.

if she has other savings, then she wont be entitled to UC in any case....

Where does she say that she has no other savings, or anticipates having to claim UC? ‘Should that ever happen’ covers depleting or losing any other savings she has.

And no, her doing this would not be automatically considered deprivation of assets.

Its literally in my post... its the whole basis of her question.

Has other savings? no entitlement to UC... its quite basic stuff...

She wants this specific amount of money to be ring fenced and unable to be counted should she ever need to make a UC claim.

She didn’t say she anything about any other money she may have. She didn’t say she would be eligible for it without the £200k. She is considering the worst case scenario and putting protections for her daughter in place so, in the event of her either not having savings or having spent/lost them, that this specific amount of money is used as intended. I don’t know that she has other savings, but nor do you know that she doesn’t.

And also this regarding Jobseeker’s Allowance

oh I didn’t know this. So it’s only assessed on savings if you claim beyond six months? I’d not be happy being out of work for a month, let alone six, so this is the hypothetical cushion I was hoping for.

thank you this is very reassuring

Why would OP need a reassuring ‘cushion’ from the state if she has sufficient savings for unexpected job loss?

But then it belongs to the child and you could not access it to pay for school fees?

Because people can deplete and/or lose their savings. It’s no mystery.

No, the assets in a trust belong to the trust itself. Being the beneficiary of a trust established for a specific purpose doesn’t mean it belongs to you, or that you can access it freely.