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lizr
New Member

6 Posts

Posted - 18 February 2021 :  00:21:22  Show Profile  Reply with Quote
I've almost completed my first full year with my trust deed (it's flew by. It's my birthday at the beginning of march and I usually get cash from parents and grandparents for my birthday and I usually deposit it into my account and buy myself something with it. We're talking no more than 100. Should this be declared to my trust deed and will they try to claim any of it?

TDA (Debt Adviser)
Trust Deed Expert



13654 Posts

Posted - 18 February 2021 :  09:36:26  Show Profile  Reply with Quote
Hi lizr.

It's great to hear that your trust deed is progressing well.

We're obviously not talking about a huge amount of money here, but your trustee might potentially feel obliged to ask questions about any extra payments they see coming into your account.

I cannot really give you a definite answer to your question. This "feels" like something that really shouldn't be an issue, but it's down to your trustee to use their discretion to decide.

Perhaps your parents and grandparents could buy you gifts instead?

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lizr
New Member

6 Posts

Posted - 18 February 2021 :  09:49:59  Show Profile  Reply with Quote
Thanks again for replying. Because they live a fair distance away it's always been more convenient to send a card with cash rather than parcels through the post. I'll have a word with them though and see what they say!
Thanks
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Kevin Mapstone
Trust Deed Expert



3959 Posts

Posted - 18 February 2021 :  09:55:05  Show Profile  Reply with Quote
I'd be very surprised if your Trustee tried to claim birthday money, lizr. Technically they could, but small amounts received as gifts like that would rarely be taken in practice I am sure.

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Paul McDougall
Trust Deed Expert



101 Posts

Posted - 18 February 2021 :  16:06:28  Show Profile  Reply with Quote
I agree with comments made by Kevin and TDA.

Many happy returns for when your birthday comes.

P

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