How to safeguard children's trust funds

When giving consideration to making a substantial gift to a young grandchild, it would not be difficult for a client to think that the little bundle of joy now bouncing on their knee will always be the apple of their eye. As a result, it might be very tempting to follow the path of least resistance by creating a bare trust for the absolute benefit of the grandchild. After all, this would be a potentially exempt transfer (PET) for the purposes of inheritance tax (IHT) and that is better than a chargeable lifetime transfer (CLT), isn’t it? Not only that, a bare trust has no periodic cha...