Investing for children or grandchildren - Bear Trust

[CWatters]

When investing for young children or grandchildren is it sufficient to open an account in the parents name + the childs initials (eg designated)... or is it necessary to have a formal bear trust document drawn up?

I googled for the answer but the results were inconclusive. One site said that most financial institutions can supply a template for a bear trust when opening an account. Not in my experience. I asked in two high street banks, a building society and an Inland Revenue Enquiries Center. None had a clue what I was talking about.

Anyone?

[Lee Young]

In my view it is best to have a bare trust document drawn up as the trustee may need to prove he or she does not own the assets beneficially.

[sharpener]

Investment Trust companies seem to know more about bare trusts for children, see e.g. http://www.fandc.com/uploadFiles/uk_re_it_fc_cipbaretrustform.pdf