Hi a few years ago I had money when I retired so I bought premium bonds and operate them online.I decided I would buy some premium bonds for my adult son and opened an account online because he has Severe Learning Disabilities and does not understand money. I since found out after I wrote to NSANDI(national savings and investments) that I couldn’t do that unless I was a Deputy or had Power of Attorney.
I am now thinking that should I apply for deputy which costs a bit£400 and ongoing payments each year or wondering if anyone has any other way around it?I ask this because he received some back money from DWP like a lot of people and aI put this in premium bonds but then promptly took it out because he would have had more than £6000 which is the limit for I think ESA and if you have this amount then for every £250 you get £1 less…I will save it some other way but can I open a live trust and become a trustee(NSANDI said trustees can purchase premium bonds)?
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