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They’re “trust fund babies,” but the trust may not necessarily hold sufficient assets to allow them to live in the lap of luxury for the rest of their lives.After a grantor forms a living trust -- either revocable or irrevocable -- he must move property into its ownership or the trust is useless, just an empty vessel.The Child Trust Fund scheme was promised in the Labour Party's 2001 election manifesto Eligible children received an initial subscription from the government in the form of a voucher for at least £250.In 2010/11 the child trust fund policy was expected to cost around £520m, less than 0.5% of the £84bn UK education budget.Some or all of this income may be immediately payable to its beneficiaries, or the trust may hold onto it and reinvest it.This would depend on the grantor’s wishes as expressed in his trust instrument.Because the scheme allows for family and friends to top up trust funds, it has given a substantial boost to savings rates, particularly among the poor.

Sherraden argued that owning an asset led to people changing their way of thinking, being more likely to plan and invest in their future - in a way that providing people with an equivalent flow of income does not.

The grantor often acts as trustee of his own revocable trust and manages its property during this lifetime.

Many revocable trusts are settled when their grantors die.

New accounts cannot be created but existing accounts can receive new money: CTF new accounts were stopped in 2011 and replaced by Junior ISAs.

The UK Government introduced the Child Trust Fund with the aim of ensuring every child has savings at the age of 18, helping children get into the habit of saving whilst teaching them the benefits of saving and helping them understand personal finance.

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