What is it?
The Children Education Trust is set up to save money to help pay for the educational costs of children. This type of Trust provides benefits to the parents or Guardians (should the parents pass away) and the children for whose benefit the Trust has been created.
How does it work?
At its core, the Child Education Trust is a great way to provide educational opportunities to children who might otherwise be deprived due to lack of funds.
With a minimum contribution of N500,000 per child and an initial lock-up period of 2 years before withdrawals can be made, the Child Education Trust is a very appropriate and viable option to provide finance for education while ensuring a mechanism to make sure the money is used appropriately.
Benefits
Building of a sizeable educational investment, which, more often than not, amounts to a sizeable fund in the future for educational purposes.
Protection of the children/wards’ educational needs at all times through the involvement of the Trustee.
Contributions to the Trust can be made periodically while distributions can be made from the Trust to pay for educational costs.
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