I believe that there are tax benefits but unless you have a lot of assets I don’t think it’s worth it. Have a chat to your accountant and see if it’s suitable for your situation

I set up a trust fund for my first baby. When I started it, they told me it would take a year or 2 to wrap any rewards, but would be well worth it. 3 1/2 years later, still no significant increase, so it was cancelled and cashed in. Money was then put into a high interest account

great question. I have always wondered about this.

I wouldn’t have a clue.. Maybe you could just set up trust funds for each child?

Nightmare, you need a lawyer, an accountant, annual reports, annual tax returns, we had one for a commercial property as we have the yours, mine and ours children, however we were offered a great deal to sell the property, there were benefits taxation wise to sell it, however this was our only benefit and really if I worked out the set up costs, ongoing costs and savings then I probably lost. Unless you have a lot of property or intend to buy a lot, I would not bother but speak to an accountant regarding your own situation, our experience is that the only person that wins is the accountant, they love them, as it is a license to print money!!

I would get professional financial / legal advice before setting it up. I am not sure what the taxation ramifications of it are. Is it linked to a business or personal only? Your Bank Manager may know some of the rules. It may also depend of the ages of the children.
I sincerely hope you make the right decision.