Investment of daughters Inheritance

rowlers

Hi Folks,
got a bit of a decision to make in the next few months - hope someone can give a bit of advice/info!

My step daughter has been left approx £100k inheritance. I want to stash this away until she is 18 or so (she is coming up 10 now). But we will also need a smaller amount say £20k, in an easy to access account, but still making decent interest.

I don't really want to go thru the IFA route.

I don't mind having a little bit of risk, but done want to lose it all!!!

My thoughs were to stick some in premium bonds, stick some in child saving account, put some in my other daughters name etc etc...

anyone else have any ideas.


Thanks again!!!

cheerfulcat

Hello, rowlers,

put some in my other daughters name etc etc...

That sounds like a really really bad idea...given that this money is effectively in trust for your step-daughter you have an obligation to take the best possible care of it. That doesn't include giving it away! ( Which is effectively what you would be doing ). You *must* get professional advice; you will leave yourself open to legal action otherwise.

dunstonh

As CC says, you have to be seen to do what is best for the beneficiary. Failing to get advice and sticking it in premium bonds, for example, would be unlikely to be considered suitable and you could leave yourself open to being sued at a later date.

Putting in the other daughters name is fraud and just asking for trouble.

I don't really want to go thru the IFA route.

Why? You don't know your options. You don't seem to be aware of your responsibilities as trustee and I am going to assume you are not aware which trust documents would be required.

If you know what you are doing, then fine but it does appear that you do need advice.