child savings accounts

auntyjanny

My son is 13 yrs old and has a degree of special needs. I have been claiming Disability Living Allowance for him on his behalf for about 8 or 9 yrs now. It is paid into his Barclays Childrens Saver account and as you can imagine it has mounted up over the years. The money is there for his future life. He will probably need a boost to any future income because the chances are he may not get a highly paid job and also to help towards rent, taxis etc. I need advice on where to put his savings, at the moment he has accumulated over £20,000!!! Yes, you read it correctly, £20,000. PLEASE ADVISE.

opinions4u

Well done on using the money this way.

Given the exceptional circumstanes here, I think you need professional advice.

I'd make appointments with two reputable local IFAs to hear what they have to say - and then place your business with the one who makes the most sense to you.

www.unbiased.co.uk

I think some sort of trust fund would be appropriate that can maximise the tax advantages of his age while ensuring the funds are appropriately invested.

At the same time, you could look at protection for yourselves that would ensure he has income and support should anything unfortunate happen to you.