Loan From Your Kids?

aaronoxf

Just come across this thread and had a good read. pretty horrible read to be fair, thinking outside of the box slightly here, but surely a relative of your daughters is a relative of yours? now why wouldnt leave you money? maybe because you are bad with money and prob see the money best spent on your young daughter who prob will grow up with a lot more respect for money.

The money isnt yours, go out and get a better job if you need an extra £10k

theoretica

The legal position seems to match up with our views of the moral position. Actually going further, if there is a conflict of interest, as there seems to be here, I believe the trustees have a duty to resign.

'You must not make any personal profit from acting as trustee.'
From www.friendsprovident.co.uk/doclib/xg248.pdf:

You are free to attempt to borrow £10 000 from any adult with sufficient savings on any payback scheme you can agree. Do you think you can do so easily? As a trustee you must not treat the money held in trust in a way a careful adult would not treat their own money.

Oh, and from http://www.direct.gov.uk/en/Parents/ParentsRights/DG_4002954
'All parents (including adoptive parents) have a legal duty to financially support their child' which seems fairly clear on the not charging rent!

heating-eng

dotchas wrote: »

I am glad you weren't my parents.Trying to take your own daughters money,considering charging her rent and already planning for her leaving home.......she is only SIX! The idea of using the money to feed and cloth your daughter is shocking,what do you do? Divide the weekly shopping by 3?
Ideally there should have been another trustee appointed to prevent incorrect use of this money.It certainly acts as a warning to anyone leaving money to a minor.
Most parents would be grateful their child had a nestegg to start their adult life ,not wondering how to get their hands on it.
If this was an inheritance ,I can see why it was left to the child and not her parents.

well said ..is this guy for real ..some people only think about there self i would guess the person that gave the money will be turning in there grave ..
you are a degrace

steadynerve

Thanks for silly students reply this twas the type of rreply i was hoping for. But can you comment on whether food and clothing expenses would be ok as best interest deductions?

Agin i stress this is about arragning the family finances in the best way as a whole and regardless of any monies legally acquired from the inheritance t he inheritance would be paid in total when comnes due in accordance with the benefactor wishes.

Some of the later posts have picked up on this and pehaps othes might make more sense of the post if say £100k was left and not £10k. The issues are the same but the financial savings are just increased.

this was intended as a serious post but pehaps the tilte was a bit too flippant and the thread does make be laugh now!Again may be it would hlep if I added that say we had some family siver which we woud sell to ocver t he inheritance when it was due - not true but i want to get across that the payment of the inheritance at the due date is not inquestion here. Wahat in question is how th monies put to use prior to this point legally,

krisskross

Wonder how much they charge a 6 year old for board and lodging? after all they already get child benefit and child tax credits for her.

Pity the poor little lass, how would she feel if she found all this out in 10 years time? And I expect she will as there will be none of her inheritance left will there? I bet 10 years board and lodging and don't lets forget birthday and Christmas presents will soon eat it all up.

heating-eng

steadynerve wrote: »

Thanks for silly students reply this twas the type of rreply i was hoping for. But can you comment on whether food and clothing expenses would be ok as best interest deductions?

Agin i stress this is about arragning the family finances in the best way as a whole and regardless of any monies legally acquired from the inheritance t he inheritance would be paid in total when comnes due in accordance with the benefactor wishes.

Some of the later posts have picked up on this and pehaps othes might make more sense of the post if say £100k was left and not £10k. The issues are the same but the financial savings are just increased.

this was intended as a serious post but pehaps the tilte was a bit too flippant and the thread does make be laugh now!Again may be it would hlep if I added that say we had some family siver which we woud sell to ocver t he inheritance when it was due - not true but i want to get across that the payment of the inheritance at the due date is not inquestion here. Wahat in question is how th monies put to use prior to this point legally,

i am sure tat when you have kids you agree to pay for them ..if you didnt want to then you shouldnt of had any ..as far as the money goes it should only be used for things that you wouldnt normally pay or couldnt pay such as college etc...
you need to stop thinking of ways to steal your daughters money

RobertoMoir

I'm sorry but you're either not very bright or you're winding us up. You've got one more comment from me on the assumption its the former rather than the latter then I'm done with this thread.

What part of "You shouldn't be touching this money" are you struggling to understand? It is not yours to use in pursuit of managing your home finances. It should not be used in any way for things that you would normally pay as a parent as part of your duty to your child. So no you can't charge your own non-adult child for clothing and feeding them. For God's sake what's wrong with you?

Put it in a decent long term savings account and put it out of your mind until it is time to hand over the money properly.

heating-eng

krisskross wrote: »

Wonder how much they charge a 6 year old for board and lodging? after all they already get child benefit and child tax credits for her.

Pity the poor little lass, how would she feel if she found all this out in 10 years time? And I expect she will as there will be none of her inheritance left will there? I bet 10 years board and lodging and don't lets forget birthday and Christmas presents will soon eat it all up.

dont forget about food surely that should come out of the inheritance

tattycath

RobertoMoir wrote: »

I'm sorry but you're either not very bright or you're winding us up. You've got one more comment from me on the assumption its the former rather than the latter then I'm done with this thread.

What part of "You shouldn't be touching this money" are you struggling to understand? It is not yours to use in pursuit of managing your home finances. It should not be used in any way for things that you would normally pay as a parent as part of your duty to your child. So no you can't charge your own non-adult child for clothing and feeding them. For God's sake what's wrong with you?

Put it in a decent long term savings account and put it out of your mind until it is time to hand over the money properly.

I totally agree with RobertoMoir

Drea2904

Why would you ever dream of touching this money unless like was said before you and your daughter were going to end up on the street, the money is for your daughter to give her a good start in adult life. Im struggling with the expenses thing, I mean if this is a new thing parents do I better get my 3 year old a job now.

Is there not a age when she can legally have the money?