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What is the best way to do it.

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Back in 2004, my granmother passed away and left a large estate.

The will gave 50% to my dad and 25% each to my brother and myself. Whilst I have invested my share, both my dad and brother have pretty much spent about all of theirs! They are old enough to know better!

Since then, my brother has lost his job and is claiming benefits as he has no money to fall back on. Not great long term planners!

But to my question.. Sorry!

It's my brother's birthday in April and I wanted to give him a premium bond. Figured it wasn't quite a crass as giving him a cheque but that it was money he would be able to leave where it was and have to look into ways of cashing it in!

Anyway, I have found that I can't do that and so I wondering what I can do that would make the money harder to access. It's not going to be a fortune but I can't open an account in his name that he can't access and was hoping PB were the way forward.

Any ideas?
I currently manage a Housing Benefit service and have been working in Housing / council tax benefit (as was) since 2001.

All views expressed in my posts are my own opinions and do not necessarily reflect those of my employer.

Comments

  • kingmonkey
    kingmonkey Posts: 846 Forumite
    You can buy other assets for your brother like shares, property, bonds, gilts and of course a lump of gold.

    Each is associated with risk.
  • Farway
    Farway Posts: 14,667 Forumite
    Part of the Furniture 10,000 Posts Homepage Hero Name Dropper
    Could you not just buy the bonds in your name and pass any winnings onto him?

    Bit convoluted but at least he could not cash them in, could be viewed as "handouts" or "control freakery" I suppose, but you know your brother better than any of us
    Eight out of ten owners who expressed a preference said their cats preferred other peoples gardens
  • greenface
    greenface Posts: 4,871 Forumite
    Mortgage-free Glee!
    bit like a bar of chocolate and putting it behind a glass box. Why not give him a few bob for his birthday hes on benifits and might like a few quid to have a pint or buy a pushbike if hes skint now looking well off means nowt (bit like a queer in a wh0rehouse)
    :cool: hard as nails on the internet . wimp in the real world :cool:
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