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Investing children's inheritance

AHScott Posts: 1 Newbie

14 August 2009 at 7:28PM in Savings & investments

My children (ages 16, 14, 12, 10) are to receive around £20,000 each from a will. I have been advised to invest it in Trust Funds until they are 25.
We live in Scotland.
This money is theirs. All the information I can find is about money invested by a family member on the child's behalf. The will does not say the money is to be put in a trust. I believe they are entitled to the money from a Bare Trust at age 16, and it would be their choice to leave it in or not. In which case, can one even be started for the eldest?
Should we go for a Trust? They seem very expensive. Or should it be put in a building society and hope they are sensible enough to hold on to it?
Please bear in mind Scots Law applies.

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