inheritence

memberme

I got good advice confirmed laste week from Charco that if I put my due inheritence into my kids name thenit is safe from inclusion into my IVA should my parients die(very old and frail)

Am I correct in thinking that I can still be named as sole trustee of my kids account?

Nargleblast

I don't know - I would think that if you were a signatory on the account then that would obviously mean you would have access to those funds, and in that case your IP would be very interested! Any suggestions from Charco please? I have a relative who is in a similiar position so would be interested to know the legalities of this.

memberme

my info is...that signatory or not,,,,the funds are not mine...therefore are not of any i nterest. As The funds were not left to me my name would not appear either on the land register informing the IP. Access to the funds would be for the kids benefit only?!

Radiantsoul

I assume you mean your parents change their will . If so then... Yes, the money belongs to them in the same way that if you were looking after someone elses money it could not be taken.

Probably would be best not to touch the funds until the IVA has ended as using it would increase your household expenditure. I also think that using the funds for anything other than your children would be unethical and you probably ought to hold it until they are 18.

Charco_2

Nargle if it's not your money then the IP may be interested and can sniff around all they like but they've no claim on it. Just make sure you do not inherit the money!