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Children's 'Inheritance'-Where can we put it?
yarwood_2
Posts: 7 Forumite
My children [ 10 and 13] have just been given a cheque for £7000 each by their grandmother. She does not want them to have it until they are 18.
What can we do with it? They both have a National Savings account that we cannot add any more to and nothing else.
What can we do with it? They both have a National Savings account that we cannot add any more to and nothing else.
Old Faithful we roam the range together,
Old Faithful in any kind of weather,
When the round up days are over,
And the Boulevard’s white with clover,
For you old faithful pal of mine.
Giddy up old fella cos the moon is yellow tonight,
Giddy up old fella cos the moon is mellow and bright,
There’s a coyote crying at the moon above,
Carry me back to the one I love,
And you old faithful pal of mine.
Old Faithful in any kind of weather,
When the round up days are over,
And the Boulevard’s white with clover,
For you old faithful pal of mine.
Giddy up old fella cos the moon is yellow tonight,
Giddy up old fella cos the moon is mellow and bright,
There’s a coyote crying at the moon above,
Carry me back to the one I love,
And you old faithful pal of mine.
0
Comments
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You should ask her to open an account in her own name "Re: grandchildren". This will create what is called a 'bare' trust - that means that the kids become absolutely entitled to the money at age 18, but that in the meantime the account doesn't suffer tax. If you were to do this, it would be treated as parental money - and any interest in a year over £100 would be treated as your own and taxed as such.
This doesn't only apply to bank accounts. You could buy a unit trust in this manner, and the same would apply. Given how young they are, this might also produce a higher return for your kiddies.I'm an Investment Manager. Any comments I make on this board should be not be construed as advice, and are for general information purposes only.0 -
We are grateful for your quick response. does this have to be a bank or a building society?
Problem is that the cheques have been issued by her Building society in the individual names of the children.
13 year old has a current account, cheque is in his in a 'holding' position. 10 year old has nowhere to put it.
What can we do?Old Faithful we roam the range together,
Old Faithful in any kind of weather,
When the round up days are over,
And the Boulevard’s white with clover,
For you old faithful pal of mine.
Giddy up old fella cos the moon is yellow tonight,
Giddy up old fella cos the moon is mellow and bright,
There’s a coyote crying at the moon above,
Carry me back to the one I love,
And you old faithful pal of mine.0
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