Money for grandchildren

pupsicola

My mum, who I have not been at all close to wrote to me recently. She wants to put some money in accounts for both my children to use when they are 18 to cover uni fees or getting a car etc.

I live on benefits at the moment, which I have not made her aware of, as I would never hear the end of it. Does anyone know that if she did this would this cause me problems with my benefits allowance. My boys are only 4 and 7 so this money would be solely for their futures and not accessible for years.

Any advice much appreciated.

seven-day-weekend

I believe that if she opened the accounts in your childrens' names (and maybe hers) without your name anywhere on the account, then it would not affect your Benefits.

AFAIK, if you have access in any way to the account, or if it has your name on, it will be classed as your money.

I am not sure about this second point though - others will be along soon.

pupsicola

Thanks for your reply, I appreciate any advice. I was worried I may get some stick for coming on here and writing this. I thought some people may suggest that she give me the money and I get off benefits and I could see their point with that.

She wouldn't want to help me though so thats a no go and it is amazing that there will be a level of support for the boys so they can build a good future. I just wanted to know really if I should declare this as I dont want any money, even in my boys names, if I am not entitled to accept it.

DX2

If you have no control over the accounts it shouldn't affect your benefits.

[Deleted User]

the best way is as SDW suggests get her to put the money in accounts for the children in HER/THEIR name,any other way might cause you problems

McKneff

Do they have trust funds, (sorry i dont remember when childrens trust funds started government wise) but i thought it was over 4 years ago.

lyndac40

Hi Mckneff

You are right my wee man has one and he is 7 in may. You can gift money to them as many times as you want. I got coupons with mine that I give to my mum and family so they are able to gift money into my wee mans child trust fund.

Lynda x

McKneff

lyndac40 wrote: »

Hi Mckneff

You are right my wee man has one and he is 7 in may. You can gift money to them as many times as you want. I got coupons with mine that I give to my mum and family so they are able to gift money into my wee mans child trust fund.

Lynda x

I just love that 'my wee man' i will use that if my new grandchild due
in april is a boy............loverly.............

So is the other 'my wee lassie' then?

So what is this coupon thing then, i want to send something, i was thinking of a cheque for when baby is born for the future, but does it have to be a coupon, i dont understand....

McKneff

pupsicola wrote: »

My mum, who I have not been at all close to wrote to me recently. She wants to put some money in accounts for both my children to use when they are 18 to cover uni fees or getting a car etc.

I live on benefits at the moment, which I have not made her aware of, as I would never hear the end of it. Does anyone know that if she did this would this cause me problems with my benefits allowance. My boys are only 4 and 7 so this money would be solely for their futures and not accessible for years.

Any advice much appreciated.

OP what a nice thing for your mum to do, perhaps this is her way of trying to get closer to you. What a nice nana she is too,

lyndac40

Hi McKneff,
I dont think you have to use the coupon its just that it has all wee man's details of his child trust fund on it so it makes sure it goes right into his trust fund, no mistakes then. I also set up a diredct debit and put £20.00 a month into it myself anyone in my family can do this if they want. As long as you have all the details you can just send cheque. Of course other places might not be the same my wee man's is done through Asda. I just picked up the leaflet and sent his voucher away when it first started. Hope this helps you.

Lynda x

McKneff

Thanks for that, my plan was just to send two cheques in the childrens names to mum and dad and let them pay them in. I presume this will be okay.

Much as i love my children and their children, they are costing me a fortune,
i wish they would learn how they were happening and stop adding to my Christmas/Birthday list each year.
:rotfl::rotfl::rotfl: