Childrens Money?

SunshineBear

My children are in line for a bit of money from the sale of a relatives house, nothing major, but significant.

Does my IP need informing? Just my OH and me on the IVA.

immoral_angeluk

SunshineBear wrote: »

My children are in line for a bit of money from the sale of a relatives house, nothing major, but significant.

Does my IP need informing? Just my OH and me on the IVA.

You need to be careful that it is not paid to you. How is the money being paid? Ideally it should be paid into an account in their names until they're 18 as anything paid to you will be an asset in the eyes of the Insolvency Service.

FoggyBrain_2

As above. Make sure it goes straight into an account in their names ( you are allowed to manage the account on their behalf, but it must be their account.)

SunshineBear

It will be paid into their accounts. When I say children they are 17, 16, and 12.
The two oldest will use the money for driving lessons and maybe a small car.