NHS compensation won, should it go into stocks and shares?

Marmite1

My children have recently been awarded a five figure compensation award for the loss of a father through hospital negligence in which unfortunately their father died...They have yet to receive payment as it has to be agreed by the courts judge as to where their money is to be invested as my children are minors & we all agree that they cant access it until they reach 18 yrs of age.
I'm quite confused as to where is best to invest the money on behalf my children.My solicitor has suggested & advised that 50% should be invested into stocks & shares (something i know nothing about) & 25% into the courts saving system in which I'm told only carries 0.5% interest & the remaining 25% into a high street savings account of my choice....I'm in a situation as i have no idea which would be the best way to invest & save this money as i obviously want the best for them.I've been advised that this is the best & most reliable forum to come to & get genuine financial advise....
It would be very much appreciated if someone could give me some advise as to whats best regarding mine & my childrens situation..Thankyou

jem16

You really need professional advice on this and the most suitable person would be an Independent Financial Adviser. If you don't have a personal receommendation you should look at https://www.unbiased.co.uk and fine some local IFAs that you could visit.

celtic123

financial advisor means trail commision or other charges. what is your tax bracket and how long you wanting to put money away?

celtic123

lol at court saving system at 0.5%. what is his commision.i wonder

celtic123

also pal, do you want it put away completely or do you want the opportunity to cash out at your discretion? am going to try help you here. first advice is dont ask your bank what to do!

xxdeebeexx

I would investigate the court saving/trust a little further. DS1 is set to 'receive' a sum of money as a result of an accident caused by negligence and I was under the impression that he couldn't gain access to it until he was 18, I was also told that it would gain good interest from the courts while it was invested on his behalf.

dx

MoneyJuggler

Firstly, condolences -that must be an awful thing to go through.

If it were me I would get professional advice, from an IFA as suggested above - yes they charge fees, but IMHO a good one will pay for themselves.