Savings for descendants

margaretclare

I have twin great-granddaughters born in September. I've just found out their full names. Up to know I didn't know if their surname was daddy's or mummy's.

I'm slightly in contact with daddy, but mummy doesn't want to know me any more. Grandmother (aka Nanna) has told me I'll never be allowed to see them.

However, when my grandchildren were little I did a friendly society thingy for them. Couldn't afford to pay £10 x 3 for the whole of the time, but even so, it built up quite nicely. Not that I ever got a thank you.

I'd like to do similar, but how can I do it in my name and not involve nanny or mummy? I can afford more now. Could afford £25 x 2 monthly. They wouldn't want paperwork arriving at their address and I don't know daddy's address - they haven't moved to live together. I got a scathing refusal when I offered a deposit on a mortgage. I'm now spending that money on something for myself!!!

mulronie

Without cooperation from the parents (names, D.O.B, providing identification/address, etc) I think you'll struggle. Maybe instead you could leave money to them for when they turn 18? Your solicitor would easily be able to write this into your will in the proper fashion.

Alternatively cut them loose and donate it to Save the Children instead. If you're going to donate to what are effectively strangers, you might as well donate to the neediest.

xylophone

http://www.sit.co.uk/products/investing_for_children/features/how_to/

In view of the situation and your lack of contact with the children and lack of knowledge of their tax affairs etc), you might consider an investment of which this is an example. You would use designated (not bare trust - site explains difference) for each child and make sure that your will bequeaths the account to the named child.

margaretclare

Thank you for this. I'll give it some thought.

insured

Do you really think this is a good idea?
Firstly, you know nothing of their tax situation or their benefit situation and you may end them up in difficulties if they ever have to apply for means tested benefits or complete tax returns.
I would hate it if anyone I actually got along with did this for my children without telling me never mind someone who I had fallen out with.
If you are late to mid seventies, it is unlikely that you will be around when they are 18 anyway so that they can have control of their money. Why not simply bequeath them the funds in your will? There seems no point in giving this money to them now and causing further family antagonism when you can simply make a bequest in your will.
If you think the parents will not accept the money from your will, then you can create a trust in your will so that the children can benefit at some specified age.

margaretclare

insured wrote: »

Do you really think this is a good idea?
Firstly, you know nothing of their tax situation or their benefit situation and you may end them up in difficulties if they ever have to apply for means tested benefits or complete tax returns.
I would hate it if anyone I actually got along with did this for my children without telling me never mind someone who I had fallen out with.
If you are late to mid seventies, it is unlikely that you will be around when they are 18 anyway so that they can have control of their money. Why not simply bequeath them the funds in your will? There seems no point in giving this money to them now and causing further family antagonism when you can simply make a bequest in your will.
If you think the parents will not accept the money from your will, then you can create a trust in your will so that the children can benefit at some specified age.

Thanks for this. What I had thought of was something along the lines of the 'friendly society' policy I did before. This involved paying £10 a month each for 10 years.

Their tax situation or benefit situation...well, daddy was laid off on Christmas Eve and isn't working. I doubt if mummy will return to work as long as the twins need her. Both mummy and daddy still live with parents and the twins live with mummy and nanna, and grandad (who doesn't get much of a mention). I do see pics of them occasionally on Facebook, in fact that was what caused the rift in the first place. I didn't think that seeing scan pictures on FB was a very nice way to let me know I was going to be a great-grandmother given that everyone has a phone, and DH jumped in with both feet because he could see that I was hurt and what hurts me, hurts him.

It's probably not a good idea anyway, but thanks to all for the input. Save the Children is not something I'd consider as an alternative. I already have favourite charities including an annual prize given to the college my late daughter attended.

elsien

I was going to suggest premium bonds, but reading the blurb you have to nominate one of the parents to act as guardian, and any prizes get paid to the parent/guardian. So not a lot of use either, unfortunately.

margaretclare

elsien wrote: »

I was going to suggest premium bonds, but reading the blurb you have to nominate one of the parents to act as guardian, and any prizes get paid to the parent/guardian. So not a lot of use either, unfortunately.

I'd also thought of National Savings certificates. Have to keep it all quiet from DH, because he didn't take kindly to their mummy telling him 'you're not my grandad'. Well, no, he isn't, he never said he was, but what he is is my husband, and he was very hurt to find that after 10 years of marriage he's still not accepted.

Probably not a good idea at all.

innovate

insured wrote: »

If you are late to mid seventies, it is unlikely that you will be around when they are 18 anyway

:eek::eek::eek::eek::eek::eek::eek::eek::eek:

bigadaj

A woman statistically speaking who is say 77 will still have a good actuarial chance of living to 95, less than evens but still pretty good.

Conversely Frank skinner explained why he's had his kid at 55 as he's hopeful he'll be away before the difficult teenage years!

atush

Bad Form all round insure!

Margaret, firstly congrats on your great grandchildren!

I think you should go ahead with a designated savings plan for each, as described above, and an investment trust savings plan is a good way to go.

I think your GGCs are not at fault that their mother and grandmother are numpties. And will be happy that you thought of them when they receive the money in the long term.

Well done you for not being vindictive.