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Savings for descendants
Comments
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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.
Thank you very much. Well, no, I am not vindictive. I haven't a vindictive bone in my body and I am amazed that my eldest and only surviving daughter appears to be sooooo vindictive. Numerous examples of this, of which this is only the latest indication. Although, if this kind of thing is inherited, maybe it comes from her paternal GM who was the most vindictive woman you could ever hope not to meet.
I haven't met those little premmie girl twins, may never meet them, but they are part of my blood and my family line. There are people long dead and gone who would be horrified at what has happened and who would welcome those tiny girls with open arms and loving hearts. I am only where I am, and who I am, because of the love that they gave me when I was an unwanted illegitimate baby (can't say the word I used to be called in those years - Martin wouldn't allow it!) and they taught me to save from my very first day at the village school when the Battle of Britain was still raging. In spite of their poverty and the poverty I grew up in, was never conscious of because of their efforts. Poverty such as you don't see nowadays. Someone mentioned benefits. There were none.
Actually, if I have to put down a parent I could do so into the name of their daddy, who is a nice lad, uncomplicated, although when I was still on speaking terms with daughter she was quite scathing about him and said that her daughter's 'horizons would always be wider than his'. And I could put his address c/o my eldest GD. I'm sure that there is no reason why she and I shouldn't always be friends.
I looked on the Hargreaves Lansdown website (where I have investments) and they have an investment scheme which would be better long-term, but again, need a parent initially then grandparent/great-grandparent can contribute. Will look at it again.[FONT=Times New Roman, serif]Æ[/FONT]r ic wisdom funde, [FONT=Times New Roman, serif]æ[/FONT]r wear[FONT=Times New Roman, serif]ð[/FONT] ic eald.
Before I found wisdom, I became old.0 -
To insured: it is irrelevant whether I am around when they're 18, or not. And I don't want to mess up my present will, because DH and I have 'mirror' wills so that our wishes should be carried out.
Incidentally, I do intend to stay healthy and to live for a good few years yet! Although, as I pointed out to GD who taunted DH for 'not being my grandad', if I hadn't met him and be in a second happy marriage, following younger daughter's death and other things, I'd have lost the will to live long ago.[FONT=Times New Roman, serif]Æ[/FONT]r ic wisdom funde, [FONT=Times New Roman, serif]æ[/FONT]r wear[FONT=Times New Roman, serif]ð[/FONT] ic eald.
Before I found wisdom, I became old.0 -
margaretclare wrote: »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.
Is this likely to cause a problem if husband finds out? In my experience these things always seem to come out in the end and cause no end of trouble. If you are going to do this wouldn't it be better to tell him? He might disagree but likely to be less upset than if he finds out from someone else.Sell £1500
2831.00/£15000 -
The only other way this might be done is for you to contact the children's father and explain that you would like to give the twins £25 a month each through him.
If he agrees, you could formalise the arrangement by writing him a letter saying that as from x date, the sum of £50 per month would be remitted from your bank account to his so that he could apply same to the children's JISAs?0 -
Thanks to all for the contributions. I've come to the conclusion that this is not a good idea at all, far too many complications. Wish it were otherwise. Wish things were as simple as in the days when my mother used to buy stamps at the PO and, when she had enough, would buy a Nat Servings certificate. She used to love taking them to the PO with her and show them how to do this. The situation now is just too fraught - maybe it will improve, who knows. Not a good idea at present, however.[FONT=Times New Roman, serif]Æ[/FONT]r ic wisdom funde, [FONT=Times New Roman, serif]æ[/FONT]r wear[FONT=Times New Roman, serif]ð[/FONT] ic eald.
Before I found wisdom, I became old.0 -
margaretclare wrote: »The situation now is just too fraught - maybe it will improve, who knows. Not a good idea at present, however.
If things do improve, you could put some money aside in a new account and write a codicil to your will that the contents of that account are to be shared between the twins.0 -
M,
It is actually VERY easy. No doubt xylo will be along with a post and a link the minute I type this ;-)
You go to an investment trust (say Witan, or F&C, invesco perpetual or Aberdeen but there are more) and ask to open a savings plan. It will be as Margaret Clare re: baby twin1, MC re baby twin2.
you then commence paying into them, and the money will build. Technically, the money is yours, so would revert to your estate. If you dont want to bring it up with hubby now, do so later, or leave a letter to him with your will asking him to pass it on to them if you are gone before they are 18 (unlikely given what I know of you lol). It will clear from your acct details what to do.
My MIL would still be alive post 100, if she hadn't been left to the kind mercies of the mid staffs health trust. Read today's Sunday times should anyone want to know what the current head of the NHS was up to a few years back (and yes, it was under the previous govt so I am not pointing a finger).
So, go ahead and save for the little darlings and show them some love. They might have need of it one day, seeing how their mother is.0 -
You go to an investment trust (say Witan, or F&C, invesco perpetual or Aberdeen but there are more) and ask to open a savings plan. It will be as Margaret Clare re: baby twin1, MC re baby twin2.
Already done - see post 3....;)0 -
Yes, but it seems she didn't understand it exactly. Might have thought she needed parental consent for RE: acct?
But thanks for not rubbishing my advice0 -
M,
It is actually VERY easy. No doubt xylo will be along with a post and a link the minute I type this ;-)
You go to an investment trust (say Witan, or F&C, invesco perpetual or Aberdeen but there are more) and ask to open a savings plan. It will be as Margaret Clare re: baby twin1, MC re baby twin2.
you then commence paying into them, and the money will build. Technically, the money is yours, so would revert to your estate. If you dont want to bring it up with hubby now, do so later, or leave a letter to him with your will asking him to pass it on to them if you are gone before they are 18 (unlikely given what I know of you lol). It will clear from your acct details what to do.
My MIL would still be alive post 100, if she hadn't been left to the kind mercies of the mid staffs health trust. Read today's Sunday times should anyone want to know what the current head of the NHS was up to a few years back (and yes, it was under the previous govt so I am not pointing a finger).
So, go ahead and save for the little darlings and show them some love. They might have need of it one day, seeing how their mother is.
Thank you very much for this. Yes, they are little darlings and none of the unpleasantness has in any way been their fault - how could it be? No one could blame two innocent bairns. They are part of my family line as I said, and there were some very strong loving people in the past who would have been horrified at some of the things that have gone on. And I am absolutely sure that they would have loved my DH, would have been glad that I didn't spend the remaining decades of my life in misery and loneliness, that I had someone who loved me unconditionally and anti-semitism would not have been a word on their lips, although the same would not have applied between his relatives and me, had they known me.
I will look into this investment trust idea. I may have a word with Hargreaves Lansdown and see if they can help. My S&S ISA with them is doing very well indeed and I know of the investment firms named, F&C et al.[FONT=Times New Roman, serif]Æ[/FONT]r ic wisdom funde, [FONT=Times New Roman, serif]æ[/FONT]r wear[FONT=Times New Roman, serif]ð[/FONT] ic eald.
Before I found wisdom, I became old.0
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