Savings for descendants

margaretclare

Further to the above, have just had a message via Facebook in response to one of mine, this is from the twins' daddy. He says he's hoping to move somewhere else, can't wait to get away and will forward the address when he's got one. He sounds positive about my suggestion for children's savings. Even though my GD doesn't want to know me, I've offered to help him in any way I can.

xylophone

Hargreaves Lansdown

Is it not rather expensive to hold ITs with HL?

It might be easier to set up a designated plan with one of the IT savings plans - see original link which has the very clear explanation of the difference between designation and bare trust and perhaps look at a few of them.

This is an old article but might be worth a read http://www.thisismoney.co.uk/money/saving/article-1604866/Investment-trusts-for-children.html#axzz2JkjUw1ad

http://www.moneywise.co.uk/investing/investment-trusts/consider-investment-trusts-your-childs-finances might be worth a look.

http://www.theaic.co.uk/Documents/Factsheets/AICChildrensFactsheet.pdf

http://www.theaic.co.uk/Guide-to-investment-companies/How-to-invest/Investing-for-children/

xylophone

But thanks for not rubbishing my advice

I wasn't aware I had!

margaretclare

Yes, I'll look into it. Nothing is decided yet, I'll probably do as their daddy suggested and wait until they have an address. It sounds as if he'd be willing to sign, if a parent's signature is required. I hope to see him sometime when we go north again. There's no rush - the babes are only a few months old. I just thought of HL because my own investments are under their umbrella and have been doing well.

atush

Yes, xylo is right. Don't use HL for ITs. go direct to the company and open a plan.

AS for him signing, all well and good, but each child can have only one JISA, so if the mother opens one first, they can't have one with DAD.

margaretclare

Thanks for this. I'm in process of opening a plan for each of them with F&C.

margaretclare

Just to end this saga, it turned out to be extremely easy in the end. I did it online with F & C who have a Children's Investment Plan. I didn't need any parental involvement, all I needed was their names and date of birth. I can fund the plan by debit card or direct debit - as there are 2 of them I'll probably use debit card. I'll leave instructions that they are not to have it until their 18th birthday which will be 22.09.2030. I can't imagine being around at that time - as someone said earlier - but it won't matter. Even if I go ga-ga and forget to keep on funding it, what's there will still grow. I've been impressed by how my own savings have grown in the stock market over the last decade, far more than I ever imagined and even with all the ups-and-downs and the scares, there has still been steady growth.

My eldest step-granddaughter is 19 today, university student doing 'hard' subjects, her sister is in sixth form at public school. We haven't done any savings for them but then, daddy is in a different income bracket from the twins' daddy. Hard to imagine the twins being teenagers, but then, it seems no time at all since DH's GDs were little. Where does time go to?

mumps

Did you decide to let you husband know about it?

Radiantsoul

This is a sad story, although I cannot understand all the details. Can you not make things up somehow, even if you have to swallow your pride. I guess it was a bit harsh that you found out via photos on facebook but what is done is done.

Perhaps write letters(ie don't send them or keep copies) or keep a journal or something for them. I get the impression you are not rich and I am not sure that receiving money from a relative you have never meet will mean much or buy much affection.

margaretclare

Radiantsoul wrote: »

This is a sad story, although I cannot understand all the details. Can you not make things up somehow, even if you have to swallow your pride. I guess it was a bit harsh that you found out via photos on facebook but what is done is done.

Perhaps write letters(ie don't send them or keep copies) or keep a journal or something for them. I get the impression you are not rich and I am not sure that receiving money from a relative you have never meet will mean much or buy much affection.

No, you don't know all the details, so just leave it there. And the last thing I expect or hope for is that doing this will 'buy much affection'. That's not why.

No, I can't 'make things up somehow' because it goes back a lot further in time than seeing those scan pics last summer. A lot further, and I'm not about to risk having my heart broken yet again. And yes, it would take a journal the length of 'Les Miserables' the novel, to detail it all. I am looking forward and not back.

I am not rich but I'm a heck of a long way from being poor, although I came from people who were much poorer than anyone knows about nowadays, and I grew up in poverty. In a way, although I don't expect anyone to understand this, it's more in the way of repaying a debt I owe to them, my own ancestors rather than descendants.

As I said, I don't expect anyone to understand.

Yes, DH knows.

Anyway, I've done it, and thanks to everyone who made positive and helpful suggestions.