child savings account not able to access until 21

sparky008

Hi,
Long time reader, 1st time poster

my grandmother recently passed away and has left £5k for my son. it states in the will that he will not have access to it until he is 21 years old.
he is now 13 years old.

I am not sure what type of account this would be?

i have tried google-ing it but i am not sure what type of account/trust/bond/isa thing that i am looking for and a key word search is not really generating anything usefull

i would appreciate any help or comments anyone has, i have only got a week left now to set it up !!!

many thanks
sparky0058

xylophone

The money will be held in Trust but the question is what kind of Trust?

See http://www.hmrc.gov.uk/trusts/types/

The wording of the will needs to be considered- has the money been left as an absolute gift now or only on condition that the child reaches the age of 21?
http://www.hmrc.gov.uk/helpsheets/hs294.pdf

http://www.taxbar.com/documents/Bare_Trusts_Nicola_Shaw.pdf