Any ideas?

June_Cambridge

Need some advice and guidance please. As some of you will know, I have a terminal illness and have been in the process of purchasing a buy to let property that I could leave to my 2 children. This has now fallen through, probably for the best as I would have had to put it in my daughters name only as my son has a personal injury claim against him that is probably going to court, as well as other financial problems.
Does anyone have any idea what else I can do with the money? What I would like to do is tie it up for a period of 5 - 7 years, without any risk and with a reasonable rate of interest. I have know idea at all but I know that if I just leave the money it will be frittered away on cars, holidays etc whereas I would like to give them some security, something to fall back onto. Im running out of time so would appreciate any suggestions. Thank you for reading, I know I'm probably not making very much sense but am struggling to sleep with the heat and all of this running through my mind and it all seems so much worse at night :beer:

I_know_my_ABC_and_my_CMYK

I'm really sorry to read you have a terminal illness, it must be very worrying.

As for the house have you thought about seeing if you can get a free appointment with a solicitor in your area? They sometimes have an evening once a month or fortnight where you can go and have free legal advice.

Your idea does sound a good one especially if your son is in financial difficulties, whatever you do don't make it easy for him to sort out his financial problems or he may end up back in the same situation because he hasn't learn t anything - this is what happened to me and now due to learning the hard way I am a far better person at dealing with my finances.

EDIT - some solicitors with actually come to your house to talk to you on a free basis if it is difficult for you to get to them.

lika_86

Tricky if you want no risk and a reasonable rate of interest (although a BTL wouldn't necessarily have given you that). Maybe fixed rate savings? Although the problem would be if the interest rate went up over the next few yearsin which case the interest rates may not be so good. I'd speak to an IFA who would be able to recommend a portfolio of investments to spread risk but hopefully get the returns you're after.

http://www.moneysavingexpert.com/savings/fixed-rate-savings

bugslet

Hi June

Have you posted on the savings board, there are some pretty savvy people there who can probably come up with a good suggestion.

The_Hurricane

Is your daughter responsible? How about leaving her all the money under the stipulation that she purchase a house and all bills and income etc will be shared equally between her and her brother?

I would also like to add my regret to hear about your illness and I hope even at this stage something can be done.

Artytarty

I'm sorry June for your troubles.
Forgive me if I'm wrong but somewhere in the back of my mind I recall being told that you cannot stipulate what someone spends the money you then on. I don't think that holds up in law.
What about leaving it in trust until a given date? Hmm, that might not be good for your sons situation regarding the claim.
I'm certain there are loads of people here with plenty of good knowledge and wisdom to impart. I'll keep watching your thread.

June_Cambridge

Thats great, I'll try the free half hour with a solicitor and an IFA to see what they suggest. I feel I can't see the wood for the trees at the moment but knew I would get some good, impartial advice on here. Thank you all

pinkshoes

You could invest it in premium bonds for them with a clause that they can't cash them in for 10 years and have to split any winnings 50/50.