Leaving something for my son

swingaloo

I have one son and am divorced from his dad.

When we were married we owned our own home.

After our divorce we sold the house split the proceeds and he simply drank his share.

I put my share into a house which I moved into with my new partner.
We overstretched ourselves financially and I started a business which cost me more money than I made and resulted in our having to sell the house to avoid repossession.

We now rent. My son still lives with us even though he is in his early 30s. He is struggling to get a job and also has several serious health issues.

I feel a huge guilt at losing the house and even for leaving his dad (although that was the right thing to do) because eventually he would have inherited the family home.
Now I will struggle to leave him anything.

I want to put something away on a monthly basis to leave to my son when I have gone. The thing is that my partner (who I love dearly) also has a son and he has made it clear and written a will saying that if anything happens to him before me then I am to to inherit all he has (which isn't much:rotfl:) rather than his son.

Whilst we both have an insurance policy covering each other I still want to be able to leave my son something.
Our savings accounts are joint so I want to do it independently of that.

I don't want to give my son money to bank on a monthly basis but I want to put it by in his name as savings.

Is it possible to buy premium bonds in my sons name and add to them each month thereby leaving him with the bonds which he could cash after Im gone or is there a drawback to doing this?

sassyblue

I think the minimum amount of bonds you can buy at a time is £100 worth. How do you want to proceed with premium bonds...... if you purchase them in your name you'll have to leave a will, willing them to your son, in the meantime you collect any winnings.

If you put them in your sons name now you don't need to do a will for them but they are his to cash in if he wants to anytime.

I think the maximum amount you can own is £30,000

Bufger

At 30 he can sort himself out and you should be sorting yourself out.

Adding on excuses for him about health issues, struggling to find a job etc will only encourage him to stay as he is. Do you still give him handouts when he asks? the odd £20 here and there so he can go and do stuff with his mates?

I'm not saying I know your exact situation but I know many like it. My Brother in Law spent 2 years desperately looking for a job - Then one day he approached me to ask for help in writing a CV and admitted he had never had one!!! (and therefor would never have applied for a job).

Help him by helping yourself

HE's 30!!!!

Any

I don't think you should ever be sorry for trying to live the best life you could, if that meant leaving your husband and starting a business then be it. I think such a thinking is quite frankly waste of time and emotions.

As for savings for your son...
You can of course save for your son. Not sure they will let you buy bonds for him in his name if he is an adult, but generally speaking you can give as much money to whom ever you want, there is no law against it. Bear in mind though that if it is in his name and he is an adult, you can put it there on Monday and he can withdraw it on Tuesday, there is nothing to stop him using his money before you die.

However any cash given away 7 years and less prior to death has to be considered for inheritance tax purposes. If you go over threshold there is tax payable on anything over that. There are some exceptions - like you can give away £3k allowance that doesn't count into this etc...

But once you gave it to him, you gave it to him, no one could take it from him.

No idea how much worth you have, anything that goes to spouse is exempt from inheritance tax, then you have the £3k allowance, then anything you gave away 7 years prior to death don't count and even within the 7 years - after 4 years they get relief for every extra year you survived... Read up here

http://www.hmrc.gov.uk/inheritancetax/intro/basics.htm

simpywimpy

Why not open a monthly savings account in your own and specify it in your will as being left to your son?

I'm married and my will states everything goes directly to my three children but hubby can live in the house as long as he wants. His will leaves everything to me. I felt I had built up my assets specifically to be able to leave something to my children and didn't want to risk this if I went first and hubby remaried for example.

Do what you feel is best for your son regardless of what your partner feels he wants to do. Your will is your wishes, no-one elses.

Good luck x

74jax

My parents are in their 80s and consider it 'normal' to leave an inheritence. My brother and I have tried everything possible to get Dad to part with his cash, their life would be so much easier if mum went into a home. Do we care the money would all but disappear? Not for one second. I wish they had had holidays etc.

Your son won't want anything from you, you have had a roof over his head for 30 years!!

Think of when you do go - who will help him then if he can't now.

geoffky

My parents and my wife's parents are leaving their fortunes to the grandchildren ..We as a family want for nothing but it would of been nice to have been asked..I did ask when we were told that they should write in thier wills that no one should inherit until they are 26 years old as i have seen too many of my friends lash it up the wall..I do not know if the included this..

Mr_Toad

I despair of my parents, they are obsessed with doing the same for me. They have money in the bank and a large expensive house that is way too big for them. Even using a ride on mower it takes a good 3 hours to cut the grass!

I don't want their home, I already have one and I have a very good, well paid job. Instead of enjoying their retirement they have made a second career out of maintaining the house "so it's all nice for you when we've gone".

When I retire I intend to sell up, buy a boat and sail off into the blue. I daren't tell them inheriting their house and money will just mean I can sell that too and buy a bigger boat!

Pennysmakepounds

A ‘Parent’ always wants what’s best for their child/Children.

I see nothing wrong with leaving your ‘life’s worth’ to your children…..you can’t take it with you…..

I didn’t come from money, my dad has always worked hard to provide for us…

I started working in my late teens…….and have never stopped since…..I NEVER expected anything from my Parents…….I knew I had to make my own way in this world……

However, having said that…..Myself now being a parents……I am working hard to be able to leave my children something for my children..…once I pass away….

That’s not to say I’m sacrificing mine or my family’s happiness now….we still do holidays….they still have everything they need/want (Within reason)…Memories are important…..and family time is important…….but at the same time I am trying to build up my NET assets to be able to give they a helping hand….

I work hard….and always have…..and at times I do make personal sacrifices………..to be able to provide for my family now and my children when I’m not here…..