Large sum to be held for children beyond 18?

Lollipop76

Hi All,

Advice required please if possible:

My parents are lending us £20k to get some building work done on our house.

They want us to pay them back but pay into accounts of some sort to provide money for our girls when they are older, in trust if you like? Our problem is that we are not happy about them having access to £10k each at the age of 18.

Much as we are raising them to be, and we hope they will, turn out to be wonderful and sensible adults, we feel that a large sum of money is likely to be 'wasted' at 18, whereas if it was held until they were 25 for example, it would be more likely to be used as a house deposit etc.

Is there a way of doing this or do we just have to lump it that they get the cash at 18 no matter what sort of teenager they are?

Thank you for any advice in anticipation of replies.

helptoyou

If Only we all had a crystal ball and could predict the future you might have the most sensible 18 year old's in the world and who is to say they will be the same at 25.

I would ask the wishes of your parents (When do they want your children to have the money) and act accordingly.

My Thoughts are that if I gift someone money its up to them how they use that money hopefully to there full advantage.