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What to do with money left to under 18yr old
Mrs_Simpkin
Posts: 13 Forumite
I am Executor of my late partners will. It is very simple and I have received Probate. I have an Executor's Bank Ac and have now got a cheque book which I will use to pay the beneficiaries (all members of his family, left cash). However one niece is 15; I was proposing open a Savings Ac for her but it seems that these can only be opened by Parents, Guardians or grandparents. I don't want to give the money to her parents as I want to be sure it goes to her.
I would be grateful for any suggestions.
I would be grateful for any suggestions.
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Comments
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A junior Isa. The parents have to open it but can't get at the money until she is 18 when she gets control of it. The Halifax one pays the best rate I believe but check on MSE.Mrs_Simpkin wrote: »I am Executor of my late partners will. It is very simple and I have received Probate. I have an Executor's Bank Ac and have now got a cheque book which I will use to pay the beneficiaries (all members of his family, left cash). However one niece is 15; I was proposing open a Savings Ac for her but it seems that these can only be opened by Parents, Guardians or grandparents. I don't want to give the money to her parents as I want to be sure it goes to her.
I would be grateful for any suggestions.0 -
Be careful of things that assent at 16.
depending on how much you may be in the need to take advise range if you want to remain the trustee(you need 2) that's why a lot pass on to parents to be the trustees. If the parents spend it the kids can sue.0 -
Once the account is opened anybody can deposit money into the account.
The maximum you can pay in in one year to junior cash ISA IS £40000 -
what does the will say? there are strictrules about how money for minors can be invested. It is common in wills to give the trustees greater powers but if this was not done then the choices about where the money can be invested are limited.All posts are my personal opinion, not formal advice Always get proper, professional advice (particularly about anything legal!)0
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