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Friend has 15 year old son and wants to put money away until he is 25

mikesndbs
Posts: 17 Forumite
Hi
Not asking for advice of course but my friend at work wants to invest £50 per month from between 10-15 years for his son who is 15 just now.
What are the best options open to this kind dad please?
Not asking for advice of course but my friend at work wants to invest £50 per month from between 10-15 years for his son who is 15 just now.
What are the best options open to this kind dad please?
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Comments
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If he wants to keep the money in his own ownership and under his own control, he could just regard his own ISA (or part of it) as "earmarked" for his son at a time of his choosing.
However, he should be aware that should he ever need means tested benefits, this money (and any assets beneficially owned by him) would be taken into consideration.
If he is willing for his son to be allowed access at age 18, he might invest the money in a stocks and shares JISA which would become an adult ISA at age 18 and continue to gift the son the money to pay into it.
He might pay into a JISA until the child is 18 and then into a LISA which the son could open for himself.0 -
Thanks, one idea I guess, what is a LISA?0
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Great stuff thanks.
He like this idea JISA converting to LISA later on and to me it looks like the best safe return as well.
I'll see who is offering what and pass the info on0 -
Can I confirm, is he able to set up a direct debit to pay into his son's isa (s) or does the son have to pay into them himself?0
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As the son is under 16, the parent will open the JISA - and he and others (and indeed the child himself) may contribute to it up to the annual allowance.
https://www.gov.uk/junior-individual-savings-accounts/overview
At 16, the child may control the JISA but may not access it - the subscription rules are the same.
At 18, the child may access the JISA.
The son will be able to open a LISA at age 18 and the parent can give the money to contribute to it.0 -
Thanks, so to confirm with the LISA the father can't have a direct debit to pay into it? That could be an issue0
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Thanks, so to confirm with the LISA the father can't have a direct debit to pay into it? That could be an issue
I should think that the parent could make payments into it by standing order.
See LISA link above under "Quick Questions".0 -
Getting back to the original question, if he wants son to have money at age 25, anything in sons name such as JISA or LISA, doesn't work since son can do what he wants with money at age 180
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Getting back to the original question, if he wants son to have money at age 25, anything in sons name such as JISA or LISA, doesn't work since son can do what he wants with money at age 18
See my first post.
And re LISA - see link in 4.0
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