Trust or ISA for my children

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
1 reply 1.4K views
Bernie248Bernie248 Forumite
1 Post
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
Hi,
I'm looking for some advice. I'm a single older mother to 7 year old twins and want to ensure they have enough money to be looked after in the future, in the event something happens to me. I'm just about to sell a flat I half own with my ex partner and want to put my share of it away for my children. In other words the money is to be made over to them, perhaps part of which could be put away till they are 18, but some of it needs to be available just in case the unthinkable does happen and I'm no longer around. Any advice please? Thanks

Replies

  • xylophonexylophone Forumite
    38.2K Posts
    Part of the Furniture 10,000 Posts Name Dropper
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    You have seen a solicitor and made a will and appointed guardians/trustees for your children?

    Do you have any pension provision/insurance written in trust that would be available for the children?

    You could use a JISA for each of the children that would be available to them individually at 18 but you could invest/deposit money in your own name giving directions in your will as to what was to happen to your assets in the event of your death before the children reach adulthood.

    You could consult an Independent Financial Adviser.
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