Nest egg for great-grandson

PJDS

My mum (87) wants to put some money aside for my grandson (18 months) so that he can't get at it before he's 21. A bit old-fashioned maybe, but her logic is that this will make it less likely to be blown on a gap year, etc. She doesn't want the expense and hassle of doing this formally in her will. Bright ideas welcomed!

touch*my*food*feel*myfork

look into your local building societies
My son has two accounts both not accessible till 18 and it can be transferred to an 18-21 account at 18

xylophone

If your mother gifts the money to her great grandchild, while it can be held in bare trust, he has the absolute legal right to access and control at age 18.

She could gift into an accumulation/discretionary Trust but unless there is a large sum involved and there are relatives willing to deal with administration/tax etc, this is hardly worth consideration.


It might be possible for the bare Trustee to open a five year bond in the child's name (if a suitable product were available) just before the child's 16th birthday.

There is no guarantee that the child will be any better with money at age 21 than at age 18.

Malthusian

Give it to you.