Inheritance for my child

fiddlyfithompson

My son has been left £40000. He already has a junior isa with access at 18ys but obviously can only put yearly allowance into that, still leaving £36000 approx. The solicitor and executor wants to know that it will be somewhere where only he can access it when 18. Where would be the best place? My sister is executor of the Will with another unrelated person. She says that any trust would have to be in a joint name with her or solicitor unless I can manage to reassure the solicitor with suitable investment until he’s 18. I have no intention of accessing it.

Socajam

For me personally, I would split the money in two by giving him half at 18 and the other half at say 25.
Giving him all that money at that age would be like giving candy to a baby.

Mojisola

Socajam wrote: »

For me personally, I would split the money in two by giving him half at 18 and the other half at say 25.

Legally, you can't do that - he is entitled to all his inheritance at 18.

AnotherJoe

Socajam wrote: »

For me personally, I would split the money in two by giving him half at 18 and the other half at say 25.
Giving him all that money at that age would be like giving candy to a baby.

Do you frequently break the law?

xylophone

The money can be held with any provider that allows the money to be held in bare trust for the child.

https://www.bathbuildingsociety.co.uk/savings/business-and-professional-accounts/trust-accounts

https://www.nsandi.com/system/files/asset/pdf/trust-faqs.pdf

Below might be suitable for part of the money - the JISA allowance could be moved out each year and the account topped up.

https://www.nationwide.co.uk/products/savings/future-saver/features-and-benefits

MEM62

Socajam wrote: »

For me personally, I would split the money in two by giving him half at 18 and the other half at say 25.
Giving him all that money at that age would be like giving candy to a baby.

That would not be your decision. The terms of will dictate when the beneficiary will receive their inheritance.

OP, A trust is the way forward.

webjaved

Socajam wrote: »

For me personally, I would split the money in two by giving him half at 18 and the other half at say 25.
Giving him all that money at that age would be like giving candy to a baby.

When the person in question turns 18, they are entitled to it all.