Where to invest inheritance my kids have been left

xylophone

I'm going to follow your advice

Just suggestions ( I was once a bare trustee for a young person)- not allowed to give advice on the forum!:)

I'll be looking into remortgaging next - are you good at those too??

Not an area I know much about - it is a number of years since I had a mortgage - have you seen this?

https://www.moneysavingexpert.com/mortgages/best-buys/

Albermarle

Your help and advice is very much appreciated so again thank you so much. I'll be looking into remortgaging next - are you good at those too??

There is a different forum for that :
https://forums.moneysavingexpert.com/forumdisplay.php?s=&daysprune=&f=15

Pokerchick

Oops sorry for using 'advice' instead of 'suggestions' - I'm very new to forums!

The comment about remortgaging was a bit tongue in cheek - I'm a big Martin Lewis fan and have already downloaded and read his remortgaging guide so will be following this but at least now I know where the forum for those are should I need a question answering so thanks.

Pokerchick

So I have the inheritance in savings accounts for both girls. I was ready to transfer the CTF and set up JISAs for both but after reading the guide to them again, both me and my husband are uncomfortable with the fact that the money is completely theirs at age 18 and we would have no control whatsoever.

Reading "To take it to its extreme, here's a question Martin was asked: "Could I stop them if they wanted to buy drugs with it?" The answer is no." has made us rethink the JISAs as we would hope that they grow up to be responsible but you just never know. We don't want to be controlling but would like to have some say just in case.

So my question is, what if any, are the alternatives to cash JISAs where we could keep at least some control when they turn 18?

AnotherJoe

Pokerchick wrote: »

So I have the inheritance in savings accounts for both girls. I was ready to transfer the CTF and set up JISAs for both but after reading the guide to them again, both me and my husband are uncomfortable with the fact that the money is completely theirs at age 18 and we would have no control whatsoever.

Reading "To take it to its extreme, here's a question Martin was asked: "Could I stop them if they wanted to buy drugs with it?" The answer is no." has made us rethink the JISAs as we would hope that they grow up to be responsible but you just never know. We don't want to be controlling but would like to have some say just in case.

So my question is, what if any, are the alternatives to cash JISAs where we could keep at least some control when they turn 18?

Nowhere, if the money has been left to them, its theirs when they are 18 come what may. You already "dont have any say". Thats a function of the law, whether its in a JISA or a building society account makes no difference. Youve misunderstood if you though ML was saying it becomes theirs at 18 because it was in a JISA. It becomes theirs at 18 wherever it is.

Arguably its less likely to be accessed if its in funds and the like inside an ISA, than if its an easily accessible / understandable amount of money in a building society account.

But in any case, if your aunt didn't want the money to go to your girls when they were 18 she could have arranged things differently, but she didn't.

xylophone

So my question is, what if any, are the alternatives to cash JISAs where we could keep at least some control when they turn 18?

If these funds are absolute gifts to the children, then you hold in bare trust and they have the legal right to access and control at the age of 18 (16 in Scotland)

In a JISA (CTF) they have the right to control at 16 and access at 18.

Under these circumstances, it seems better to me to use the ISA which has the advantage of a reasonable interest rate - in the case of the Coventry offering, this is currently above inflation.

Pokerchick

Oh right, yes I have misunderstood and thought it was because it was a JISA. I'll go with the JISA then as, like you say, it is the best interest rate. Thanks for the clarification.