We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Children’s inheritance
Options

babuseat
Posts: 41 Forumite


2 of my children have inherited 10k each . The ask in the will is that they don’t get it till they are 18 which is perfectly fine. I was tempted to put it in a junior ISA but my concern is that we would want to Make sure the money is used wisely ie property . Has anyone got any advice or experience what would be the best way to save their money?
0
Comments
-
How old are they?#2 Saving for Christmas 2024 - £1 a day challenge. £325 of £3661
-
I appreciate what you are trying to do but if the will only says "not till age 18" and has no further stipulations then you have no rights to add further conditions - it could lead to resentment. it's not your money, it's theirs.
:heartpuls Mrs Marleyboy :heartpuls
MSE: many of the benefits of a helpful family, without disadvantages like having to compete for the tv remoteProud Parents to an Aut-some son
0 -
Tigsteroonie said:I appreciate what you are trying to do but if the will only says "not till age 18" and has no further stipulations then you have no rights to add further conditions - it could lead to resentment. it's not your money, it's theirs.0
-
babuseat said:Tigsteroonie said:I appreciate what you are trying to do but if the will only says "not till age 18" and has no further stipulations then you have no rights to add further conditions - it could lead to resentment. it's not your money, it's theirs.
But a banker, engaged at enormous expense,Had the whole of their cash in his care.
Lewis Carroll1 -
babuseat said:The ask in the will is that they don’t get it till they are 18
my concern is that we would want to Make sure the money is used wisely ie property .
As for using the money wisely, that is a very many varied interpretation and all you can do in that regard is to train your children from a very young age to understand the value of money and the benefits of concepts such as saving versus spending. It is entirely up to your children what they chose to do with the money, though if you have taught them the value of money well, they will do something "wise" with the money, which may not be property.
You do not say what age your children are, nor where in the country you are. Although £10k is a very nice sum (especially at age 18) it is not, for most people, a life-changing amount and nor will it make a massive impact to the costs of jumping on the housing ladder. Particularly as you are referring to the £10 against a future (presumably higher) property market than today's prices.
It is careful to be cautious about the encouragement to "use the money wisely" as this can become overly restrictive. I say this from experience. My FiL gave us a sum of money which he wanted us to use wisely. It was a very welcome sum, but not life-changing. The trouble was identifying what was "using the money wisely" became very difficult and so restrictive as everytime we made or tried to make any purchase of a noticeable value, including new car, holiday, even double glazing, FiL would comment that was not what the money was for. In fact both the car and the double glazing we put on hold because of the level of resistance. Our solution was to give him the money back and then we went out and bought the new car, double glazing, and study furniture all in one hit (felt like we'd won the lottery) but the proof was there this was our money and not the gift from FiL which was reserved for "something wise".
The hardest part of the gift from FiL was that the whole gift was initiated because BiL had received a tax bill because he had not been declaring income correctly so the gift to BiL was to settle the tax bill (urgent) yet, by default, the BiL had effectively frittered away the money as monthly income ahead of the tax man catching up with him.1 -
Grumpy_chap said:babuseat said:The ask in the will is that they don’t get it till they are 18
my concern is that we would want to Make sure the money is used wisely ie property .
As for using the money wisely, that is a very many varied interpretation and all you can do in that regard is to train your children from a very young age to understand the value of money and the benefits of concepts such as saving versus spending. It is entirely up to your children what they chose to do with the money, though if you have taught them the value of money well, they will do something "wise" with the money, which may not be property.
You do not say what age your children are, nor where in the country you are. Although £10k is a very nice sum (especially at age 18) it is not, for most people, a life-changing amount and nor will it make a massive impact to the costs of jumping on the housing ladder. Particularly as you are referring to the £10 against a future (presumably higher) property market than today's prices.
It is careful to be cautious about the encouragement to "use the money wisely" as this can become overly restrictive. I say this from experience. My FiL gave us a sum of money which he wanted us to use wisely. It was a very welcome sum, but not life-changing. The trouble was identifying what was "using the money wisely" became very difficult and so restrictive as everytime we made or tried to make any purchase of a noticeable value, including new car, holiday, even double glazing, FiL would comment that was not what the money was for. In fact both the car and the double glazing we put on hold because of the level of resistance. Our solution was to give him the money back and then we went out and bought the new car, double glazing, and study furniture all in one hit (felt like we'd won the lottery) but the proof was there this was our money and not the gift from FiL which was reserved for "something wise".
The hardest part of the gift from FiL was that the whole gift was initiated because BiL had received a tax bill because he had not been declaring income correctly so the gift to BiL was to settle the tax bill (urgent) yet, by default, the BiL had effectively frittered away the money as monthly income ahead of the tax man catching up with him.1 -
Also at 18 , life is exciting and it would not be really normal for an 18 year old to have money, and not spend it on fun things rather than save it all.
At that age a car is usually high on the priority list + driving lessons + a large insurance bill. That 's most of the £10K gone already !1
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.6K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.4K Spending & Discounts
- 243.6K Work, Benefits & Business
- 598.4K Mortgages, Homes & Bills
- 176.8K Life & Family
- 256.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards