Inheritance

Invest987

I defintely will. Just read all previous posts and you kindly pointed that out at the begining. 
I have two meetings left with Coutts and Schroders before deciding but all the advice given on here today and back in September stresses a good representation by a Tax Specialist/accountant or STEP solicitor. The one I spoke to is highly recommended and answered all my rather silly questions very well. The only reason why I spoke to Coutts and Schroders is that the other Executor, my Sister wants to be more cautious and go with a Bank connected Wealth Management Team.  For clarity, my uncle is by marriage,  my husbands uncle. He had no children and no one else would help him from his durect family. He chose my sister as second executor in case anything happened to me. 

Invest987

Great advice everyone, spoke to alot of people. I am clear that I have found a great STEP solicitor to look at the will and advise on trusts, provide Tax advice and accountancy. He is also a financial planner and  works closely with Tilneys. Still have one more conversation with RBS Coutts just to clear everything in my mind that I will make the right decision for the children. As ever always willing to take different points of view. Thank you. 

dunstonh

 He is also a financial planner and  works closely with Tilneys

All the options you have referred to as restricted and some quite expensive.   Is there any reason why you are avoiding independents?

my Sister wants to be more cautious and go with a Bank connected Wealth Management Team. 

What experience of investing does your sister have?    Banks have an awful reputation when it comes to investments.   Expensive and low quality is generally par for the course.  Typically they have higher staff turnover too.   Which can be frustrating when you speak to a different person each time.

Invest987

I am no expert by far so grateful for your comments. Tilneys is much cheaper than the banks plus a designated adviser.  I have already checked the fees. If you mean totally independent as one man band, I just do not have any personal recommendations and its a lot of money to just pick one. My sister is now on board with a route away from the major banks after this research. I can imagine my comments seem simplistic compared to the experts out there. Thats why I welcomd all your comments. 

AnotherJoe

Outside all the stuff about age 18, discretionary etc, a couple of points.

1. I would use an IFA. My rule of thumb, steer clear of any company with the name "wealth" in it as they mean their wealth, not their customers. 

2. If they dont get the money until 25, this is on the cusp of whether it should be invested, especially if they may get some ahead of that age, so probably a bit long term and some with an eye to it being accessed earlier.

.

Invest987 said:

I am no expert by far so grateful for your comments. Tilneys is much cheaper than the banks plus a designated adviser.  I have already checked the fees. If you mean totally independent as one man band, I just do not have any personal recommendations and its a lot of money to just pick one. My sister is now on board with a route away from the major banks after this research. I can imagine my comments seem simplistic compared to the experts out there. Thats why I welcomed all your comments. 

No, by independent its meant someone who can access any financial products, not someone like schroders or coutts or a bank who are restricted to only offering their own products. What are the odds their products are the best in all circumstances?  I'll tell you, zero, and another thing, they usually aren't the best in any circumstances.

An independent IFA could still be in a large organisation, although more likely to be smaller. Please do not use a bank.

Invest987

AnotherJoe said:

Outside all the stuff about age 18, discretionary etc, a couple of points.

1. I would use an IFA. My rule of thumb, steer clear of any company with the name "wealth" in it as they mean their wealth, not their customers. 

2. If they dont get the money until 25, this is on the cusp of whether it should be invested, especially if they may get some ahead of that age, so probably a bit long term and some with an eye to it being accessed earlier.

.

Invest987 said:

I am no expert by far so grateful for your comments. Tilneys is much cheaper than the banks plus a designated adviser.  I have already checked the fees. If you mean totally independent as one man band, I just do not have any personal recommendations and its a lot of money to just pick one. My sister is now on board with a route away from the major banks after this research. I can imagine my comments seem simplistic compared to the experts out there. Thats why I welcomed all your comments. 

No, by independent its meant someone who can access any financial products, not someone like schroders or coutts or a bank who are restricted to only offering their own products. What are the odds their products are the best in all circumstances?  I'll tell you, zero, and another thing, they usually aren't the best in any circumstances.

An independent IFA could still be in a large organisation, although more likely to be smaller. Please do not use a bank.

That is all a great information thank you. Tilneys apparently is a financial planning firm with local representation. Thank you.

Malthusian

Invest987 said:

That is all a great information thank you. Tilneys apparently is a financial planning firm with local representation. Thank you.

Tilneys is a big national tied adviser and, like all tied advisers, will only offer a limited range of products (probably their own).

IFAs are not all "one man bands" although some of them are. They are all small or possibly medium-sized businesses, usually serving a local area, because the more advisers you have, the more difficult it is to hold on to the "independent" label.

If you can't get a recommendation for an IFA from someone you trust who has used them for a long time, the next best option is to contact a few IFAs in your local area and arrange some introductory meetings.

Invest987

Ok right. I am getting clearer and clearer on this. I do appreciate all the posts. As I re read initial post the good advice remains the same, it just has taken me a bit to arrive there too. Thank you. I guess if anyone would like to predict how this money should be invested that will give me sonething to compare to.

jacklaurence

I would recommend looking into Vanguard funds for a diversified approach until they are able to choose how they want to allocate it 

Invest987

jacklaurence said:

I would recommend looking into Vanguard funds for a diversified approach until they are able to choose how they want to allocate it 

Thank you. It all really helps.