Inheritance/gift under will 22 November 2022 at 1:48PM in Deaths, funerals & probate 3 replies 326 views

Ellen7815

My mother in law’s best friend died suddenly and unexpectedly earlier this year. She wasn’t my husbands godmother but was for all intense purposes. When our daughter was born she gifted her 5k and another 500 on her baptism which we’ve put in a junior stocks and shares ISA for her. My husband has been left 15k in her Will and we’re not sure whether to put aside 5k for a future second child (which we plan on having) so that both children have received an equal amount effectively from her. We did think about just splitting the total from the ISA between the 2 children but I know it doesn’t work like that as when our daughter turns 18 that money will be hers.
on the other hand, we could really do with that 5k for work around the house and/or pay off some of the mortgage. Any advice/ what would you do?? Or am I overthinking things 😅

Linton

You seem to be overthinking things.    The inheritance is presumably for you and has no direct bearing on what money you put away for your children.  Use your inheritance for whatever you see fit or save it in your name and add whatever money you wish to the child's or children's funds as and when appropriate.

HRH_MUngo

The quicker you can pay off your mortgage, the quicker you can make provision for your (as yet non-existent) second child.  So my advice would be to do that.

Your husband's Godmother won't ever know this child, so I'm sure they won't expect to have been left anything in her will.  You could always give him or her £5k when they are eighteen - after all, you have more than eighteen years to save it!

Marcon

Ellen7815 said:

My mother in law’s best friend died suddenly and unexpectedly earlier this year. She wasn’t my husbands godmother but was for all intense purposes. When our daughter was born she gifted her 5k and another 500 on her baptism which we’ve put in a junior stocks and shares ISA for her. My husband has been left 15k in her Will and we’re not sure whether to put aside 5k for a future second child (which we plan on having) so that both children have received an equal amount effectively from her. We did think about just splitting the total from the ISA between the 2 children but I know it doesn’t work like that as when our daughter turns 18 that money will be hers.
on the other hand, we could really do with that 5k for work around the house and/or pay off some of the mortgage. Any advice/ what would you do?? Or am I overthinking things 😅

You seem to be making an issue for yourself where none exists. You don't even have a second child and you're already worrying! If you could 'really use' the £5K which you're thinking about allocating to a child who doesn't exist, then do so - and when you have a second child, and can afford it, top up the child's savings.