Leaving my Grandchildren money but not in a will

Harriers9

Thanks for the ideas given so far.

Just some further information. I have already been paying money for them since birth into Nationwide accounts set up for them by their parents but it was mentioned once in passing (by a different relative) that the father has full control of the money anyway and had already moved some of the money into his own companies accounts via shares. He owns a large engineering company in Birmingham worth millions

He said it was a better option for the money. I'm not happy with it.

Olinda99

if you mean a Nationwide savings account then that is a bad idea as you will be losing money because of inflation and might as well rip up pound notes in a shower !

MikeJXE

Harriers9 said:

Thanks for the ideas given so far.

Just some further information. I have already been paying money for them since birth into Nationwide accounts set up for them by their parents but it was mentioned once in passing (by a different relative) that the father has full control of the money anyway and had already moved some of the money into his own companies accounts via shares. He owns a large engineering company in Birmingham worth millions

He said it was a better option for the money. I'm not happy with it.

Harriers9 said:

Thanks for the ideas given so far.

Just some further information. I have already been paying money for them since birth into Nationwide accounts set up for them by their parents but it was mentioned once in passing (by a different relative) that the father has full control of the money anyway and had already moved some of the money into his own companies accounts via shares. He owns a large engineering company in Birmingham worth millions

He said it was a better option for the money. I'm not happy with it.

Like I said before a Junior ISA 

NO ONE can touch the money till the child is 18

xylophone

The children's father should not be moving money from his children's accounts into his own accounts - if he is "buying" shares in his company in his name but as bare Trustee for his children (so that they are the beneficial owners) it is a slightly different matter but even so I don't like the conflict of interest.

You could ask the children's mother to open a JISA for each child - they are still very young so stocks and shares JISA is worth considering over cash.

Fidelity or HL are given favourable mentions - a global mixed asset fund might be suitable.

https://monevator.com/best-global-tracker-funds/comment-page-1/

However, you would need to accept that the children have the absolute right to access at the age of 18.

Otherwise, if you do not want to use your own ISA allowance as a savings vehicle with the assets to be used for the children's benefit at a time of your choosing, you could open a General Investment Account for this purpose but income and gains would be taxable on you.

You would then need to leave a specific gift of the assets in this account in your will so we have come round in a tight circle.

Albermarle

Harriers9 said:

Thanks for the ideas given so far.

Just some further information. I have already been paying money for them since birth into Nationwide accounts set up for them by their parents but it was mentioned once in passing (by a different relative) that the father has full control of the money anyway and had already moved some of the money into his own companies accounts via shares. He owns a large engineering company in Birmingham worth millions

He said it was a better option for the money. I'm not happy with it.

It seems rather odd that an apparently rich businessman, would be bothered to take money from a children's saving account that had been put there by a grandparent, to buy shares in his own company. Bizarre in fact.

Harriers9

I believe that he thinks it would give the childrens money a better return and would also give them a stake in the company