Childrens Inheritance

MummytoJ

Hi,

My dad sadly passed away last year very suddenly. He did not leave a Will but did share with me how he wanted his estate shared.

My Dad is divorced although remained close friends with my Mum and was single when he passed. My Dads estate will go to me and my brother to be split 50/50 due to probate and we will ensure Dads wishes are honoured.  

My Dad wanted £15,000 (each) to go to his 3 grandchildren, £10,000 to my mum and the rest split between me and my brother.

We also sold my Dads car for £9000 with £3000 going to each grandchild (Dads wishes)

My question is where to put the grandchildrens money. Eldest is 22 so he will be given his. Where shall we put grandson (11) and granddaughter (10) £18,000?

xylophone

Deed of Variation of Intestacy gifting the amounts to the children/ ex spouse?

It would appear that the amounts in question will be absolute and unconditional gifts.

Do  the minor  children have JISAs?

If not,  you might consider asking parent to open one for each and contribute the max £9000 for current tax year

https://www.gov.uk/junior-individual-savings-accounts


and then  a savings account in bare trust for each - example here


  https://www.skipton.co.uk/savings/childrens-savings-accounts/childrens-trust-saver#:~:text=Until the child turns 18,child will be the beneficiary.

and moving from this to JISA in subsequent tax years?

Torry_Quine

Are you or your brother on any means tested benefits?  If you are giving away the money would be deprivation of assets. 

Hoenir

Did your parents have a Financial Consent order drafted? Simply being divorced does not break the financial relationship. 

MummytoJ

Torry_Quine said:

Are you or your brother on any means tested benefits?  If you are giving away the money would be deprivation of assets. 

No, we both work full time and not on any benefits.