Trust

k2004

I've have two grandchildren their mother passed away and the local authority has  parental responsibility their mother left an insurance policy of £140.000.I'm a kinship here for them the money is with the solicitors at the minute they have been no help because there be getting the interest. children are 15 and 16 I would like to put this money away and kept safe for their future 21 trust anybody can help thank

Keep_pedalling

You need to put £70k in a separate bare trust for each child but they will be entitled to full access to that money once they reach 18, you can’t hold it back from them the best you can do is guide them on how to handle it from that point.

Because both will reach 18 within 3 years this these need to go into cash accounts rather than investment accounts.

xylophone

The money belongs to the children but in view of their ages they cannot give good receipt for it.
A Bare Trust account can be opened for each child. Each child will have the right to access and control at age 18.

https://www.skipton.co.uk/savings/childrens-savings-accounts/childrens-trust-saver   Up to £50,000 each

Or you could try

https://www.mansfieldbs.co.uk/saving/trust-savings-accounts/

https://www.suffolkbuildingsociety.co.uk/savings-products/family-tree-trust-saving-for-children-under-18-years-2/

https://www.bucksbs.co.uk/savings/trust-accounts/trust-instant-access/

https://www.harpendenbs.co.uk/savings/trust-instantaccess/