CHILDS SAVINGS ACCOUNT

Eco_Miser

Yorkie1 21 February at 5:00PM said
If the will says "I give the funds in my ISA sort code 01-23-45 account 01234567 to my grandson George [or to be split between such of my grandchildren as survive me, to avoid it going only to George if there is then another grandchild]", then if that account no longer exists, the gift will fail if the funds have been transferred to ISA sort code 67-89-01 account 76543210. Those funds will just form part of the rest of the estate.

Could this be dealt with by inserting the words " or such account to which those funds may subsequently be transferred" after the account number?

lr1277

My understanding of the following is not perfect, but say the following as a guide for further investigation with paid professionals, or perhaps knowledgeable forumites will contribute.

I suppose another potential set of problems are if the grandparent dies before the grandchild reaches 18. Then the money will have to be looked after by a trustee until the grandchild turns 18. Usually the executor of the will becomes the trustee unless otherwise specified. One possibility is your child becomes the executor of your will but will they want to adminster your will whilst living in Malta? You could get a solicitor to be both the executor and trustee but that costs money.

Yorkie1

https://forums.moneysavingexpert.com/discussion/comment/81896894#Comment_81896894

I'm not sure how easy it would be for executors to track such funds, particularly through multiple accounts …

mac505

Thanks everyone , I suspect we will open an ISA in his name and ensure details are included in our wills , it is only so he is on par with his UK based cousins , he will not be retiring at 18 on what we will be putting in lol .

poseidon1

https://forums.moneysavingexpert.com/discussion/comment/81914601#Comment_81914601

Not possible to set up an ISA in a child's name unless it's a Junior ISA, which is not an option here.

So it will have to be an ISA in your own name which you specifically identify as earmarked for the Maltease resident grandchild, with all the attendant issues of tracing which others here have already identified, if you change or transfer that ISA to another provider over the ensuing years.

Not a straightforward option if that is what you have finally decided on.