Money Moral Dilemma: I've put my mum's money into Premium Bonds - who gets the prize if it wins?

WindfallWendy · 1 March at 3:23PM

Indeed. So why position the post as though suggesting we will actually be able to help someone? If it's an artificial rouse to generate debate and opinions then it could just as easily be pitched with that frame.

Cantandrex · 18 March at 12:42AM

As it's your Mum's money that you are 'looking after' any winnings are morally hers. If you have invested the money in your name, legally the winnings are yours, but it wasn't legally your money in the first place. If she is lucky enough to win, then ask her what she wants to do with the money. It's not really up to you to decide

Wanttodobetter · 18 March at 11:02AM

Morally it should either go back to your mother or to her friend. It's clear your mother has just asked you to 'look after' the money.

Legally it's a minefield. You cannot buy Premium Bonds for someone else, so legally the winnings are yours. If anything happens to you how will anyone know the money was intended for someone else?

Safest option is to tell NS& I to reinvest any winnings.

spreadsheeterapple · 20 March at 2:55PM

If Care Fees come into play, this money will legally have to be reinstated into Mother's savings in calculating her asset total and the total amount she has to pay in care fees. If Care Fees then take up all of her savings & assets before she dies, and then there is no money left over, then there will be no inheritances or bequests to pass on because the money won't exist any more. That's the way it works, gifts given can be clawed back for use to pay care fees.

Money cannot be hidden, whether it is to avoid paying to care fees or to avoid paying it to tax; both are illegal and rules must be followed by all persons at all times, no exceptions. I don't why nobody else has expressly stated this.