Large payment and UC

JIL

Is there something in writing or with legal backing to say the money is just for the children? When they can access it, and how it should be invested?

This is on government.uk

Universal Credit: money, savings and investments - GOV.UK https://share.google/HZxx1B9FcUKzxIq3c

NedS

https://forums.moneysavingexpert.com/discussion/comment/82128973#Comment_82128973

Why would it be shifty - it's their money that you've been given, so move it into their account(s). The longer you keep the money, the more 'shifty' it looks, as it looks like you are trying to retain a beneficial interest in their money.

tetrarch

"For the kids future" and "To the kids" are very different. As it stands it looks as though the money has been given to you

Personally I would get two ordinary bank accounts opened for each of the kids whilst getting the money sent the money back and ask the donor to resend the money to the new bank accounts directly with something in writing

Regards

Tet

peteuk

https://forums.moneysavingexpert.com/discussion/comment/82128882#Comment_82128882

From what I can see the limit for deposits into a Júnior ISA is £9,000. That's £18K, ad the OP says eve after this they will be above the UC Capital allowance, which at best is £6K or £16K. So looking at this the OP has been gifted either over £24K or £34K.

This raises other questions, above the UC one. What is the relative avoiding or hiding, if anything happens in the future and this "gift" comes to light it may have other implications. For example if the relative is elderly or unwell, if they go into care the gift may be viewed as avoidance of paying for care.

born_again

OP's other thread on subject

https://forums.moneysavingexpert.com/discussion/6682492/how-to-invest-for-kids