Kids inheritance investment
curioussarah
Posts: 1 Newbie
Hi there,
Need some advice on what to do my my children's inheritance. They have both been left £23k from their grandma but i'm unsure how to invest it. They are 7 & 13. I've done some research and asked a couple of financial adviser friends but am still stumped. There seems to be so much info and so many options that l have hit a wall.
Any advice would be gratefully received!
Need some advice on what to do my my children's inheritance. They have both been left £23k from their grandma but i'm unsure how to invest it. They are 7 & 13. I've done some research and asked a couple of financial adviser friends but am still stumped. There seems to be so much info and so many options that l have hit a wall.
Any advice would be gratefully received!
0
Comments
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what are your goals for the money? uni?
Growth will be better (over the long term) in stocks and shares but the 13 year old is probably getting close to the minimum length of investment for that as the money will come to them at 18.I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
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Does your thirteen year old have a CTF?
If so, see https://www.skintedmintedmum.co.uk/minted-blog/how-to-transfer-a-child-trust-fund-ctf-to-jisa-with-a-double-scoop-of-tax-allowance.html which may be worth considering.
Does the younger child have a JISA?
The balance of the money can be held in child accounts in bare trust and gradually transferred over to the JISA in subsequent tax years.
https://moneytothemasses.com/quick-savings/parents/best-junior-stocks-and-shares-isa
https://www.itv.com/thismorning/hot-topics/martin-lewis-reveals-the-best-childrens-savings-accounts0
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