How do I put away 50k in my child's name?

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Billie1007
Billie1007 Posts: 30 Forumite
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in Savings & investments
I'm very poorly and want to put the money in her name. Daughter is two. Money currently held by my father in law, but I'd like to put it somewhere in her name. I was thinking bonds, but after reading here it's apparent that most people wouldn't recommend them?
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  • xylophone
    xylophone Posts: 44,412 Forumite
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    I'm very poorly

    Are you implying a life threatening illness?
  • Billie1007
    Billie1007 Posts: 30 Forumite
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    Yes, sadly. Terminal.
  • McKneff
    McKneff Posts: 38,823 Forumite
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    Held by father in law, where is it held.
    Is it held in his name, if so it is legally his money

    You need legal advice
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • Billie1007
    Billie1007 Posts: 30 Forumite
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    It's not a problem as he would simply give me the money back once I've decided where to put it. Or are there implications otherwise?
  • 18cc
    18cc Posts: 2,120 Forumite
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    I am assuming that you don't want your daughter to have access until she is eg 18 in which case you are talking about a 16 year investment timeframe. Do not put it into savings, bonds etc as the return will not likely be enough to match inflation. Put it into investments. Others on here can advise which is best for the long term. Which country are you in - I assume UK.
  • Sea_Shell
    Sea_Shell Posts: 9,376 Forumite
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    You say "give you the money back".

    Why does he have your money in the first place? Were you shielding it for some reason?

    If the money is deemed to be his, you need to check that him "gifting" £50k to your child doesn't cause him potential issues.
    How's it going, AKA, Nutwatch? - 12 month spends to date = 2.31% of current retirement "pot" (as at end March 2024)
  • Billie1007
    Billie1007 Posts: 30 Forumite
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    Yes, we are in the Uk. It was put there as I wrongly thought that I should quickly transfer my assets as it would help me to be cared for in my own home. What implications might there be for returning the money? Clearly I've been very naieve in all this.
  • Billie1007
    Billie1007 Posts: 30 Forumite
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    Father in laws Estate will never be worth more than the inheritance tax limit if that's the potential issue?
  • Mojisola
    Mojisola Posts: 35,557 Forumite
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    Billie1007 wrote: »
    Yes, we are in the Uk. It was put there as I wrongly thought that I should quickly transfer my assets as it would help me to be cared for in my own home. What implications might there be for returning the money? Clearly I've been very naieve in all this.

    We don't always think straight in such different circumstances but this sounds like a clear case of deprivation of assets.

    You (or your executors) may get a request for repayment of any means tested help you have received.
  • Billie1007
    Billie1007 Posts: 30 Forumite
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    I understand Mojisola, as it happens there hasn't been any means tested support at all so that's a good thing.
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