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My DF has recently died and left £6000 to each of my DSs aged 16 and 19. He stated that they should not have access to this money until they are 25. Me and my sister are the executors of the will. We don't want to set up trust funds as we believe they will be expensive and the will does not state the money must be held in trust.Was thinking about a 5 year ISA to begin with in the DSs own names. Realise this will in theory give them access to the money, but they're good lads and fingers crossed wouldn't touch it.Is this a good plan?
Hi Bella. Often people make these clauses in their will and you are right that a trust account will have charges and where I work we don't accept them for less than 100k. I think your plan sounds like a good one. You know the boys and I can see the logic in 25. Many people are past the stage of wasting the money! I would open the accounts online and not tell them how to access. Most fixed isas they can't add to anyway.
Thanks PuggyMum especially for the online suggestion.
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