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If i die i have left lots of money to my ds shall i say what needs to be done so it wont be peed up a wall? - 300k

(10 Posts)
jellyjelly Sat 01-Nov-08 18:26:36

Am a single parent and when i go my son will gain rather alot of money ie over 325k.

I kknow that any debts will be paid off.

My son would live with my ex but i dont want the money to be pissed up a wall. Can i impose any conditions on it so it is not wasted?

luckylady74 Sat 01-Nov-08 18:28:30

You can put money in trust til he's a specific age.

jellyjelly Sat 01-Nov-08 18:29:45

What if he loses his job and my son would be disadvantaged without it? Should i think about a bond that needs to pay a certain amount out each month? Can i do this?

BreevandercampLGJ Sat 01-Nov-08 18:31:33

You would be better off seeing a solicitor for professional advice. TBH

luckylady74 Sat 01-Nov-08 18:33:36

When I made a will with a solicitor he advised me on guardianship, leaving money in trust and so on - best thing to do if it's complicated.

expatinscotland Sat 01-Nov-08 18:35:50

See a solicitor and ask about setting up a trust.

QuintessentialShadows Sat 01-Nov-08 18:50:31

See a solicitor about setting up a trust.
You may name a trustee yourself, that you trust wholeheartedly. But, the solicitors may also offer to manage this for you, for a fee of course. You should enquire into this.

Also, you have to think about how the money should be invested, a safe investement with good interest rate, so that your son might get a lump sum himself at 21 etc.

FiveGoMadInDorset Sat 01-Nov-08 18:52:53

My father gave us some money, but is set up in trust fund, we get the interest every year and can get capital but has to be approved by the trustees. See a solicitor who will specialise in this area.

ajandjjmum Sat 01-Nov-08 19:25:55

Appoint trustees who you know and trust (sort of goes without saying!), and discuss with them your fears and concerns.

They would be at liberty to use the funds as they judged fit under various circumstances.

jellyjelly Sun 02-Nov-08 10:41:04

I have to say i am seeing a solicitor but i dont want to make a spur of the moment decision so hence coming here.

Am making a will next week and i have to think about things before hand

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