Shall I split DDs inheritance of baby 2 comes along?

[AliceTheCamelHasFiveHumps]

DD is about to inherit £10,000 from my Dad.

All grandchildren were left the same amount.

We are trying for a second child. It's IVF and we have only one chance. If second child does come along. Do you think I should split DDs inheritance with her?

Well updates here have changed things significantly and bewilderingly.
Not sure what the problem is at all now.
Three children inherit 1/3. All three know and agree that your dad wanted the inheritance to go to the grandchildren and agree this is what will happen.
The money is yours op. Your third is yours to do what you wish with. You can honour your dads wishes and split it between however any children you have. The three siblings can pool it and divide it amongst all of the grandchildren later when numbers are known. You can actually do something else entirely with it - I would deffo honour my dads wishes but the money is actually yours op.
No longer understand what the problem is.
Condolences about your dad and good luck with ivf - a lot to deal with. Good luck.

@AteAllTheBourbons

Of course split it. The idea that one child would have 10k and the other nothing, from a grandparent that neither of them knew, is beyond crazy.

"Rightful inheritance" what a load of bollocks.

It’s not a lot of bollocks . If the op child had been left the money in a will it wouldn’t be up to her to just split it between two. Wills are there for a reason . But in this case there is no will so the op can do what she likes with her money

Having read all of your updates. Yes absolutely split the money if you have a 2nd child.

By sitting the money between all GC then you are honouring what your dad mentioned a long time ago.
You keep saying that you weren’t sure if your DD should have been included as he never met her.

He died suddenly which must have been awful for you, having just given birth but I bet he was excited for you when you were pregnant, I bet he was thrilled with the idea of a new baby in the family.

And I bet if you could ask him now he would say that he is devastated he never got to be a part of your DDs life and that of a possible last IVF baby but he is happy he can at least help them in a small way with their futures.

So as another poster suggested, when the money comes through, open two accounts. 1 for DD and put £5k in, another in your name and keep the £5k in until you have had your last IVF then depending g on the outcome, it either goes to that baby or over to your DD but either way your dads verbal wishes have been honoured as the money will have gone to his GC

@Pissedoff1234

So if they hadn't 'decided' to give your DD a share, then you would have given all your inheritance (which you would pass down to your DC) away to nieces and nephews. Strange.

Yes. I would have given it away. It may be strange. Bit that's what I would do. None of us siblings want the money.

I know we're unusual, because most people seem to want to keep any inheritance for themselves. Citing inheritance rights/it's mine etc.
It we genuinely don't see the money as ours. We saw it as Dad's, and his wishes were to give to grandchildren. So we see it as theirs now. Which is why my OP was mistaken (which I apologised for and explained about)

When your dad died unexpectedly, without a will, and you are faced with the same situation. Do as you want. Do what's been advised and go back on the agreement between siblings when the money is released.

I won't be doing that. I will be honouring our agreement.

I'd split the inheritance.
a) It is legally your money to do with what you will.
b) Your Dad didn't leave a will, he wanted it to go to his grandchildren your hypothetical second child would be his grandchild
c) Would your Dad really have wanted disparity between your children?

@TeenMinusTests

I'd split the inheritance. a) It is legally your money to do with what you will. b) Your Dad didn't leave a will, he wanted it to go to his grandchildren your hypothetical second child would be his grandchild c) Would your Dad really have wanted disparity between your children?

My kids would both get £5k if I split. Then when they're 18/21, along with other savings, they'll have a nice sum of money to help them pay for something significant.

The cousins are all reaching 18 in the next couple of years. My kid(s) would not know or care about the fact their cousins got more.a Nd besides, DD had 17+ years to grow her money. The cousins have "missed out" on 17+ years of interest.

Yes OP, I'm agreeing with you. Split the 10k between your own children.

@AliceTheCamelHasFiveHumps

To complicate things slightly. Sorry if this is a drip feed.

There was no will. But we know Dad wanted it split between the grandchildren. After all the form filling and the probate people losing paperwork etc, it has finally been released.

So, we know that legally have to be split between me, my sister and brother. And we will do that, to follow the letter of the law. Then we will shuffle the money around into the kids bank accounts so they have the £10k each.

Does this change anything from a legal perspective?

In that case the question becomes how sure can you be that your hopefully soon-to-be-conceived dc2 will be the last grandchild? Your brother could easily father another grandchild in 20 years time, shouldn't that child also get a slice?

From a legal perspective the money that is your share from the intestate estate is yours to do with as you wish and as there is no will, the money doesn't legally belong to your DD at all. I think it is foolish of your siblings to be planning to put the money into the children's accounts immediately. The average 18 year old isn't necessarily very mature and will often make unwise decisions which can waste a lot of money, but if the £10k is theirs the parents can't stop them. There's a long time before your DC1 is 18, even longer before the hoped-for DC2 might be. Who knows, you might be able to save up another 10k lump sum by then anyway and then they can both have an equal amount to their cousins?

It would be much easier if you were all getting 1/3 each to divvy up as you please!

However I’d split the money $5k each if you do have a second child.

The age gap between your child/ren and their cousins, it’s not going to matter that they got “more”.

I’d be more worried about my future child knowing that their sibling and cousins all got $10k each and they got nothing.

$5k each and hopefully the amount will have grown by the time they’re 18/21

@AliceTheCamelHasFiveHumps I'm a bit confused - are you actually getting £16k? If so, can you not give your daughter the £10k, then save the rest for a potential second child?

Firstly, condolences OP for losing your dad the day after your DD was born. That must have been heartbreaking.

Personally I would put the £10k in something like an ISA and add as much money a month as you can for 18 years.

If you have another child then, when your DD reaches 18 she gets either £10k or, if there is more than £20k in the pot, half of what has been saved.
If you do not have another child, DD gets everything.

You don't need to make this decision now. If you can save £50 a month for 18 years then you will have £10k for both children.

No! That's your DDs money from her granddad and that's how he wanted it. If you have another child he/she would never have known him. I'm sorry for your loss.

No you can't but as others say you could try to save for other child so difference in their savings not do great by 18.

I wouldn’t, firstly if it’s in her name it’s illegal to do so. Secondly, if your dad has given it to her, why go against his wises. Thirdly, how would she feel if she ever finds out?

That would be illegal

Estate is split 3 ways and each parent gives their own children money is the only fair way. Then if you wish to save £20,000 of your inheritance in case you have a 2nd child you can but if you don't have another child your dd still gets her money and you can do what you wish with the £10,000 saved.

If you don’t have time to read the full thread please read all the OP’s posts.

There is a big enough age gap that your child/ren would never know how much their cousins got. So I would give £5k each and put in the best interest ISA possible. And top up if you can...

@Buggersticks

No! That's your DDs money from her granddad and that's how he wanted it. If you have another child he/she would never have known him. I'm sorry for your loss.

Your logic is flawed.

As if your Dad wouldn't want to split it if he knew he had a second grandchild regardless of them missing each other's entries and departures from this world.

I think people are viewing this will as too literal.

As you've not conceived the second child it would be hard to change.

I would try and save and match it for your second child. I assume you're receiving an inheritance too.

@countrygirl99

If you are inheriting you takeout out of yours. Your DDs inheritance is not yours to give away, it would be theft.

@countrygirl99

Has nailed it.

This really isn't something to worry about.

As it's not limited by a will, split it between the two children and, over the course of the next 18 years, add £5000 to each pot so that they each inherit a minimum of £10k when they hit 18.

That shouldn't be hard to do. It's roughly £300/year for your eldest and £275/year for your youngest. If you're in a position to pass on the inheritance to your kids rather than using it for living costs for them, I assume that saving about £48/month for the next 18 years won't be a problem.

Meanwhile, invest both pots wisely and they should be higher than £10k when they turn 18. Maybe it'll be a bit less by inflation than what their cousins got, but who cares? It's still £10k and still equal to each other.

Because if you're not going to redistribute between you and your siblings, which is fine, then you have to ensure that the split is fair amongst your own kids. I can promise you that there will be much more resentment if your eldest gets £10k and your youngest gets nothing than if they have slightly less by inflation than what their much older cousins got 18 years earlier.

Well what if your brother and sister have more children ? I think the cleanest way to do this would be for you to each donate your third of the inheritance between your children. I don't think it's fair that their cousins will get 10,000 each and your children 5000 just because one is born later.

You say there are 5 grandchildren and all will receive 10,000 each. Total = 50,000 and beteeen 3 siblings thats $16666. Why don't you ask siblings if you can simply leave the each of your inheritances in your own organised trust account for your respective children.

If you have more children you can each divvy it up as you see fit. If you don't have more children you are free to disperse that excess money to your nieces and nephews down the track.

As you are not constrained by a will, I would stick it in premium bonds that you have control over and split with any future progeny as necessary.

I know you realise now that getting the detail in your OP is quite important!

Legally it's not your money to split, it's your DD1's and should be kept in a trust fund until she is 18. If you want DC2 to have the same amount, open a savings account and save for her.