Maybe this needs to go in Money Matters or Legal but would appreciate people's ideas about this.
DS will be 11 this year, he has an autistic spectrum disorder (higher functioning), ADHD and mild learning issues as a result.
My in-laws are fairly wealthy and have set up a Bond which will mature when DS is 21. All in all the amount will be around £50k which is a sizeable sum for a 21 year old to have in his possession.
As my DS has mild learning issues and is also very impulsive I cannot help being a bit concerned about him having such a large sum of money when he is barely out of his teens. I would like my in-laws to add a safeguard to it so that DS receives guidance before accessing a large amount.
As myself and DS 's Dad are separated I feel that it is not appropriate for that person to be me although I would like to be consulted in any future discussions which might take place. I am hoping that ex SIL or even DS's Dad might step into the role.
I would like to give DS some understanding of the value of money. At the moment like most 10 year olds he thinks money is harvested from the great machine in the wall.....despite my explanations. As he is getting older I want to try and give him some money responsibility so that he gets the idea of it not being a never ending supply etc.
I think the other reason I am worrying is that his Dad has never been good with money....he has always known that one day he will be rich..ish. His parents are currently having three luxury houses built and when sold all their children will get a sum of around £300k and more will be put by for DS. Ex DH is a lovely man but crap and impulsive with money...his parents gave him a cheque for £10k about four years ago and he blew it in a year! He is talking about buying a house when he gets this money and a smaller place as a buy to let. Where he currently lives is cheap so he could easily do this and have money to spare.
DS is a"chip off the old block" and equally lovely as exDH but just as impulsive in nature. I want to give him a better idea of money but would love some ideas about how to start. I don't want him coasting through life just knowing that one day inheritance will be his so no need to make any effort.
I try and involve him already in the weekly budget....I am NOT wealthy but not that materialistic either so money is just a means to pay bills and feed us.
DS doesn't currently get pocket money but I could try this and say all treats need to come out of it.
I am also thinking about setting him up his own bank account and encouraging him to check it on a regular basis. If I put a small amount in there and tell him to use it but explain about budgeting that might help.
What else?