We have just learned that we will be receiving inheritance from the sale of a house, and we would like to put away a large chunk of it for our children. I have been doing a lot of research, but cannot decide what the best course of action would be. We would like the funds to be ringfenced specifically for the children, but we are not sure we want them to have unfettered access once they come of age; we would like to specify that the funds are specifically to be used for things like a home deposit, education, wedding, or something else of similar magnitude. Does such a product exist? We would just save the money ourselves, but we were hoping to get the tax advantages and bigger savings that the children’s savings accounts offer.
Can anyone recommend a good trust fund or other savings account that might fit the bill? NB: the children are British citizens but we do not currently live there, so presumably they are not eligible for Junior ISAs. Any account would likely need to be opened by their UK-domiciled grandmother.