money in trust for under 18s - what is the law?

[MinaPaws]

DC were left quite a lot of money by a relative. They are both under 18 and the solicitor made us sign something which says we will hold the money 'in trust' for them until they are of age (18), which means we have put the money in bank accounts in their names and promised not to abuse the money by spending it ourselves. But they can't access it without our consent.

DH has searched online but can't find anything that tells us whether we can legally spend the money on them with their consent or let them spend it before they turn 18, with our consent, eg for driving lessons, first car (we live in the countryside so that would be useful) good quality interview suits, travel to look at universities, school trips we couldn't otherwise afford etc.

There's a generous amount, and DH and I have almost no disposable income, so it would mean them being able to have and do things they otherwise couldn't.

We don't know if they can spend the interest or the main amount or nothing at all until they are 18. Does anyone know the legal situation or if there's a good source of FAQs and info online anywhere?

Thanks

I think the basic principle should be the money is for DC but your responsibility until they are 18. It is for their benefit at any time, and could be spent on driving lessons, interview suits etc. It is your responsibility to make the decision but you don't get the benefit. I would itemise what you spend it on, so it is clear it is for DC if anyone ever questions you. If you think they are sensible you could discuss it with them, but don't have to, it's your legal responsibility.
Check the bank account terms: the bank accounts will be in your names, but held for them. You will have to pay tax on the income they receive if you pay tax (check this). I presume the bank account allows one parent to access the money without the other parent's signature?
I would look through the documents the solicitor gave you, there should be more details.
On a practical basis - who is likely to challenge you? the beneficiaries who are your children.
This is a bit vague and general but if you act in good faith, and be transparent that's a good start.

www.thisismoney.co.uk/money/experts/article-4768524/What-happens-children-inherit-money-held-trust.html

Thank you both. Mama, that's a useful feature.