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Original poster

Inheritance

8 replies

JollyHostess101 · 08/10/2023 22:58

Having just lost my Mum I’m set to receive a substantial amount from her savings!

As I’m absolutely gobsmacked I’m just wondering am I allowed to put some of this money away for my daughters future?

Im completely clueless as to the rules and regs of gifting to children as she’s only 3months and think my Mum would like us to do something for her future!!

OP posts:
timetorefresh · 08/10/2023 23:09

You can do what you want with it once you've paid the bills. If it's a decent amount look at the savings information on moneysavingexpert

determinedtomakethiswork · 08/10/2023 23:47

I'm so sorry you lost your mum. 💐

Instead of earmarking money for your daughter out of your own inheritance, why don't you plan it so that you will put a small amount each month into a savings account for her long-term? That means you have your own inheritance, which I really think is for you, but you are securing her future as well.

Totaly · 08/10/2023 23:48

Look at trust funds if it’s a large amount - that way it’s safe and secure

londonmummy1966 · 09/10/2023 00:16

Depends on whether or not you need the money or might need it. If not then look at doing a deed o variation of the will.

HirplesWithHaggis · 09/10/2023 00:24

Might you have other children in the future? Don't sew it all up for her if it means depriving her (potential) younger sibs.

HappyAsASandboy · 09/10/2023 06:54

I would keep it in your name tbh, unless you have so much money you'll never run out (in which case I suspect you'd already have financial advisors and wouldn't be asking this question).

If you put it in your DD name now, you may not be able to get it back if you need it. It would be bonkers for you to struggle through her childhood, or to be unable to afford things she needs, because money is locked away in her name.

Also think about future children. If there's any chance at all that more children will come in to your family (via any route!), how will you deal with the fact your eldest has savings and the other(s) don't? Do you have enough disposable cash that you could create a similar nest egg for another child(ten)?

Personally, we don't save large amounts in our children's names. I don't know what the future holds for them or for us, so we hold it in our names and will gift it as and when we see fit. I would hate to save and save, or sacrifice the opportunities offered by an inheritance, only for my child to turn out to be an addict or gambler and waste it all or Jill themselves with it. We will gift money as and when it seems appropriate.

gotomomo · 09/10/2023 06:59

I have no idea if amounts but you can save up to £9k in a junior isa per year. A junior standard bank account is more flexible. You can save £20k per year in an isa in your name. If you are likely to have more children i would keep the money in your name right now

Original poster
JollyHostess101 · 09/10/2023 07:16

Thank you everyone!

It’s life changing to us as we didn’t expect it but probably not that big to others!

All great points I hadn’t thought of any of them!

I’ll probably squirrel it away until we need it and buy little one some more premium bonds as my Mum was obsessed by them 🤣

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