Money for DGC

[JudyJulie]

We have an awkward issue where we reasonably suspect my DSD'S DH of controlling behaviour.

When they had their first DC, a Junior ISA was set up, of which DSD had control. Her DH was really not happy about this, questioning us very aggressively about why we had done it that way, and she has now given him control of it, against her DF's wishes.

They are now expecting another DC. Is there a way we can settle money on the new baby without the parents being involved and preferably without them knowing as we do not want another scene with SIL?

Thanks

I think you need parents signatures for any sort of bank account in the child’s name. I expect you could set up a trust though. How much money is it?

£10K

Could you do it all digitally with your daughter's knowledge and not the husband, or would she tell him?

I would just set it up in a private savings account in your own name actually. I wouldn't let him near it.

What are your plans for the money, is it something you want them to have access to once they're adults? I think that will be easier than if you wanted the money to be available to them for things during their childhood.

Have you looked at all banks? Depending on the type of account it is you don’t need parents involvement. Or a trust would be a good way to go.

A child isn’t using 10k for a long time.

personally I’d open a new ISA in your name…and use your or your DHs allowance
and then name that account in your will.
if you are alive 😅 You can just gift it at 18 or 21

or a trust

Either way circumvents his arseholery

you might also want it to help her leave him

To be honest, I don't think it matters as long as you gift (deposit) the money through Junior ISA. Any money saved in it can't be taken out until a child is 18 years old anyway; and legally can only be withdrawn by the child. Even in the event of divorce, the money is still legally owned by the child. So, your DSD's DH does not have any control whatsoever (apart from being named as one of "parents/legal guardians").

I set up JISA and S&S JISA for my daughter and I am the only one that is named as the parent. I have given my husband the details of both ISAs; so if something happens to me he can let the bank knows and add funds to it.

Apology if you already know how JISA and S&S JISA works.

"...she has now given him control of it, against her DF's wishes."

I agree with @Marmut , the money cannot be touched until the child is 18. The only exception to this is if the child dies or has a terminal illness.

"Is there a way we can settle money on the new baby without the parents being involved and preferably without them knowing"

Yes, it's very simple. You open a children's savings account at your local bank.

The difference is that anyone can open the account (not just a parent). In this situation, the account is held in trust and the child is still the beneficiary. You (or whoever opens the account) are the trustee.

Another benefit is that the money may be withdrawn at any time (not just after the age of 18). So if something comes up and you want to withdraw some of that money to provide something for the child then you can do that.

According to money saving expert, Nationwide are offering up to 5% and Yorkshire Building Society are offering 4.45% on children's savings accounts at the moment.

So, the money belongs to the child and you are acting as trustee. Nobody, apart from yourself, will know about this if you do not wish them to.

https://www.moneysavingexpert.com/savings/child-savings-tax-free/