Can a child beneficiary in a will have the money added to a savings account?

[marsaline]

So DC is very lucky and has inherited some money.

DC is 11. The sum is £30,000.

The executors are my DH and his brother. The will is completely silent as to how the money is to be held until he comes of age at 18.

My understanding from vague googling is that the money has to be in a trust. However this looks like it's costly to set up and administer for an amount which is relatively small (in trust terms).

Can the money just go into a savings account in his name? He can only put £9k per tax year into an isa which I understand is a form of trust.

DH and BIL really don't want to leave it just sitting in the account in MIL's name for years (and I'm not sure this is legally possible anyway). BIL in particular is keen to get the distribution of the monies sorted since the whole thing has been an enormous headache.

From my reading I think it has to be held in some form of trust. DH thinks it's fine just to pay it into a normal child savings account.

Anyone know the answer for sure? I know anecdotally there will be people who say they just gave it to the child but Im trying to find out the true legal position.

The legal position is it has to be a trust from my understanding of a similar situation
www.gnlaw.co.uk/news/trust-in-my-will-for-my-children/#:~:text=If%20they%20are%20yet%20to,guardian%20to%20hold%20on%20trust.

You can open a bank account for your DS - most high street banks offer them - account name is usually something like "Mr & Mrs X for Tommy X". Technically these accounts are "bare trusts" so Mr & Mrs X are effectively trustees and Tommy is the beneficiary. Mr & Mrs X are only allowed to use the money for Tommy's benefit and the bare trust ends on Tommy's 18th birthday. Your own bank should be able to organise this for you.

A bare trust is acceptable for most legacies to minor children unless the will says something different.

Assuming the funds were left directly to DS by grandma (and not to DH who has decided to vary his share) then the interest on the account is Tommy's not his parents' for income tax purposes.

So literally just any child savings account or does it have to be a particular type of account?

The will says nothing at all. It doesn't provide for the money to be looked after by us as parents until DS is 18

If you get 9k in JISA by 5the April you can put another 9k in on 6th April. Then use an account as suggested by @Londonmummy66for the rest.

well that is the current plan but I wasn't sure we can technically just put the other almost 13k into a savings account.

Yes you can. Get your bank to organise the account for you