financial planning for grandchildren

Please if you do leave money to your GCs do it with care. Many years ago a boy I knew got thousands when he was 18. As he received it his parent's marriage was breaking up. He blew the lot in a few months and was eventually taken in by another friend when he was found begging on the streets. He settled down and redid his A levels. But it could so easily have gone the wrong way for him.

I think solicitors are one's best source of information on GC financial planning. We've involved our solicitor in all aspects of finances for our daughters, GC, GGC (apart everyday type cash gifts) - IMO, only chance to do it right.

I've discussed this with my son who is parent of GDs and he will carry out my wishes when the time and circumstances are right for them to be indulged. That is assuming I have something to leave and do not get caught up in this unholy mess of care home fees. In the present I've taught them what a DD is by indulging them in a regular monthly allowance. They have a Go Henry account which I've seen advertised. The only qualm I have is that I believe this company charges a monthly management fee of £2:99 which I think is an absolute rip off if true. However, that's only my opinion and down to their parents to manage.

It may be worth consulting a solicitor. I’ve decided to leave nothing to grandchildren and trust their parents to use their inheritance wisely, so their children benefit

I'm hoping my daughter will be in a stable enough financial position for me to leave half of whatever I have to her and half to my grandson.

It depends so much on your personal circumstances and health, and the age of your grandchildren.
If you can afford to do so, it’s a good idea to use your tax free gifting allowance each year to its maximum, which is £3000, that could be invested for your grandchildren with no comeback later.

Do you mean in your will, or now? I have set up a modest savings plan for each of my GC for now, but have left my "estate" (!) to my children only. My GC are young.

Sort of depends on how much you are talking about. I've sorted it in my Will its not going to be a lot. The house goes 30% to each of my three daughters and the remaining 10% to the grandchildren. Any money I have other than the house is Willed 10% each to the grandchildren and the remaining 40% to the three daughters. That wont be much either as I am intending to spend it. I will make small loans to my daughters if they need it for something sensible and it is always written out that they must pay me or my estate back and they sign for it.

i think you be best to consult a financial planner.

I am not providing anything for my grandchildren except bits of jewellery and keepsakes. Whatever I have is left to my 3 children.

We have a trust set up whereby our house when it’s sold will be 80% to be divided between 4 children and the remaining 20% divided between 7 grandchildren. Hope this works.