Inheritence

Just this weekend I was also researching Junior ISA's . My GGD is now 1 year old, and we wanted to put some money into her bank account. Our DGD has yet to open one, so we are atill waiting. I did find out that a child can only have one ISA. But, it appears that if they do not have one already, one could be opened for them, but you have to have the parents permission. Bit of a minefield in fact. £££££.

Moneysavingexpert website explains the isa's. They don't have to be 16.
The parents would have to open the isa and then you could contribute to it.

When my Mum died she left estate equally between all 5 daughters. 4 of us agreed to give each of our children £1k each but other sister did not give her children any.I told my children never to tell her children but someone must have told them because my niece came to see me (i was excecutor) and told me how upset she was because she said it felt like her Nan didn't love her as much as other grand kids. I felt awful and had to tell her money was not left directly to any of grand kids but to daughters. I felt mean and was annoyed with sister for not sharing with her children. I think it would have been better if my Mum had left £1k to each granchild as she loved them all deadly and rest shared between daughters equally. None of other sisters would have minded sister had 4 children when rest had 2 or 3.

If your MiL will states her estate is to be shared between her children, then that is what you have to do. Even if you are an executor you are not allowed to hold back the money for grandchildren.

If they have to be 16 will have to investigate,thanks

You're right ut has to be a parent. The only account I could find to open for a grandchild was a Halifax Regular Saver for children so depends how old the grandchild. Junior ISA's, they have to be 16 I believe.

Looking online I think you're right Coolgran, so another way of saving might have to be found. I would ask at the bank or building society, someone will tell you how Hildagard.

Can a grandparent open a Junior Isa for a grandchild? Or does it have to be a parent who opens an account for their child?
I thought it had to be a parent.

When I sold my mum and dad house I shared it equally between me ( only child) and my three children and gave 1000 to each of the seven great grandchildren not a lot when divided up it was just a small terraced house but the grandkids were delighted and thought they d won the lottery and my Mum and Dad would have been delighted too

Anniepops it does cause some problems when more DGC or GDGC arrive (not amongst the children but the adults who think that some have had more advantage than others).

I agree, best left to the DC and let them decide.

I agree. The children only (ie next generation down) should inherit and after that it's up to them what they do with it, leave it to their own children or not, as they decide. That's what we've done.

Have you thought about any subsequent GC following the purchase of Junior Isa' s for the current GC Hildagard? For that reason my solicitor advised me to leave inheritance equally to my children and to let them decide the amount to share with their own.

Sorry misunderstood and have reread. If you wish your grandchildren to inherit then why not just share a portion of your inheritance between them equally once you have given a, portion to each of your daughters. In that way you know they will each get a share.

Personally I would follow MiL's instructions and distribute equally to her children. Up to them what they then do with it. As executor, if you start withholding money for the great / grandchildren, even with the best of intentions, it could come back to bite you in the future. Be very careful!

Anything that I leave when I die it to be shared equally between my five children. It is meant for them, and it is then up to each of them what they choose to do with it. Use for themselves, their children (if they have them), any charities they may support - nothing further to do with me. If any of them pre-decease me then that fifth is to be either held for any children they may have, or else shared between the other four. Quite simple. Nothing is left directly to g.children.

I'm glad the problem is solved. That will make a lovely nest-egg for the grandchildren.

My MIL left an ingenious will. Her estate was divided into four. Each of her three children received one quarter while the fourth quarter was split equally between each of her grand children and great-grandchildren. It seems a perfect solution, to me.

You say it is only a small amount but be aware of how much you can gift in any one year, perhaps best to do one in March and one in April.

Thanks for responses My husband suggested I asked you, famous for good advice ? will give the daughters their money by old fashioned cheques and open Junior ISAs for the grandchildren. Job done. Thanks again.

Our will is very similar. Everything is divided equally between our DDs with a statement that we would be happy if they were to share some of it with their children, as circumstances allow - we know that each of them is very differently placed financially and did not want to dictate how they should use the money - but did want to say that we would like to think some might reach the GC. Only they can know what might be appropriate, given the ages and personalities and needs of each GC.

I think the brother resented the fact that he could not afford to pass on money to his children as he was not as well off as the other siblings, in spite of the fact he had been left more money by the parents than the others.

Why did he think they should give money to his children if they chose to give some of their inheritance to their own? That was down to him to do the same for his surely.

You are right that it can be a right pain sorting these things for some families.

Good advice jusnoneed. However I know of a family where two siblings said they intended to pass on some money from their parent's will to their children and this caused trouble as their brother seemed to think if they gave money to their children they should also give the same amount to his children! Sadly families can fall out over wills.

I would say as she left the money to your husband (and his siblings) it is his to do with as he wants. Give however much he chooses to your daughters and as already said he can put the rest away for the grandchildren. Junior ISA maybe? Take it completely out of your daughters hands. I would do the same for all the grandchildren, not just one daughters - that could cause conflict.

Agree with elegran, that seems a good solution. Hope all works out for you.

According to the will it’s up to your husband to distribute the money as he sees fit. It seems that he could keep the money himself and/or pass it on to your daughters and/or give directly to the grandchildren.
Some to daughters and some to grandchildren would be ideal perhaps?