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Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 34234
Experience:  I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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My children aged 18 and 21 will soon inherit £50,000 each.

Resolved Question:

My children aged 18 and 21 will soon inherit £50,000 each. They have never had money before. My daughter will be sensible and want to save hers. My son is not so careful, doesn't have a job atm (at college, 6 weeks left) and borrows from me every week, only £10-20, for fuel, a couple of beers and other leisure uses (against UK law). My ex-husband is in financial difficulty and will likely ask to be bailed out when he finds out my son has money.
My probate solicitor has said that legally, since they are both 18, they can have full control of their money when it becomes available in a couple of weeks, though she did say I don't have to tell them that.
My question is, how much control can I have over their spending? Would it be acceptable to open a joint account with myself and each child so that I can see where their money is being spent? Can I put a cap on their spending in a given period? I am guessing it won't be acceptable to have a joint account as I am not a beneficiary....
They won't get any more windfalls until I die.
Thank you
Submitted: 1 year ago.
Category: Family Law
Expert:  Clare replied 1 year ago.

Thank you for your question

My name is ***** ***** I shall do my best to help you.

You will have to be very careful since you have no legal right whatsoever to limit their spending.

It could be more sensible to suggest and agree that a substantial part of the inheritance is locked into an account that cannot easily be accessed.

Otherwise I would suggest that you arrange for you all to see a financial advisor and get advice on the way forward.

Please ask if you need further details

Clare and other Family Law Specialists are ready to help you
Customer: replied 1 year ago.
Thank you Clare, as I thought; I think financial advice is the only way forward.
Hilary
Expert:  Clare replied 1 year ago.

You are most welcome - get as much locked away as you can!

Customer: replied 1 year ago.
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Customer: replied 1 year ago.
Thanks, I'll do my best. :)