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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 31300
Experience:  Over 5 years in practice
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I have been given a sum of money from a relative to hold and

Customer Question

I have been given a sum of money from a relative to hold and then pass on to my grandchildren on their 18 th birthdays. They range I age from 11 to 3 years. My relative does not want to be involved in any way is as trustee Tec. He is rather eccentric.

I am 71 and clearly will predecease them.What is the best way to deal with this matter?

Andrew Banfield
Submitted: 4 years ago.
Category: Law
Expert:  Alex J. replied 4 years ago.
Hi

Thank you.

How much money has he transferred to you to hold?

Kind regards

AJ
Customer: replied 4 years ago.


£50,000.00, I have 5 g/children making it £10,000.00 each


 


Andrew

Expert:  Alex J. replied 4 years ago.
Hi

Thank you.

You could put this money in trust but there is going to be an expense associated with that.

Would it be workable for you to gift each grandchild a sum of money each year for the next few years? Or do you just not want them to have access to the money yet?

Kind regards

AJ