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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 31300
Experience:  Over 5 years in practice
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My children aged 18 and 21 will soon inherit £50,000

Customer 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 coupleof beers andother 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 best to save the money so they can't spend and they need to go through a process to get at it. 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: Law
Customer: replied 1 year ago.
This is not the same as my last question but the details are the same
Expert:  F E Smith replied 1 year ago.

Bearing in mind that your children are now aged 18 at least, I’m sorry to have to tell you that under most circumstances you would have no control over their money. I’m surprised that the solicitor is even suggesting that they are not told.

Is there some provision in the will for there to be some discretion as to when they get this money?

Are you the executor?