Managing inheritance going to infant

D

delta_bravo

Registered User
Messages
41
Hi,

My child (under 3) is expected to be given an inheritance from a great grandparent. My understanding is this falls under the group b CAT threshold.

However as they are a child I want to ensure the money is clearly in their name and doesn't go to me. I setup a ptsb child's account for them a few months ago but it appears on my online banking and I have the ability to transfer in and out of it. Does this technically count as their bank account or is it really mine with their name on it? I'm just concerned as this relative is not mine so I want to ensure it's clearly for my child
 
Set up a post office account. I did that for my son and put small inheritance from his grandparents into it. I cannot withdraw from it. Only he can
 
What is the account name? If it is yours, the account is in your name.

The Revenue are not going to come after you for keeping your infant child's inheritance in your account. It is a common occurrence.

If you want to keep it all official, set up a bare trust where you can manage the money on their behalf. At 18, the trust falls away.
 
And think about growth as well as legality. Its 15 years until your child is 18 - at 5% growth 20k today is 41K in 15 years time. Left in a very low interest account the money will be worth half of what it is today when the child needs to use it!
 
Last edited:
Steven Barrett said:
What is the account name? If it is yours, the account is in your name.

The Revenue are not going to come after you for keeping your infant child's inheritance in your account. It is a common occurrence.

If you want to keep it all official, set up a bare trust where you can manage the money on their behalf. At 18, the trust falls away.
Click to expand...
Thanks,

It is in my name as ptsb told me I cannot have an account in an infants name. The child is listed on the account but I am the owner of the account. Although I don't think another account exists, I would have to be the adult owning the account. I think you're right, once I document and am clear I'm sure revenue see the intent.
 
Farma1 said:
And think about growth as well as legality. Its 15 years until your child is 18 - at 5% growth 20k today is 41K in 15 years time. Left in a very low interest account the money will be worth half of what it is today when the child needs to use it!
Click to expand...
Fair point. I must look into how that works. As a parent am I legally allowed invest it for them? I guess so
 
You must log in or register to reply here.
Back
Top