Hi All,
My darling teenagers are soon to inherit about €20,000 each from their uncle. They are unaware of this and that is how we would like things to stay, knowing what I would likely have done with that sort of money at their age anyway!
We have not yet recovered from the recession, and although things are (slowly) improving, we will unfortunately not be in a position to do as much for them as we had hoped when they were born. Day to day we don't struggle as such but we easily qualify for medical cards and have little in the way of savings (just to give an idea of our finances).
The eldest is hoping to go to college this year and this money should make that easier, as we won't be able to give him much of an allowance from our earnings.
The ideal (from the parental point of view) would be to give him whatever he needs (and a bit of what he wants) from this money, especially if traditional part-time jobs are still unavailable.
To be clear, I do not intend to appropriate their money, but to "force" them to spend it on the education their uncle would have wanted and if there is some left after college to make their transition to work easier all the better. My fear is partly because one of the children has had much involvement with CAMHS and (at least) one of them has ASD which I feel would make them more vulnerable to (eg) being taken advantage of by peers who they have told about the money, or, indeed, deciding to use it to live on instead of going to college in order to "get back" at us.
We will tell them at a later date who they have to thank for not starting off with a debt but if it means taking the credit in the short term then we will.
My question is: where should we put the money to be able to transfer it bit by bit to their bank accounts without them finding out what the total is? None of them have bank (or any) accounts because we never had any spare money to build up funds for them. The eldest is not yet 18, we don't want the expense of setting up trusts (but very (very) close to the solicitor handling the probate if that helps), also have a close friend in a bank if that helps (but not one I'd ask to do anything she'd have to explain to her boss).
If you've got this far... thanks
Sybil
My darling teenagers are soon to inherit about €20,000 each from their uncle. They are unaware of this and that is how we would like things to stay, knowing what I would likely have done with that sort of money at their age anyway!
We have not yet recovered from the recession, and although things are (slowly) improving, we will unfortunately not be in a position to do as much for them as we had hoped when they were born. Day to day we don't struggle as such but we easily qualify for medical cards and have little in the way of savings (just to give an idea of our finances).
The eldest is hoping to go to college this year and this money should make that easier, as we won't be able to give him much of an allowance from our earnings.
The ideal (from the parental point of view) would be to give him whatever he needs (and a bit of what he wants) from this money, especially if traditional part-time jobs are still unavailable.
To be clear, I do not intend to appropriate their money, but to "force" them to spend it on the education their uncle would have wanted and if there is some left after college to make their transition to work easier all the better. My fear is partly because one of the children has had much involvement with CAMHS and (at least) one of them has ASD which I feel would make them more vulnerable to (eg) being taken advantage of by peers who they have told about the money, or, indeed, deciding to use it to live on instead of going to college in order to "get back" at us.
We will tell them at a later date who they have to thank for not starting off with a debt but if it means taking the credit in the short term then we will.
My question is: where should we put the money to be able to transfer it bit by bit to their bank accounts without them finding out what the total is? None of them have bank (or any) accounts because we never had any spare money to build up funds for them. The eldest is not yet 18, we don't want the expense of setting up trusts (but very (very) close to the solicitor handling the probate if that helps), also have a close friend in a bank if that helps (but not one I'd ask to do anything she'd have to explain to her boss).
If you've got this far... thanks
Sybil