Looking for a trust fund

[Oneeyedvic]

My wife's uncle has died and has left some money to be distributed to my wife's grandchildren (his grand nephews and nieces) for when they turn 21.

Now my wife doesn't get on with her daughter and so needs to set up this account as quickly and preferably as quietly as possible.

I don't know if they have a child trust fund already set up (and that allows them to access it when they are 18 as opposed to 21).

What are the options?

(and the money is only £3000 between three kids)

[bednobs]

is she executor?

[Oneeyedvic]

No, long and complicated story -

Her uncle died the day before the will was to be signed.
My wife and her two brothers are therefore the sole beneficiaries
They have agreed that they will carry out her uncle's wishes even though they don't need to
Her brother (Executor) will be giving her £3000 for the grandkids out of the estate.
She needs to put this into some sort of account for them not to access until they are 21 and preferably without involving her daughter

[bednobs]

oh i see!
As the amount is so low ( well £3000 is not to be sniffed at but you know what i mean!) i wonder if a trust fund is the right thing? Couldn't she just put it in an ISA in her name and give it to them when they are 21?

[dzug2]

Keeping it in her own name is a potentially bad idea. In all probability nothing will go wrong but if it does the inheritance can be lost. And why should she lose her own ISA allowance for this?

Tax free National Savings are probably the best solution. Maybe

http://www.nsandi.com...childrens-bonus-bonds