child investment

[derbyshire38]

My mum recently died and left my children aged 5, 15 and 17 �5000 to be given to them on their 21st Birthday. What should I do with it until then?

[Dawn50]

Probably depends on the exact terms and wording of your Mum's Will. My husband's mother died last year and left money to our 2 children and my husband found it very difficult with interest rates as they are to get much of a return. Also, in view of what has happened with banks, he wanted to ensure it was as safe as he possibly could, even if it did not grow much. He invested their money in a Guaranteed Double Asset Bond which had to be in the names of the Trustees re the children (one for each child). It is difficult with the different ages, as the bond will run beyond our eldest becoming 21, but for the younger one it will probably be rolled over again until she reaches 21. My husband arranged it all through the Skipton Building Society who were extremely helpful - trusts can be a bit of a minefield if you don't know what you are doing. Good luck.