financial planning for grandchildren

Very true Sawsage.

Grannyjacq1

My parents set up what they called the 'music fund' for their grandchildren - I can't remember exactly how much this was, but it was a fairly modest sum which at the time paid for 'extra' things for our children (and all the other grandchildren), such as piano lessons, sports equipment etc. My 'children' are now in their 40s, and still reap the benefits of the extra musical and sporting skills. So we have started making modest payments to our 5 grandchildren to provide them with similar advantages. Their parents decide how the money should be spent to enrich their children's lives. We look on it as a great investment for the future - and there's no doubt that families at the moment need a bit of help with the 'extras' in life!

Precisely.

I give cash for lessons, equipment, etc - to all the parents for GC and GGC. All families can use cash for 'extra things'.

We pay a regular amount into grandchildren’s bank accounts. We give them extra on birthdays and Christmas etc.

We have been putting money into Junior stocks and shares ISAs for the grandchildren - 7, 6 and 3 at the moment, so we hope there’ll be a useful sum by the time they can access it at 18.

It’s yours to do with as you please.
I would think twice about leaving your daughter anything after treating you so despicably.

In my will my house and any money I have left will go to my 2 children. However I put a regular monthly amount into an investment account for each of my 4 grandchildren which they will be able to access when they reach 18.

jennymolly

Five years ago my husband and I thought about leaving 15% of our estate to any grandchildren (we were expecting our first grandchild) and the remaining 85% between our son and daughter. We rang our daughter to put the idea to her and as is said 'the s* hit the fan). Both she and her partner went mad and since then haven't spoken to us. No cards or presents at Christmas, birthdays or Mother's Day. Bear in mind we called them to discuss the idea, it was not set in stone. 5 years on I still break my heart.

Wow just wow!! We have done the same, giving over 20% of our estate to be divided between GC without objections. I really hope you disinherit this ungrateful daughter.

One child two grandchildren. The whole estate , which is likely to be, minimal cash , a house only is to go to son.
We spend our cash lol

what about a bit of tax relief while you are at it

1) parent sets up a personal pension for child with a first contribution

2)grandparent picks up on payments regula or occassional

As a personal pension it attracts as a minimum 20 % income tax relief

Gift £80 - grosses up = £20 to £100

£20 /80 = 25 % gain in year one and on all further "gifts"

works even for a new born babe. Tax relief on tax the child has never paid !

Solves the blow it at age 18 0r more problem !

We started paying fifty pounds a month into a savings account for our only grandchild on his first birthday. He is now sixteen. When savings rates dropped through the floor, we drew out the money and added it to a managed stocks and shares ISA that his father had set up for him. We also paid the proceeds of the sale of some shares into it for him. I have continued to pay a monthly amount into it, and it seems to be doing very well. He is also provided for in my will and both my children know this.

We intend to alter our will, as my daughters partner cannot be trusted with money, and I fear he would take any inheritance we asked them to pass on. We are leaving most to our 2 children equally, but placing our son (with his permission) as trustee over our DGS's share. There is also a proviso should he pre-decease his very slightly older sister.

nothing in my will, only to the 3 AC. 2 have children

8% from my sipp to each of 3 dgc, the rest equally to 3 AC.

A nice sum in premium bonds for each dgc and they re-invest any winnings. That will be out of iht in a couple of years.

All AC are happy with arrangements