Grandson's Savings

Does anyone know how you go on if you want to open an account for you DGC and you're the one on benefits? I don't want it to affect what I receive but after a fall out with my DD I also don't want my DGC not to receive anything from me neither. My DD may be in the process of moving and may not give me her new address. There's nothing like families, is there?

Just to add a note in case anyone reads this thread....
If accounts are opened in the adult's name but meant for a child, yes, it should be mentioned in Adult's Will who each account is to go to.

Also: I had to put a clause onto my Will regarding my ex. i.e.
'I specifically wish that ''ex'' does not benefit from my Will''' not the right words but you get the idea, Solicitor will know.

The reason for this is...... and I don't like putting it into words... but here goes.
If anything happened to any of the beneficiaries, say they were fatally injured. Then when the Adult is later deceased (if Will was not changed) the account left to the deceased young beneficiary would go to the next of kin of the young beneficiary..... i.e. this could be an ex, the other parent.

Hi GrannyButton
I'm in a similar situation. I've decided to open an account in my name for each of the children, but make sure that the account is listed in your will to go to your grandchild, as an extra guarantee that it will go to them should anything happen to you. Hopefully not, but better safe than sorry. Hope things go well.

Thank you to everyone for you posts. Much appreciated. X

Grannybutton Yes close the account and put it elsewhere,everyone concerned will know who it is for in the future and make sure your DIL makes an appointment to see an advisor as to the amounts she is entitled to as she could be missing out on something to ease her finances,I think it's so good that she is confiding in you at what is a difficult time for her & your family.
LizG I am 100% with you on overseas claimants and something should be done about it,the amount of people we came across when we lived abroad who asked us why we where working & running our business to the letter of the law & paying our taxes when we could have lived the life of riley if we claimed in OK as well as, they fly home to UK every 3/4 months to get their longterm sickness notes etc then return on the next flight totally totally wrong.

I agree with Ceesnan- that is the easiest option. Close the present account, find an account paying the highest amount of interest and open it in your name. Do not put anything in writing but let those concerned know of your actions.

Hallo Grannybutton sorry you and your DS have this trauma to go through. Your DIL is certainly right if the money is in either her name or that of your DGS but if it is in JUST your name with no mention of DGS that is yours by right even if you 'know' whose it is.

Unfortunately when my DD finally received monies from the sale of her house she put a small amount into accounts for her girls. Although the money is in their names she is trustee and the council believe she can have it for her own use. Her benefit was reduced because of the money but she was determined the girls should have something.

A word of warning to your DIL (don't know how you feel about mentioning things). If her council is anything like ours she needs to inform them of any change to her income however apparently insignificant! They will use any excuse possible to stop paying the housing benefits and then take months to put it right.

I should love to know how people can take £32,000 from the system, live well abroad, drive a Rolls Royce for several years and yet my daughter was accused of all sorts for £25!

I think it will only affect her benefit if she has savings of her own. I may be wrong in this, but I thought the first £6,000, it may be more, was disregarded for benefit calculations.

If you close the account why not open another one but this time in your own name? The when your GS is 18, or whenever you feel is the right time, you can just give it to him. I'm not sure whether I'm over simplifying things, but it's the solution that occurred to me.