My father died recently and left some money to my children, when they reach the age of 18 (they are 8 and 6 now). I am not clear on how I need to handle this money - I believe that I need to create a bare trust for them, but maybe it would be enough to open an investment account in their names?
It's additionally complicated by the fact that we are not living in the UK at the moment, although we expect to be back there again by the time the children are that age. The HMRC website has a section on non-resident trusts with tax rules running to several pages. We could easily make the trustee a UK-based relative rather than DH and me but the children can't be moved so easily.
Or we could of course open an investment account here, but US tax laws are so vastly complicated that I'd really much prefer not to.
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What to do with children's inheritance?
4 replies
alarkaspree · 08/11/2012 14:57
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