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Money for your kids

My kids might be coming into some money. If you were in this position what would you do with it?


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Answers (6)

A friend of mine got 18000 when she turned 18. It was spent in weeks. She bought an old car and basically partied and became very generous. Friends appeared from no where and disappeared again when the money was gone. I'd say at least 25. 18 is too young.

 I think I know this person! Or at least, exact same thing happened to a friend of mine too.
helpful (3) 
 It depends on the child to be honest. I came into money at 18 and I didn't blow it. Was my house deposit.
helpful (0) 

Our wills state that our life insurance goes into a trust until they're 30. It can be accessed early (at the discretion of the executor) to buy property or for education

Put it in a trust fund. I received a government payment when I was a child, I received around $20,000.
It got spent. Not wasted at all but I would certainly suggest a trust fund and don't let them access at 18.

 I think it's wrong your parents could spend that money. Mrs nosey here is wondering what the payment was for
helpful (0) 

Depends on your children, i know 25 year olds who i wouldn't trust with a large sum of money. I have heard of people putting in their will that their children cant access money until they are 30