Advice on investing childrens' inheritance

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My teenagers will inherit a substantial amount of money from a relative. I was thinking it would be best to invest it for them. Where it is invested will obviously be influenced by their age. If over 18 they may choose to be able to access it sooner than their younger siblings to pay for post grad education etc. Has anyone any advice on how to proceed or is it best to speak to a financial advisor? Are there particular advisors for this type of thing? Thank you
 
If the inheritance is to pass to your children by way of a will, then the executors are responsible for establishing a trust fund. Each share will pass to each child on reaching their majority or the age specified in the will.

IANAL
 
mathepac said:
If the inheritance is to pass to your children by way of a will, then the executors are responsible for establishing a trust fund. Each share will pass to each child on reaching their majority or the age specified in the will.
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That is only correct if the will itself creates a trust arrangement until the children respectively reach the age of majority.

Alternatively, the will might simply provide that the receipt of the children’s mother will fully discharge the executors’ obligations.
 
Is the relative still alive? Are they due to inherit the money in the next few years?

Although legally entitled to it, I would not let an 18 year old anywhere near a large lump sum. They may have the time of their lives but they will have little to show for it at the end. If they are under 18, a trust can be set up for them. Control over the money can be maintained after the age of 18, even though they can access it.

Avoid telling the children about this money.
 
If their kind relative is still alive, would they consider having you as the beneficiary and then you pass it to your kids when they are mature enough for it ? Might save on tax too.
 
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