Investment account for nephew and niece

[Nowler]

Hello folks!

I would like to set up a Stocks and Shares ISA (or similar) for my nephew and niece so that they have some money when they turn 21.
The thing Is though, I want to manage where it is invested as my sister and her partner know nothing about investing and have no intent to learn.

I know I'll need their parents to open a Junior ISA for them if I was to go that route but I'm unsure that I can manage it for them since they are not my children (waiting on Vanguard to get back to me on that one).

Anyone got any suggestions for ways I can set up and manage some form of stocks and shares investment accounts for them?
I'm not interested in just a normal savings account for them.

I could just give them a percentage of my ISA, but I'd like them to have their own. Plus, it will get taxed when I take it out to give it to them when they are 21.
I'd like to encourage them to keep it all in an ISA even when they are eligible to withdraw it (though they can do what they want with it if that's what they choose). I just want to give them opportunities that I didn't have.

Or perhaps there is a way to set up one investment account for all nieces and nephews should my siblings have more fledglings... (dividing it all out equally when the youngest of them turns 21).

I don't want to have it in my name for tax implications or whatnot.

Thanks in advance

 

[Nowler]

The ISA is attractive as it isn't taxable, if I must, I will open taxable accounts for them

 

[Nowler]

It might just be easier to grow my own wealth and then just put them in my will in the event I'm dead before they hit 21...

 

[Nowler]

It amazes me how serious you are about the future of your loved ones. After all, it's a well-considered step to take care of them and at the same time take a rather unconventional way. In fact, you can hire a specialist who will recommend you how to act in this or that situation, which actions to choose, etc. I can't give you any universal advice because the market situation can change drastically in a week and then my recommendation will be unprofitable for you. You can create an entire investment portfolio, which will include several assets, each of which will ensure your profit. I admire your decision and courage, I am sure that your niece and nephew will be fine.

I opted to just keep the money and manage it all myself, under my own name. I will distribute it as needed when the time comes.

I have repeatedly told my sister and her partner to set up a Jr ISA, but they havent yet. A real shame they dont realise the power of compound growth. Especially over the next 18 years or so.

But they will be forced to deal with the pain of university costs when the time comes.

What's that saying...?
"You can lead the donkey to the watering hole, but you cant make him drink from it"

 

[fibo_trader]

I opted to just keep the money and manage it all myself, under my own name. I will distribute it as needed when the time comes.

I have repeatedly told my sister and her partner to set up a Jr ISA, but they havent yet. A real shame they dont realise the power of compound growth. Especially over the next 18 years or so.

But they will be forced to deal with the pain of university costs when the time comes.

What's that saying...?
"You can lead the donkey to the watering hole, but you cant make him drink from it"

Apply what you have said here in this thread to yourself and then ask yourself the question, "would YOU listen to YOU?

You're 32 yrs old, in your prime earning years .......... with this backdrop ....................

Volunteering - I cannot shake

Hey folks, As some of you know, I went out to Sri Lanka in 2016 as a mental health volunteer. I cannot express how much it meant to me! Not just because it "made me feel warm and fussy inside", but because I could see a genuine improvement to the society of people who now mean so much to me...

www.trade2win.com

 

[TFA]

as part of legacy planning, i think it is very generous of you to think of the wellbeing of you niece and nephew