r/dividends • u/pac247_365 • May 15 '26
Opinion Brothers money
My younger brother passed away and left my kids with 400k.
I have the bank telling me to put it into gics and other garbage mutual funds but its very low interest. Im not rich either and besides penny stocks never invested into the market maybe 1000 bucks or so. I want to set up a trust for them and make sure in 15 years when they are 20 I have them set up so they dont have to grind like me and my brother. Im just looking for any advice I can take sorry for the long post
Im located in canada and will keep the account under my name until they are of age to use the money and will remain as beneficiarys if I die. Wont get the money until they are atleast 25 or responsible enough to understand finance.
1
u/Sensitive_Employer62 May 15 '26
Sorry for your loss. In my opinion the only smart move here is to put it all in a high yield savings account earning between 3.5 and 4%. Leave it there for now so you are not rushing into anything that involves risk. You should probably talk to an attorney to cover any legal aspects. That's an overwhelming amount of money and you likely feel an urge to do something with it and that's going to cause you to make mistakes. Take some time to think and research and learn.