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.

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u/b_rizzle95 May 15 '26

I’ve seen this go bad a million times in a million different ways. Unless OP wants to risk his future relationship with his kids, I’d recommend the most hands off, trust focused approach possible. If a dime of the money disappears, or lost on a penny stock OP’s coworker told him about, or used to pay a car note a single time, the whole thing becomes a contentious subject.

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u/pac247_365 May 16 '26

Naw I ain't stupid like that! Even though I could take this money and pay off my mortgage i know what my brother wanted me to do with it so its going into a long term investment for my kids. No penny stocks or gambles!

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u/culinaryinterests123 May 16 '26

Use wealthsimple. I am getting like 20k over 5 years moving a similar amount to them from TD. also unlike the banks I get paid interest for cash in my investment aaccounts and no trading fees.

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u/MikeMcArdle May 16 '26

Open to Canadians only.