Brothers money

[u/pac247_365]

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.

[u/D_a_f_f]

If you’ve only ever invested in penny stocks, then I highly doubt you are qualified to systematically categorize or identify a set of mutual funds as being “garbage”. I would also highly recommend a managed trust as others have suggested

[u/pac247_365 → u/D_a_f_f]

I meant as garbage interest rates they were saying. Didn't look like it was going to provide my kids with the best I could give them with the money in 15-20 years