Make sure that you don't exceed any limits if you put it in your son's name (BAföG etc.) - and be aware that the money belongs to him at 18 - no matter how mature he is then...
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@CryptoPfand If in doubt, invest a few years in fixed-term deposits just before he turns 18... ;-)
But yes, a very valid point. For me, the money would not have been in good hands at the age of 18. But I wouldn't tell my child about his "assets" until he was 18 either. Ideally, you should involve them a few years earlier so that they can see that it's a good thing and that you won't blow the money on the latest iPhone, for example, at 18...
But yes, a very valid point. For me, the money would not have been in good hands at the age of 18. But I wouldn't tell my child about his "assets" until he was 18 either. Ideally, you should involve them a few years earlier so that they can see that it's a good thing and that you won't blow the money on the latest iPhone, for example, at 18...
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