Reply to 3 savings accounts for DC, why would GP want to open another one?

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Reply to "3 savings accounts for DC, why would GP want to open another one?"

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[quote=Anonymous]Just as you want the money in your control so that you can make decisions for your daughter, they want the money in their control so that they have a say in how the money is used.  They don't want to turn it over to you because they want to be able to have a say later on in what the money is used for.  It's not a case of not trusting you, it's a case of wanting to retain the option to help their grandchild the way they want to rather than have to sit back and just watch.  When my nieces were born, my mother started bank accounts for each of them and as birthdays and holidays came up, she would put money into their "grandma fund"   When the oldest niece was heading to school, she wanted a car to drive to school, but neither her mother nor father (divorced but still amicable) wanted to buy her a car.  It wasn't that they didn't want her to have a car, they just weren't financial ready to purchase her a car.  So, she spoke to grandma and grandma sent her money out of the grandma fund to let her granddaughter buy a car for college.  It wasn't that she didn't trust her son and ex-DIL, but that if she gave the money directly to my brother and his ex-, they may have had other priorities than a car for her going to college.  This way, grandma had the final say in how that money was used.

As other PPs have pointed out, it's not about you.  It's about them, their money and their grandchild.  Be gracious and just let them do what they want.  They do have your child's best interest at heart even if they wouldn't do with the money what you would do with it.[/quote]

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