Large Inheritance Issue

[queenofthepirates]

My Aunt sadly passed away last year. I was once very close to her but in the final few years of an awful illness, she pushed me and other family members away. I respected her wishes and kept my distance. In that time, I had a daughter she didn't meet.

A solicitor has been in touch to explain that my Aunt has left a huge sum in trust for my daughter (life changing amount). I'm completely taken aback-it is out of the blue. It's in trust for another 16 years until she's 21.

So given that no one else in the family has benefited from the will including her sister, (my mother), or my brother's daughter, should I keep quiet about this? When my daughter is 21, she might decide to spend the money discretely so the rest of the family won't get wind of it but naturally I feel a bit awkward. They won't know unless they request a copy of the will (unlikely) or challenge it (very unlikely).

Absolutely you should keep quiet about it. No need for anyone to ask about it either!

I also wouldn't tell your daughter about it either - in fact, I might consider not telling her until she's actually 21, so she doesn't just assume she can do nothing with her life because she's got money!

I completely agree with BIWI

I agree with BIWI. However, you can check someone's Will online for only £10 so don't be too sure someone won't see it. Surely someone will wonder who she left her money to?

I agree with BIWI

I would tell them but that's just because I can't see why not, you haven't done anything wrong, but they might see it differently if they find out later down the line and you had kept it secret. Definitely agree with not telling your daughter until the time though.

Won't they wonder where the inheritance has gone?

What do you think the likelihood of them finding out independent of you is?

I probably wouldn't tell - too many problems occur due to inheritance.

I agree about not telling your daughter. I wouldn't tell my son until it was time for him to receive the money.

I agree with BIWI. Don't tell family, don't tell your daughter until she turns 21.

I think her sister and perhaps other family members will be curious at least as to where her money went. Could be hard to keep this private.

Her will will become pubic so her relatives will be able to see that the money has been moved to a trust, albeit that the beneficiary should remain private.

I agree with BIWI too. Our kids would be set for a big inheritance if something should happen to us but we've set the age they get full access to it at 30. Executors can give money to them for legitimate reasons before that.
Reason that I did that/say this to you is that I've had two, unrelated, friends go absolutely mental when given large sums of money. One at 18 and one at 21. The one I'm close to now (we're mid thirties) has precisely zero. no money (debts in fact) and no house to show for it.
I know it's set now and likely that you can't change it but please don't let your daughter know she has this money until you have to!

Thanks all, I think there's general consensus about what to do! I don't think any of my family will ask about where money has gone as we sadly weren't close to her in the last few years so they will have no clue how much she had.
I still find it peculiar to leave pots of cash to a child you never met.........

Oooh come on OP, tell us how much!

What is a life changing amount? Just curious, more than a million?

Similar happened in DH family. A relative had fallen out with everyone and left money to the next generation down. We assumed the logic was they wanted it to go to family but not the ones they fell out with.

Do you know for sure that there were no other beneficiaries?

Definitely don't let your daughter get wind of it - My best friend also inherited a decent sum of money at 21 and blew the lot by 25. She regrets it bitterly.

Agree with everyone else about not telling her until the given age.

Maybe it was her way of making amends xx bless her heart.. And if the family do say anything they are not going to have the heart to take from a child's future are they?

Not millions but tens of thousands. It will be life changing for a 21yo child of a single mum! I guess the onus is on me to make sure she's ready. She's a great kid so fingers crossed she'll do the right thing. It will be lovely for her to have this great start to her adulthood but if she's anything like her mother, she'll spend it on travelling the world and making memories.

I know it's up to your daughter what she does with it, but I would hate to leave a lot of money to someone and have them do that. Travelling is wonderful but it should be done with your own money, in my opinion.

I absolutely disagree with those who say don't say anything and that comes from experience . My nan did this leaving money only to the males in my family ( my greedy brothers ) , it came out in the end and massive split my family , ten years later no one talks ! Be open its not your daughters fault but is if she tries to hide it