My kids have an inheritance they can’t access until they’re 30. Is there anything they can do to move it back?

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My mum left both my teenage kids 40k each.

The will stipulates it should remain in trust until they’re 30.

The executor of the will is her husband (not my dad) and I barely know him. He’s not told me anything about how it is invested and I had to get a copy of the will myself to see what was what because it all felt a bit awkward when he was in bits to talk about money. I’m not really in contact with him - there’s no problem, I’ve just only met him a few times and he lives hundreds of miles away.

Does he have the right to release it early? Would it be rude/wrong/unethical to ask him to overrule what my mum stipulated? Even a few thousand of it would help them so much with university, but asking a stranger for money feels wrong, even if it is theirs. I would love to know if it’s invested - with the time frame I’d hope it was all in stocks with very little bonds and cash, but it’s none of my business. Should they just leave it?

Having known someone who died prematurely and unexpectedly, her 12 at the time eventually received their inheritance money at age 18 I will say it was very sad, he used it all on not much at all. He squandered it but it was sad because he was just being 18 and not yet able to appreciate all that it could be if he was old enough to appreciate it,

So I'd leave it as is. If you're worried about it being spent or 'stolen' then that's a different matter and perhaps a solicitor could advise on how your dc could ensure that doesn't happen. As PP have said it id worth allowing them to live their lives as normal as if no inheritance has occurred and then receiving it when the time comes,

There really should be documents regarding the trust. I'd imagine, given the money has to be held somewhere (if it does exist) there should be some kind of annual statement.

From the time your mum died until the money is released is almost 20 years, that's a long time for money to devalue.

I think you need all the details to be able to decide what to ask.

I agree!

Not due to him releasing it earlier. But simply to have all the details about this trust. Age thirty actually seems quite reasonable to me unless there is a genuine need for the release of some payments.

In any case: I believe that you need (actual) legal advice for this issue.

Age 30 seems quite late I would have thought 21 would be more sensible

Sorry her 12 yo ds...

I apologised at 10.31

Hope this helps.

30 is the perfect age to recieve it! It's the age where adulting really really starts! Imagine hitting 30, and having a deposit for a house and the money for a new car? What a start.

Don't help clear the buffer they have, to make the mistakes we all make in our 20s.

Op when we were writing wills we stated we'd want money to be held in trust until kids were 25, our lawyer said we'd need separate financial advice on that because of tax implications of having money held went they were adults.
You need to find out more about these trust funds.

Your very first step is to establish that the trusts were set up as outlined in the will. Just start there, OP.

Hopefully it’s all fine, and then you can absolutely get involved with advice on stocks vs bonds etc - definitely don’t assume it’s none of your business.

We were also advised by our solicitors that 30 was the right age to access the funds in a trust, and we indeed took that advice. However I would certainly dig deeper to find out all the relevant details of your children's trustee, etc. As others have said often there is a clause inserted that funds can be released for certain expenditure. Personally regardless of what you uncover, I would leave it in trust until they are 30, respecting your Mum's wishes.

I'd want to be sure step-dad was investing on behalf of your DC for maximum growth. I'd arrange to meet with him (or the trustee if that's someone different). Is he in the UK?

Then you can get independent legal advice £2-300). If all are in agreement there might be the option of doing a Deed of Variation or some such so it can be used towards a house deposit.

Obviously, I'm not a solicitor but I wouldn't just leave it to step dad.

It would appear your eyes have failed you too @DoorstoManual. You’ve either completely failed to successfully read the OP or you’ve decided to be a twat for the sake of it.

I do have some direct experience of this. I was left money in a trust that I could access age 25. At that point I had a job and a rented flat and a partner and that money went straight into a savings/investment plan and was used to pay towards our house deposit a few years later. I am definitely the sensible financial type though!

My friend was left a larger amount in different circumstances, and was given the money at 18. She used it to fund her degree and uni accommodation (so her parents paid nothing) and didn’t take out a student loan. Yes at age 30 she had a degree and a job and no student loan, but that block of money was gone and she had no house deposit. My friend is a fairly sensible type, but having a 50k bank balance at 18 meant that she did definitely splash the cash and didn’t have a part time student job. Life worked out ok for her, but I think we both agree that in hindsight she’d have been better taking out a student loan and a part time job.

also often the executors of the trust can decide to release funds early if required. You need to find out more about it

Neither of my kids know about the inheritance yet, for what it’s worth. We sat down with my eldest yesterday and figured out how we’re going to get her maintenance money together - we’re just under the household threshold so she’ll be getting half the maintenance grant. Her sister is 13 months younger so they’ll be there at the same time. I could get one through by making up the shortfall, but not both simultaneously. They’ll both need quite a lot of PT work now and during - even a sliver of what they own would help. But I can see the benefit of waiting. I’m not sure she understood the vagaries of student finance based on household income when there are two doing it at once - I doubt it crossed her mind.

*maintenance loan

You’re not odd. I agree.

In those circumstances I think it would be reasonable to ask if it’s possible for any money to be released for further education, but make it clear it’s a few thousand and not the entire balance you’re looking for. And be prepared for the answer to be no

The beneficiaries have the right to certain info about the trust. And if they are under 18, as their parent you have the right to enquire on their behalf.

The trustees have a duty to look after the trust assets and should take into account various factors, eg time period, status of beneficiaries, tax position. This should all be set out in a statement of investment policy which the trustees should keep under review.

You need to establish who the trustees are first, this will be in the Will, it is not always the executor.

The trust may have powers of advancement which means that capital can be paid early. I think you need a few hours advice on this from a professional. Fees paid now can head off issues later down the line. For example the current trustees may not want the hassle of acting, may not have invested properly. A solution could be to appoint you and another as trustee in their place.

If you really can't afford to top up both kids uni living expenses, they can't both take one year out, work for a year and save like mad to build themselves a buffer. Just means they go to uni at 19 not 18, and they will have a better chance of getting a decent job while in uni as they'll already have a work history.

In this situation I'd be gathering information about the trusts, etc. before making any mention of asking for early release because it depends what kind of trust it is. If it's a discretionary one, the trustees can release money but you need to know who the trustees are.

However, I think I'd be inclined to wait. Chances are that at 30 years of age your children will have a better understanding of what that money can buy them - a deposit on a property, help to start up a business, renovation on a house, investments for their/their children's future.

There's a lot of maturing than happens after university and when in the 'real' world that isn't always apparent until after period of time.

Totally agree but I was a beneficiary and blew it all on well, crap!

Mine have trusts they’ll receive when they’re 18.

My eldest was worrying about uni costs and I’ve explained he’ll have enough to buy a flat outright - which I’d prefer him to do because of the long-term security (fluctuations in the market are less important than roof over head!).

I’ve not uttered a peep to my youngest as frankly he could blow £500 in a lingerie shop as he NEEDS to spend.

I don’t think using it for fees is a great idea but there will of course be many opinions!

Have you used the student loan calculator in Direct.gov.uk? You will need to make up for decreased allowance entitlement if you have a high income but may not be as bad as you expect.

Personally… I would leave the money there until they are 30, I can see my child pissing out the money on trips and hobbies as I don’t think he will be anywhere ready to settle down and get a first home before then, even with a good degree and a well paid job.

Struggling a bit with money is also a wonderful opportunity to learn financial responsibility and the value of hard work.

My mum died when I was 13 and left money in trust for me and my sisters. We could not access the capital until we were 25, but in the meantime the trustees had discretion to give us money for specific things before that.

You need to find out the details of the trust - who are the trustees, and what are the terms. It may well be the case that they can distribute income to support your children through uni.

Words clearly haven't failed you. You also misread the OP. Your comment is pointless.