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?

I would ignore all the individuals going on about how saving the money until 30 etc is a sensible plan.

This may be the case with professional trustees, or where there's a clear, cooperative working relationship between you and the trustees - but that's not the case there. You clearly don't have a good relationship with the trustee, and there's danger they will breach their obligations and not look after the money.

You need to advocate for your children - ensure you find out what the money is, where it's invested, insist on documentation about it - and then when the youngest is 18 seriously consider encouraging them to terminate the trust and receive their inheritance.

I don't think she's avoiding maintenance loans though, students aren't entitled to higher maintenance loans it's based off household income.
Unless the rules have changed since I was in uni 4 years ago (very possible), you can't just ask for a higher loan because you want one.

Agree with the above
Not sure re 25 yr milestone

My understanding is that if there is a trust fund, it's managed by more than one person.

We looked into setting up a trust fund for our DCs but it was quite complex and also not financially worthwhile unless it was over so many thousand. (Certainly more than £40K.)

The point of a trust is that the money can be invested and grow, before it's received.

You need to make an appt with a solicitor who deals with wills and trusts and discuss.

If you wanted to you could say you and your DH are updating your own wills and your solicitor has asked to see paperwork relating to the DCs inheritance

This seems like a sensible and non-rude or accusatory way of broaching the subject, as that’s what’s worrying you.

Exactly this. I think it’s a sensible age for that amount of money, and I would respect her wishes.

I rather it go towards a house than university.

My Dcs were left money by a relative. They cannot access it until they are 25 and it is a significant amount of money.

The executors with some alacrity handed over the role of trustee to me and DH. we set a trust up (with Metro Bank who are one of the few banks who now do such trusts). The money is currently in Metro and we as trustees have the powert ot advance money in the benefit of the Dcs (so for uni etc). We are about to put portions into property (in the name of the trsut) and into equities (in the name of the trust) in the hope that the money grows rather than shrinks in a bank account.

As the DCs cannot have the money until they are 25, if they should (hopefully not) die before that age the money goes into residue for the beneficiaries of the Will the family member who bequeathed it to them. It is not money that yet belongs to my DCs. It is contingent on them reaching the age of 25. I expect that the situation with your Dcs is similar.

If you wish to be involved with the Trust then I would be talking to the executors so you an see what the terms of the trust are. I would however counsel against trying to trust bust so your Dcs can have the money sooner. If i had received a sum of money at the age of 18 I would have spent it all on horses. If I had received it at 25 I would have spent it on travelling. If I had receievd it at 30 i would have out down a deposit on a house. Maybe your children are more sensible but maybe not.

Nothing to add to the above, but after 4 years, it's definitely not money-grabbing to ask about the details on your kids behalf. At the end of the day, it's an obligation on his part (or whoever the trustee/executor is) to deal with the estate.

Good luck OP and good luck to your kids. A decent degree will set them up for life and I suspect your mum would agree if she were still here.

I'd want details of how to access the money. What are the plans if he dies before they're 30 ?
Will you even be informed if you're not close to him ?

Slightly left field but aeronautical engineering can be done as an apprenticeship. You could look at BAE, Safran, MDBA as an alternative to uni

I think 30 is unreasonably late - 25 would have been more reasonable. It could have even been expressed to be 18 to cover uni maintenance and 21 or 25 otherwise. Or allow for some money to be released for uni, eg £10K and keep the rest for later. My son gets £3K a year from savings as maintenance for uni (excluding accommodation and fees) so I think releasing £10K for a 3 or 4 year course would be reasonable.

If you don't ask, you don't get. I would find out who the trustees are and see if there's any wriggle room. If not, well that's a pity but at least there will be a nest-egg coming their way when they are 30.

Just because the mum did it that way doesn't mean she's right.

Not directly relevant to the post but one thing which I always wonder when I read about trusts being inherited when someone is 30 is how much gets siphoned off on a divorce? I know quite a few friends who got married in their late 20s and were divorced within a few years. If they'd inherited £40k, their spouse would have been entitled to half of it or the assets bought with it etc.
I appreciate the point about those inheriting at 18, 21 or 25 frittering the money away, but at least they have enjoyed it all themselves.

If they both want to do a highly employable degree like engineering, then an apprenticeship would be the sensible way forward. IME the degree level apprenticeships leave the graduate in a far better position than a degree alone. They will be working, earning, have no debt and have an almost guaranteed job at the end of it. (Oh, and if they get stuck on coursework, will have an office full of engineers who’ve done it all before to assist.)

I rather it go towards a house than university

With £40K you could easily do both - £10k for university and £30 for a house deposit.

I'd almost rather spend the money on a degree as it benefits the child directly, whereas a grabby partner can get a share of the child's house later.

If they both want to do a highly employable degree like engineering, then an apprenticeship would be the sensible way forward

it would, but it's much easier to get a place on a degree course with a year in industry. The OP's kids might be seriously bright, but apprenticeships are incredibly difficult to get because there are so few of them compared with degree courses.

Xpost @Bizzywater

and yes, there are loads of companies looking to take on degree level apprentices

My in laws have a six figure sum trust each to both my children( their only grandchildren) until their 30.

I thought 30 is too late too, I bought my first home at 23 and would have thought I was mature enough by then... In the end though it is their decision and we are grateful they have thought so far ahead for my kids who are 3 &5 😊

Oops until **they're 30

Ive got money for both my kids in the bank but it's in my name.

I have no idea how sensible they will be so maybe she was edging on the side of caution and wanted them to have it when they were a bit older?

It's a lovely gift tho - I wouldn't worry about uni tho as most students have loans

Bizzywater we need to research this, and will do. My initial impression is that it’s assumed you live at home as the pay is so low, and we live nowhere near those organisations

I think they should have had some paperwork at least! The money should be invested somewhere for them otherwise with inflation it will be worth less when they get it out

I was several thousand pounds in a will when I was 11, held in trust, in a combination of stocks, shares and bonds, until I was 21. I was able to access some of this before I was 21 for university and a guitar by making a request to the executors, and if they all agreed then my request was approved. Both of my requests were approved.

The executors sorted out the selling of holdings and wrote me a cheque for the amount requested.

Just because the loan would give them 9k total, doesnt mean that is how much you should make sure they have. Depending on rent where they go, their loan may cover all/ most of that, and I think an extra £450 a month (£4.5k over 10 months studying) is a lot of money, when all bills are generally included. If you know what accommodation is likely to cost, you may do well to write a monthly budget together.

I don’t know how to message on here but @lightgreen i work for a large engineering company. They off apprenticeships where they pay for apprentices to get their engineering degree. Have you looked into this? Guarantees them a job.