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?

Our will places everything in trusts for our children should we die and names two trustees (one from each side of the family). The terms of the trust means the trustees can release funds to them for various reasons (housing, education, contribution towards living expenses if they have to be looked after by a relative due to age) though they don’t gain access to the lump sum until they are 25. It is to stop them frittering it away but I would fully expect them to receive money for university. I would be surprised if the solicitor didn’t set these trusts up similarly.

£750 a month isn't unreasonable for your DCs to earn from a part time job while at university. I work at a university and most of the students I deal with have part time jobs. My friends and I all worked 15-30 hours a week while we were at university. I would keep the money safe until they're 30 and encourage them to get jobs while at university. It makes their CV better when graduating too.

A friends kid is doing engineering and they’ve been told getting a job will be difficult, and it’s probably better not to due to the high level of Uni work. Have they thought about the RAF or an apprenticeship? Apparently there are quite a few around for future engineers, especially if they are a girl.

I don’t think you’re being grabby though, I’d want to know details about the trust too so that a) I know that my mums wishes were being respected and b) that my kids interests were being protected. A few thousand now to help with Uni would make life much easier so I don’t think there’s any harm in enquiring more about it.

No she is saying they will struggle and isn't sure how they will do it.

Not all courses of quality are available within a commute. Unless you live in a major city with good universities then you are likely to have to travel to get to a good recognised course of the type which will make a real difference to your job prospects.

Frankly I would not want any child I'd put money in trust for to have to go the local former technical college or do a subject outside their real passion just for the sake of leaving money untouched in the trust. Being able to take up an Ivy League place or one of the key places for their subject would be an excellent use of a portion of the money in trust for their future.

It's not really anyone's business what the OP wants her kids to do with the inheritance.

If she thinks they might squander it, she could put it in her name in a separate account, and give it to them when she felt the time was right.

Interestingly, we gave our DCs a similar (slightly bigger) amount from a grandparent. It was left to my DH but we felt it fair to give them a share.

They behaved very sensibly with it, having received it just as they left uni.
Both have saved it. One invested it- that's their career speciality- and it's doubled in value in 10 years. It's now going towards their houses.

Not all young people piss it away!

If you do a degree apprenticeship you earn a salary whilst doing your degree. We give a small number of apprenticeship places each year and pay all their fees plus a salary not far below our graduate entrants.

The downside of doing your degree this way is you don't get 20 weeks holiday a year but what you do have at the end of four years is a well recognised degree, no debts, four years of work experience and a guaranteed job.

There are generally more sponsorships/scholarships in engineering which provide things like a lump sum each year and guaranteed relevant work experience (for normal pay) in all the vacations plus usually a job at the end of the course.

Look at these options before compromising on institution or course - get advice from people in their target industries as well (STEM outreach groups and charities may be able to help).

Oh and we insisted it could only be used for education or buying a home. Not cars, holidays, or anything like that.

One was thinking of using it to fund a PhD but decided against it.

She made sure they had access to a money when they were old enough to appreciate it and not squander when they were younger, instead put it a house when they want to have families. I'd respect your dm wishes.

If the money is in trust until they are 30 then the OP cannot put it into a bank account in her name. It is held in trust with named beneficiaries.

usually money held in trust until a certain age can be advanced for certain reasons so it would certainly be worth asking. Your children need to know where the money is invested for sure.

I came on to say what @Bizzywater did: it’s worth looking at degree level apprenticeships. I think BAE even have a form of halls of residence.

I agree with this. I inherited a large sum of money from my grandfather at 22 and blew it completely.

I inherited a house and an even larger sum of money from my father at 40 and have been far more sensible, some I’m sure would even say boringly sensible.

30 is a lovely age to inherit, old enough to not fitter it away and to appreciate it.

I have a friend who inherited at 21 and spent it all on having a good time and now bitterly regrets it.

Where did your DM die - as you will need to be familiar with the legal system in that jurisdiction.

You do need a papertrail and an outside moderator to ensure the inheritance is being managed appropriately but also if her DH becomes unwell / dies - what are the contingencies for this?

I think 30 is a good age - it keeps the DC focused on being sensible with their own money whilst they study and start their careers - and would come at a good time for house / wedding / mat leave / career change etc.

With regards her DH respecting her wishes to leave you a share of their joint home - how will you manage this? Have a conversation? Get a solicitor to write? Why do you think that she didn’t specifically put this in her will?

Just to say I think working 15-30 hours a week while being a student is unrealistic, but a Saturday or weekend job might work (or an equivalent shift in the week). I'd say 10-15 hours is do-able, depending on the course.

But the holidays allow plenty of time to earn money and if you do a STEM degree with a year in industry you get paid for that year.

Exactly.

Or: It’s not anyone’s business when the children’s grandmother wanted her grandchildren to receive the money.
Some young people do piss it away.

Asking how the money is being invested etc seems prudent but I wouldn’t ask to change when they can access it, I think 30 is a good age and it’s far less likely to get frittered away and more likely to help with a house deposit. I was a total idiot with money until I was about 27 and 100% would have wasted that type of sum!

Am sure you’ve thought about this lots but my grandma left me 50k to be used solely for the purpose of education, I requested the money from the trust when I went to uni and told them I’d use it for living costs and paying tuition. I didn’t, I squirrelled it away in a high interest savings account and live the same student life as everyone else’s, poor and living off essentials pasta and beans, having to work to pay my rent and with a student loan. I was so grateful I’d done this when I was ready to by my home at 30. My cousins who actually used it for education have no student debt but have no money for deposits either. It wasn’t what my grandma intended for the money but it’s worked much better for me, maybe waiting till 30 won’t be such a bad idea for your kids.

I was in a similar position (as beneficiary of the trust). I was entitled to claim the interest that accrued and also expenses for education, although I don't think the solicitor allowed me to claim expenses, just the interest.

I think it's very strange the op. hasn't heard anything from solicitors/executors. Usually when you are left something in a Will you are contacted.

@Dinodelight you did the best thing. They say always take out the maximum student loan you can get as most people never pay it back. I know it's different in ops case as they will be claiming all they can.

Your children are over 18 so it will be in their own names that they would need to deal with their inheritance, and will not be able to alter it (without a court application and evidence that she had a financial duty of care towards them or if she was financially supporting them in their lifetime already). Quite rightly as that was what she went out of her way to specifically stipulate. They are fortunate that they were thought of and provisioned for and 30 is a very sensible and helpful age to receive the funds and them be put the use your DM clearly wanted them to be used for and why she left them.

I would wait a respectable amount of time for someone who's lost their partner, an absolutely appalling and life changing loss, and then write a polite letter requesting could they kindly let you know where the funds are being held in trust for your childrens reference, and do they have copies of these policy numbers/the paperwork from when these trusts were set up.

The trust won't deal with you as their mother as they are not minors, and will only deal with named parties. Whether funds would (not likely unless you can prove dire financial need) be released is only in the provision of the trustholders and absolutely nothing to do with the estate, widower or executor.

I've not read the whole thread but I have been involved in this in the day job.

Chances are there is no separate trust document and the entire trust provisions are stated in the will, plus there are statutory provisions about how trusts are managed. Trustees usually have powers of maintenance and advancement which allows money to be released before the age of entitlement. They have these powers under the general law although a trust document may modify them.

Beneficiaries normally have the right to see trust documents and accounts.

There is no harm in asking the trustee if he will release funds. If he denies this without being able to justify his decision, or if you think he is being deliberately awkward then consult a solicitor to find out exactly what rights your children have. But I wouldn't suggest consulting a solicitor before you contact the trustee with a basic request, because he might be perfectly reasonable and you can save the legal expenses.

@ddontgobaconmyheart, you need to read the OP's posts properly. Her mother died 4 years ago and her children are still minors.