minor inheriting

[hildgard]

Hi, could anyone with legal knowledge offer some advice on this? My son, 17, has been left a share of my mum's estate. The will says nothing about his age and I'm the executor along with another person who isn't a beneficiary. I believe this means a trust is automatically established until he is 18, but I'd much rather have his share in trust til he's 21 or 25. Can the executors or the beneficiaries vary the will to do this, with his agreement (or without it?)

He would be entitled to the money when he reaches 18.

You forgot to say which country? England?

England sorry.

I believe he is entitled to receive it at 18. You could suggest once he turns 18 he puts the bulk of it in a LISA or other long term savings so it’s “locked away”.

I would consider suggesting he retains a small amount at 18 so he gets used to managing money, if he hasn’t already had the experience. I would also use the opportunity, if you haven’t already done so, to talk to him on a regular basis about budgeting, savings (short, medium and long term), mortgages, APR etc.

The inheritance will be his while under 18 but will be held on bare trust and looked after by you (or someone else!) until 18. You can have a bare trust for someone over 18 though if he still wanted you to manage the money.

The executors can vary the Will to establish a formal trust to keep the money locked away until he is older if you wanted. It has to be done within 2 years of death and the solicitor would need to be involved. Trusts can be expensive to run/maintain though so might depend how much he is inheriting.

Yes, so my question is, can the executors vary the will while he's still a minor, now, to create a (formal? Bare?) trust til he's 21/5? Or must we wait til he's 18? (That's a good idea to do it then- it'll still be within the two years- if he agrees.)
Of course, financial advice and lots of chats - he's a very independent not to say stubborn kid unfortunately and I've seen others make bad decisions.
Thanks for the costs warning- that's a good point.

Yep it’s fine to do now - varying the will is the Executors decision and nothing to do with the beneficiaries, so doesn’t matter if he’s a minor.

This is completely wrong. A will can only be varied with the consent of any beneficiaries that will be left worse off by the change. The beneficiaries vary a will, not the executors.

I would have thought so, @prh47bridge ! Can a 17 y o consent, or can their parent / trustee consent for them?

Neither. If you want to vary a will in this way you would need to apply to the courts for permission.

This is correct.

Thank you!