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Children U18 inheriting

3 replies

CheeriosOrFrosties · 07/05/2024 10:30

A family member recently passed away and left money in their will to children in the family, whose ages range between 2 and 15.

I haven't seen a copy of the will but apparently it doesn't stipulate how old the children have to be in order for the inheritance to be paid to them, and the spouse of the family member who died has said that the money needs to be paid into accounts in the names of the children, not their parents.

Can anyone advise on this?

Does the money have to be accessible to the children now, or as a parent can I put it in trust for them until they reach a certain age, or put it in an account that they don't know about until they are say 18 or 21?

The amount is approx 20k per child.

I'm happy to seek advice IRL but not sure who I am best to contact. Do I need to ask for a copy of the will? (I don't want to upset anyone by asking)

OP posts:
prh47bridge · 07/05/2024 13:04

If the will doesn't set up a trust, an automatic trust will be put in place. The executor should hold the money in trust until your children are 18.

VanCleefArpels · 07/05/2024 13:08

Consult the solicitor dealing with the estate. If there isn’t one, consult one. You can set up trusts and can specify the terms. A financial adviser will tell you how best to invest the funds safely

CheeriosOrFrosties · 07/05/2024 13:19

Thanks both, that's helpful. I've contacted the spouse, who I presume is the executor, and asked for details of the solicitor dealing with the estate so I can ask them these questions. I'd like to make it as easy as possible for the executor (as they are already finding it really difficult to deal with this unexpected bereavement) but I also want to get it right.

OP posts:
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