Guidance needed in interpreting a will

[GuidanceNeeded]

I have name changed for this as the details given here might make me recognisable to my family.

My dh and I have been left as executors of my dsis's will. It was a will she did herself, using guidance from a will making kit, properly witnessed and it has been accepted by all of the family. Probate has now been granted and we can distribute the estate to the beneficiaries.

Our difficulty is that she has left a 'residual gift' to her nephew and nieces. The exact wording is 'I give the residue of my estate to my nephew and nieces, x,y and z, one third to each.'

As all of them are minors aged between 7 and 16 we are concerned about how best to distribute the funds to them and wondered if there would be any legal interpretation of this i.e should we set up accounts in the children's names for the cash that they can access whilst still minors or an account not accessible until they are 18 or just put it into their existing accounts that can only be accessed by their parents.

Our main concern is that my other dsis has already stated that she wants the money for her children to go into their existing accounts, that only she can access, so that she can use some of it to take them on holiday. She would presumably also pay for herself and possibly her current dp out of their funds as well.

We understand that she sees this as an opportunity that she would not otherwise have for a memorable family holiday but we feel in a very difficult position that this may a} Not reflect what the will specifies about the gift going to the children and b} Not be in the best interests of the children who as beneficiaries we as executors have to act for.

We don't know if we are overthinking this and don't relish the potential fall out of us not doing what dsis wants but just want to do what is best for the children. The amount involved isn't huge but would certainly help towards college fees or be a good start on saving for a house deposit and we feel we have been put in a position of responsibility about who gets access to it and potentially when.

Any advice would be very welcome.

The law creates the trustees responsibilities automatically and it will "fill "in" where the will is not specific. If the statutory power of advancement of up to 50% of the capital is not transparantly exercised for the sole benefit for the child, you lay yourself open to critisism from the beneficiary (and rightly so IMO) - especially as you are fully aware that the advancement may not truly be for beneficiaries benefit.

I understand the potential family problems...really I do, I see them so often. But stay true to your dec'd DSis wishes in that the left the money entrusted to you for these children - not to their mother, and did not appoint their mother. In my very humble opinion, executors are not appointed without a good deal of soul searching...especially if there are a number of siblings/friends from which to chose

If you are uncomfortable advancing money before 18 for WHATEVER reason then to do so goes fundamentally against your role. Go with your instinct and your beneficiaries will (in my experience) thank you for your judgement. It is my personal opinion that aside from very obvious special needs, a legacy is always appreciated more at 18 than at 10 ( and will said child remember holiday in 8 years time?).

Hope this helps support your instinct.

Sorry for double post,..must get abit trigger happy when I get passionate about things..!

Thanks titchy. I have now spoken to my dsis about the situation and on the face of it she took it really well that the money wouldn't be forthcoming for a family holiday and has to be or the sole benefit of the children. So I think I have headed that dilema off - for now, anyway !

I can't thank you enough for your input LittlePushka, it has been invaluable. You have not only set out and clarified the legal situation but have also made me feel reinvigorated to get on with the last lap of the process, by reminding me that my dec'd dsis must have chosen me to do this for a reason.

Thank you again - what you have advised does help support my instincts and will make any difficult decisions easier to push through as I can put the blame on the law rather than my natural conservatism { aka control freakery !}