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Original poster

will writing - children age to access money - 25?

33 replies

stripes11 · 29/03/2020 16:01

when is it wise to say when chln to have access to moeny from life insurance, in case something happens to parents? when children 25?

OP posts:

ivykaty44 · 29/03/2020 21:39

So if they can’t access the money who will pay for their upbringing?

Milkandcornflakes · 29/03/2020 21:54

My mum has just written a will and the solicitor recommended that she leave money for my son to access when hes 21..

I0NA · 29/03/2020 22:04

If they are not to get it at 18 then someone will have to hold it in trust for for them. You need to get legal advice about it.

My half siblings inherited some money when they were late teens / early 20s and two of the three blew it all. So I’ve gone for 25 for my own kids.

MowCopCastle · 29/03/2020 22:46

We did 23 in the end.

It doesn't mean no access to money to live, nominated people to look after money for dc in the meantime but it wouldn't be theirs alone.

RedHelenB · 30/03/2020 15:08

I would go for 21.

OnlyFoolsnMothers · 30/03/2020 15:09

Too many questions; how old are the children being the most important? If under 18 their next of kin will need the money to raise them surely

Beau20 · 30/03/2020 15:17

It depends. If it was my parents, I would have liked them to wait until I was 25. Only because I was a very irresponsible young adult that would have blown it all on something stupid, drinking, clothes etc. 26 year old me bought a house and 25 year old me would have spent the money on that...

If your children are responsible there is no reason why you couldn't got for 21 or ever 18

OnlyFoolsnMothers · 30/03/2020 16:12

For what it’s worth I inherited just after turning 20- I don’t think it matters when someone gets the money (there are plenty of reckless 25yr olds!). If it’s a substantial amount of money I’d ensure they have financial advice upon inheriting.

corlan · 30/03/2020 16:18

You can stagger it. My mum left money to my daughter - 10k at 21 and a larger amount when she's 25. Thought this was very clever of my mum, because even if you blow the smaller amount, you will hopefully have learnt your lesson by the time you get the bigger amount.

Darbs76 · 30/03/2020 20:05

I’d say 25 minimal

AlaskanSnow · 31/03/2020 06:47

Can NOK use the childs inherited money to bring them up?

I always thought the money couldn't be touched as it was for the children - otherwise who checks on the NOK to see what they are spending?

RedHelenB · 31/03/2020 06:52

Of course whoever brings a child up would need extra money to do son, that's what the inheritance is for. Usually you place the money in trust so that it is monitored though,

DustOffYourHighestHopes · 31/03/2020 06:55

We said twenty five. We want them to get a job before they get a windfall. The trustees can ensure they have enough for travel, education, housing etc.

DustOffYourHighestHopes · 31/03/2020 06:57

As people say, they’ll have the benefit of the money as soon as you’re dead, but crucially the trustees would decide how much and where it was spent.

Sunny345H · 31/03/2020 07:04

I think 25 is too old. The children might need the money when they are younger to support themselves through apprenticeships or university. A lot of people in my friendship circle had bought a house and had children before they were 25, a large sum of money would have been very helpful towards something like that. I think 18 is fair, they will be adults then and should be treated as such and be expected to be mature enough to be responsible with a large sum of money.

okiedokieme · 31/03/2020 07:13

My kids will inherit at 25, the eldest isn't far off and younger would be ok now so when I rewrite my will (due to divorce ) it will remove that clause

Bluejuicyapple · 31/03/2020 07:21

I’ve done 25 and it will be held in trust and managed by a trustee before that with specific mentions about what it can be spent on.

Bluejuicyapple · 31/03/2020 07:25

@Sunny345H I have a nearly 18 year old and sensible as he is there’s no way I would give him access to what would essentially be a small fortune. The money would be used for his education and a couple of other things I have specified anything else needed the 2 trustees I have appointed would make a decision on. At 25 he would hopefully be in a position to use the money sensibly.

I0NA · 31/03/2020 08:59

Yes, a trustee can decide to give them money to pay off student debt or for a deposit on a flat. But decide NOT to give them £20k to take all their mates to Ibiza or £50k to buy a sports car and £10k to insure it.

I’m touched by the faith some of you have in 18 years olds. I can only assume that you don’t know many. Or that the ones you know are truly exceptional young people with a maturity and insight beyond their years .

Bluejuicyapple · 31/03/2020 09:14

Correct. That’s exactly it. Obviously you have to make sure you trust the appointed trustees to make sensible decisions on their behalf

I0NA · 31/03/2020 09:15

And yes, my sister bought the sports car. And used more cash to subside the lifestyle of her and her BF. He didn’t have much spare cash because he was paying the large mortgage for “ their “ ( his of course ) house in Surrey, poor lamb.

The least my sister could do was pay for holidays , pay the bills, run the car and of course clean and cook. She even went to work for his parents - cash in hand naturally.

Guess how quickly he dumped her when her cash ran out ? And what do you think happened to her job in his parents company ?

And guess how long it took her to get onto the property ladder ?

Well she was early 20s when she inherited and blew all the money. And mid 40s when she and her DH saved up enough for a deposit ( and had secure enough jobs to get a mortgage ).

Hence why I’ve made it 25 for my kids, I’d prefer to make it older but that’s complicated legally and has tax implications.

Bluejuicyapple · 31/03/2020 09:18

So if they can’t access the money who will pay for their upbringing?

The trustees manage it. Mine specifies what it’s to be used for and includes school fees if appropriate, living expenses for university and to ensure that the money is used to maintain the standard of living they are used to living whilst with their appointed guardians who love similarly to us. The rest is theirs at 25 but with a specification that part of the money is used for a home deposit

Susanna85 · 31/03/2020 09:47

I inherited about £5K at 17. Blew it all. Booze, Topshop, teeth whitening and a 5 week holiday round S.E. Asia with my boyfriend.
Personally I look back and think what a blast I had, wish I was that age / doing that again!!

Then inherited £40K at 22. I was responsible by this point and put some towards a house deposit and saved some in a high interest account for 5 years which I then took out and used to cover me on Maternity leave.

By 23 most young adults have become a bit more sensible / think of the future.

AlaskanSnow · 31/03/2020 09:49

So if they can’t access the money who will pay for their upbringing?

I've got an insurance policy that pays £500 per month to the guardians to cover living expenses.
I've written my Will to age 25 but left a list to the trustee of when/why they can access the money earlier.

I just thought the money couldn't be accessed before they were 18 for any reason unless you had done a trust. I must have misunderstood.

TeenPlusTwenties · 31/03/2020 09:51

We have 25 (or it might be higher actually).
Trustees have quite a lot of leeway to release funds earlier if they see fit, and we have done a 'letter of wishes' alongside our wills giving more guidance.

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