Wills - quick question

[Simpo Two]

If I want to leave money to someone under 18, what is the best/simplest way to word things? Don't want complex things like trusts, but I'm fairly sure you can't just give a child loads of money...

[Jasandjules]

It's been an awfully long time since I read up on Trust law but I am thinking you will need to give it to someone in trust for them until they are 18....

[Simpo Two]

Ideally the parent/s would keep it until handover time (prefer 21), but I'm not sure how to ensure this happens.

What would happen if I simply said 'I leave £xxxx to (minor)' and they were under 18 when I copped it? Could the Executors sort it out?

[Jasandjules]

I think (again, not done will stuff for a long time) you can simply put "I leave X amount to Y person to hold on trust until Z turns 21". In an ideal world you would also want an alternative trustee in the event that X predeceases you and an alternative beneficiary in case Z does.

It is probably worth a £150 or so on a local solicitor to get a formal will drafted.

[bladebloke]

Jasandjules said:

It is probably worth a £150 or so on a local solicitor to get a formal will drafted.

This. DIY wills can cause all sorts of problems and unexpected consequences.

There are a few options i believe - as Jasandjules said, it can be left on trust to your executors but it sounds like you need to think about whether you them [the beneficiary, that is] to become entitled to it upon reaching 21 or if they were entitled to it absolutely but should only have access to it when they were 21 and draft appropriately. In the first, they gift would go to the residuary beneficiary in the event of the kid not surviving long enough, and in the second it would go to their estate.

Another option, if you don't want the executors to be required to run a trust, is to leave it outright to the child but include administrative provisions to allow their parent/guardian to give good receipt to the executors if the beneficiary is under 18 at the time.

Go see somebody - even simple wills aren't usually as straightforward as people often think!

Edited by bladebloke on Thursday 25th June 08:23

[Simpo Two]

I like option 2 but surely there are some copy/paste phrases? I don't mind spending £150 but need it done inside a week.

If anyone here is suitably qualified and would like to snap up £150 for a few e-mails, please PM me.