Kids Inheritance Help!

[Ianh07]

My children have inherited some money from a great grandfather who passed away last year.
As both children are under 18 they cannot directly "get" the money - so it has to be held for them.

The will also states that any children receiving from the estate cannot access the money until they are 21.

We have now received cheques from the solicitors, these are made payable to "The Trustee of John Smith" & "The Trustee of Jane Smith".

My question is - does anyone know what kind of fund do we need to pay these into & who offers these?

Both kids have Child Trust Funds (H&L), but I can't pay into these because 1) the payable name isn't me and 2) the receiving age is set to 21.

We've asked our banks (HSBC & Santander) for any products they offer, but didn't get far with them.
We also asked the solicitor, but they politely declined to give any advise (annoyingly)
A google search throws me down rabbit holes of bare / contingent trusts, which means very little to me.

I will contact an IFA next, but I'm surprised it's this hard - if anyone has any advise or suggestions it would be greatly received.

Thanks!

[essayer]

I think you need to set up a "bare trust" for each child

[Ianh07]

essayer said:

I think you need to set up a "bare trust" for each child

Thanks for the reply, from my google rabbit hole I think bare trusts are for receiving when 18 - I think the requirement to only receive at 21 confuses things.
(although I maybe 100% wrong here!).

[essayer]

So I think it's still a bare trust despite that -

https://www.gov.uk/hmrc-internal-manuals/trusts-se...

Some of the SIPP providers were providing bare trust services in the past, and I don't believe the fees were unreasonable, but I can't find any of them now!

[alscar]

From memory ( was a good few years ago now ) I set up 3 trustee accounts for my children and as the trustee cheques payable to said trustee we’re allowed to be paid in.
At the time this was with F&C who have now been taken over by Columbia investments so might be worth talking with them?
Also my wife is a trustee for a friend and has just had to change the accounts to Metrobank who were pretty helpful.
Failing that I would simply ask the Solicitor to rewrite the cheques and make addressed to you - they don’t sound very helpful but worth an ask.

[Ianh07]

Thanks both for the replies - I'll have a read of the link & check some of the banks mentioned

[gotoPzero]

As its 21 I think you are going to need a solicitor? Did the estate not make arrangements for this ?

Normally the trust would be set up when the person is still alive?

[Ianh07]

gotoPzero said:

As its 21 I think you are going to need a solicitor? Did the estate not make arrangements for this ?

Normally the trust would be set up when the person is still alive?

Hi, thanks - its a no to all of those questions unfortunately.
We are also now in the awkward position whereby the executor is no longer speaking to the rest of the family, and the solicitor will only speak to the executor.
Sounds like we will have to get back onto the solicitor and be more assertive in our questions.

[gotoPzero]

Ianh07 said:

gotoPzero said:

As its 21 I think you are going to need a solicitor? Did the estate not make arrangements for this ?

Normally the trust would be set up when the person is still alive?

Hi, thanks - its a no to all of those questions unfortunately.
We are also now in the awkward position whereby the executor is no longer speaking to the rest of the family, and the solicitor will only speak to the executor.
Sounds like we will have to get back onto the solicitor and be more assertive in our questions.

I am no expert, so maybe ask in the law section. But we (my family) recently set up several trusts and it was all done whilst the parties who are leaving the trusts were still alive. The cost was not insignificant btw. There are lots of options for child trusts in the UK (AFAIK) but I don't think they will work. I mean, as you have the cheque, there is nothing stopping you setting one of those up unless they have asked for proof or something? Also be aware most banks will only handle cheques in the UK within 6 months of signing.

Like I say IANAL.