Writing a will for a 10 yr old

[Petrus1983]

I'm aware I need to write a will - but the main main beneficiary is currently 10 and I don't want him to inherit anything before he's 25 (with provisions for education, life experiences etc). Is the easiest thing to leave it to my brother (who I trust) and give him instructions on how to handle it if I meet my maker?

[Mr E]

Speak to a professional

I suspect what you need is a trust

[Louis Balfour]

Petrus1983 said:

I'm aware I need to write a will - but the main main beneficiary is currently 10 and I don't want him to inherit anything before he's 25 (with provisions for education, life experiences etc). Is the easiest thing to leave it to my brother (who I trust) and give him instructions on how to handle it if I meet my maker?

I'd be looking at setting up a trust I think.

[Mr Pointy]

This has go to be one for a Wills & Trusts lawyer. if you just do as you suggest what happens if your brother dies - your money could end up in his estate & go to his children. Or he re-marries, then dies & it goes to his new wife's children? I'm no expert but it sounds like a Trust for your son might be needed.

[alscar]

The “ easiest “ solution would be to speak with a solicitor and tell them exactly what you want to happen.
I don’t know whether you also need to consider guardianship for the current child within said will ?
My knee jerk answer would be to leave it to whomever you want to benefit but with the age of inheritance included and perhaps consider the use of a trust / trustees ( could be your brother although you then have to consider his earlier than expected demise ).

[C69]

Mr E said:

Speak to a professional

I suspect what you need is a trust

This is the answer.

Leaving your child's inheritance to your brother is a really bad idea, simply because you have no way of knowing what might happen in your brother's life after your death.

Your brother could be an ideal trustee, though (perhaps with another family member).

The benefit of establishing a trust is that you retain full control of your legacy, For example, you could say that your son inherits part or all of the trust's value at age 25 at the trustees' discretion. A useful clause if your son has unfortunately developed a substance abuse issue, or become a gambling enthusiast, or done anything else which means giving him a lot of money would be unwise.

[Petrus1983]

That's for the advice. Re guardianship he currently lives with his mother - if for any reason we both pass away it's already agreed he'd live with his aunt on my ex's side.

[Rough101]

This is what trusts are actually for, rather than avoiding taxes, speak to a Solicitor, it’s fairly standard.

[Mr-B]

You need to take advice but the solution will most likely include a standard bereaved minor's trust, or 18-25 trust as it is also known, with a letter of wishes to the trustees regarding the application/distribution of the funds in the trust.

[LooneyTunes]

C69 said:

The benefit of establishing a trust is that you retain full control of your legacy, For example, you could say that your son inherits part or all of the trust's value at age 25 at the trustees' discretion.A useful clause if your son has unfortunately developed a substance abuse issue, or become a gambling enthusiast, or done anything else which means giving him a lot of money would be unwise.

Don’t forget to say what happens to any surplus in the event of it not all being distributed to son. Can also help keep them on the right path too.

[Petrus1983]

LooneyTunes said:

Don’t forget to say what happens to any surplus in the event of it not all being distributed to son. Can also help keep them on the right path too.

Indeed. It does worry me that he could potentially have too much too young which rarely works out well.

[Sir Bagalot]

Speak to a solicitor, and not a will writing company (purely because they're 10 and won't get anything until 25)