Advice needed!!! Solicitors, anybody.
Discussion
Some months ago my great Aunt died. In her will she left her estate to be divided between 6 of our family members. To cut a long story short she named my younger brother who is 12 and disabled as a beneficiary, one of the 6.
Now the solicitor who is the executor of the will is insisting that the money be put in trust until he is 18. So what i really want to know is can she do this. The will didnt state 'in trust' it just left it to him.
Any one who has been through this or any willing solicitors who can advise it would be gratefully appreciated.
It's not a question of what the 12 year old wants, nor what the testarix provided in her will - it's simply a matter of how the law operates.
From dim and distant memory of my Trusts and Probate module at Law School, any bequest left to a beneficiary who is under 18 must be held in trust for them until they turn 18, at which point it is theirs to do with as they please.
There are costs associated with a trust but there are ways and means of minimising these, especially if the bequest is modest in size and so the costs of administration would eat into it.
From dim and distant memory of my Trusts and Probate module at Law School, any bequest left to a beneficiary who is under 18 must be held in trust for them until they turn 18, at which point it is theirs to do with as they please.
There are costs associated with a trust but there are ways and means of minimising these, especially if the bequest is modest in size and so the costs of administration would eat into it.
Lurking Lawyer said:
It's not a question of what the 12 year old wants, nor what the testarix provided in her will - it's simply a matter of how the law operates.
From dim and distant memory of my Trusts and Probate module at Law School, any bequest left to a beneficiary who is under 18 must be held in trust for them until they turn 18, at which point it is theirs to do with as they please.
There are costs associated with a trust but there are ways and means of minimising these, especially if the bequest is modest in size and so the costs of administration would eat into it.
Spot on. (I think) From dim and distant memory of my Trusts and Probate module at Law School, any bequest left to a beneficiary who is under 18 must be held in trust for them until they turn 18, at which point it is theirs to do with as they please.
There are costs associated with a trust but there are ways and means of minimising these, especially if the bequest is modest in size and so the costs of administration would eat into it.
as above 2 - it has to be in a trust for a minor.
they can express an opinion on how they want the money spent/invested but its up to the trustees to decide at the end of the day. Although if grossly badly managed they may be personal liable.
You dont have to use the solicitors who prepared the will. anyone (within reason) can be a trustee although you will(safer) need it set up by a solicitor.
Clearly safe bets such as bank account are allowed and down the chain of risk investments to all on red at the casino which may not be viewed as a good bet. (unless it won)
ps
you say disabled brother (but not physically or mentally - if your brother is mentally competant at 18 then thats fine he can do with it as he wishes, if he is not mentally competant then it may still need to be held in trust for him permantly even after 18.
they can express an opinion on how they want the money spent/invested but its up to the trustees to decide at the end of the day. Although if grossly badly managed they may be personal liable.
You dont have to use the solicitors who prepared the will. anyone (within reason) can be a trustee although you will(safer) need it set up by a solicitor.
Clearly safe bets such as bank account are allowed and down the chain of risk investments to all on red at the casino which may not be viewed as a good bet. (unless it won)
ps
you say disabled brother (but not physically or mentally - if your brother is mentally competant at 18 then thats fine he can do with it as he wishes, if he is not mentally competant then it may still need to be held in trust for him permantly even after 18.
Edited by superlightr on Tuesday 19th June 09:49
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