Childs inheritance......

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j88kln
j88kln Posts: 97 Forumite
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in Deaths, funerals & probate
My Grandad passed away last year and the will has finally been sorted out.

However, he has left money for his grandson (my son) who is only 2 years old. The solicitor has said that the funds will be available for my son when he turns 21 years old. Meanwhile the solicitors will look after the payment.

I have tried to get in touch with the solicitors after they emailed this to me, however I have not had any luck.

The question that I am looking to ask is - will the money gain interest for the next 19 years? and if so, will my son get the interest or will the solicitors?

I thought it was a little bit weird that they are holding the funds as my son has an ISA which nobody can access until he turns 18 years old, which I was going to put the funds in to. My grandad used to pay in to this for my son at irregular intervals anyway.

Any help in this matter is much appreciated

Andy
«1

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  • Keep_pedalling
    Keep_pedalling Posts: 16,641 Forumite
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    How much are we talking about here?
  • j88kln
    j88kln Posts: 97 Forumite
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    I have not seen the will myself, however a family member has seen it and the amount is around £5,000
  • Keep_pedalling
    Keep_pedalling Posts: 16,641 Forumite
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    j88kln wrote: »
    I have not seen the will myself, however a family member has seen it and the amount is around £5,000

    If that sits in a low interest account for the next 16 years inflation will make it worth vertically nothing by the time he can access it. I can't see why such a small amount would be retained by a solicitor for such a long period, if he was my child I would want that money tucked away in a S&S JISA not the solicitors client account.
  • j88kln
    j88kln Posts: 97 Forumite
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    Is there any way that I can challenge this and get it put in the JISA that he already has?
  • Yorkshireman99
    Yorkshireman99 Posts: 5,470 Forumite
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    j88kln wrote: »
    Is there any way that I can challenge this and get it put in the JISA that he already has?
    Write to the executors and ask. The child is entitled to the money when they are 18 not 21 even if the will says 21.
  • Keep_pedalling
    Keep_pedalling Posts: 16,641 Forumite
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    There should be no reason the solicitors should not hand over trusteeship of the child's inheritance to his parents. What surprises me is that they are not keen to offload this ASAP as looking after such a small sum is more trouble than it is worth.
  • Malthusian
    Malthusian Posts: 10,944 Forumite
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    Yorkshireman99 wrote: »
    Write to the executors and ask. The child is entitled to the money when they are 18 not 21 even if the will says 21.

    Although the OP is not obliged to tell the child that there is a court precedent that will enable them to claim the money at 18 instead of 21.
  • Brighty
    Brighty Posts: 755 Forumite
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    Malthusian wrote: »
    Although the OP is not obliged to tell the child that there is a court precedent that will enable them to claim the money at 18 instead of 21.

    Just out of interest, are parents, assuming they are the trustees, obliged to tell children that the money even exists? Could they just sit on it in silence and only tell the kids when they hand the cash over at 21?
  • Yorkshireman99
    Yorkshireman99 Posts: 5,470 Forumite
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    Malthusian wrote: »
    Although the OP is not obliged to tell the child that there is a court precedent that will enable them to claim the money at 18 instead of 21.
    Why would any decent parent not tell them?
  • Yorkshireman99
    Yorkshireman99 Posts: 5,470 Forumite
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    Brighty wrote: »
    Just out of interest, are parents, assuming they are the trustees, obliged to tell children that the money even exists? Could they just sit on it in silence and only tell the kids when they hand the cash over at 21?
    I refer you to post #10
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