Children left money in a will

BACKFRMTHEEDGE

My children have been left some money in my Aunt's will. My Aunt hasn't stipulated how they should get this money, just that they should get it; the executor of the will wants them to have it as a bond. Can they do this? Help.

tina68

Good grief, i should hope not, is the executor a family member by any chance.
Tina x :eek:

BACKFRMTHEEDGE

Yes...Thx for your reply :money:

jenniferpa

No, you should just get a cheque made payable to your children. Having said that, there's a lot to be said for putting this money in a place where it can't be touched. It may be that the executor is attempting to follow some spoken wishes of your Aunt that weren't included in the will (e.g. I want Janet and John to have this money to pay for university) rather than being obstructive. The other issue is that as your children get older and are aware they have this money, they may wish to fritter it away. Without control, this may become a constant bone of contention.

Jennifer

NAR

As it has not been stipulated in the will then the executor must ask the recipients in what form they would like their money, presumably with advice from you if they are minors.

tina68

Thought they may be family somehow..could be a bit of jealousy going on here..you might need to ask a prof about this one, i'm sure you can get free legal advice as its to do with your children, have all your facts to hand so they can look through what it says about how the money should be used and they should be able to give you an answer straight away, that way no need to go again..Good Luck
Tina x

elliealfie

my kids were left some money by their Nana (along with their cousins) - the wording of the will did not state what was to be done with it and FIL agreed (none of us disagreed) that it would be put in trust until each one reached 18, then it is theirs, this way it earns interest for them, and it is safe,

I would have liked it wrapped up longer, until 21, as they still may go mad and blow it, we have not told the kids(mine are too young) about the money, but as one of the oldest cousins is 15 it wont be long before news filters down,

The_Geek

As the others said, I would not accept a bond but my advice would be to lock it away until the kids are much much older. At least 21 if at all possible.

My ex's mother died when she was only 21 and the youngest daughter was only 15. The 15yr old got her money when she was 16, nothing anyone could do as that was the terms of the will. We feared she was not responsible enough and sure enough, went thru £20k in 18 months with nothing to show for it but a half a car. Her "friends" promptly dropped her when the money ran out.

Iona_Penny

Slightly off topic but I read that the chancellor wants to amend the law so that if money is being saved in a trust fund for children they have the right to access it at 18; currently it is possible to stipulate age up to 25. Clearly Gordon Brown's son is only a toddler or he would not be thinking of this!!!

Our will originally said that house in trust until DD 18 which mad DS 21 but as they got into their teenage years we really felt we needed adjustment so she will be 21 and therefore he 24. Maybe in the eyes of the law 18 is adult, but I think many many people (esp some who post on here) would say giving an 18 year old a substantial amount of money is like giving a toddler matches and wondering why a fire starts!

stashmycash

tina68 wrote:

i'm sure you can get free legal advice as its to do with your children, have all your facts to hand so they can look through what it says about how the money should be used and they should be able to give you an answer straight away, that way no need to go again..Good Luck
Tina x

Would this free legal advice for children be more than just the free consultation or are they entitled to be represented by a solicitor for free ?