Legacy query

ipri

Hi My son has been left a decent amount of money in an aunts will.He cant get it till he is 21..(next year )..what happens to this money in the meantime?...does the solicitor keep it and gain from the interest?

dzug1

It should be invested in a trust for his benefit - but it does depend on how long it is before payout would be expected (ignoring his age). If the estate is not likely to be wound up until next year anyway it wouldn't be worth the bother.

ipri

thanks...the estate is finished very soon...his sister will receive her cheque in the next few weeks.....will the solicitor set up an account and allow the interest to accrue in sons name?...he is 21 next June.

Cook_County

Solicitors are required to keep client money seperate although it is unlikely that a client account would generate much interest at present. What does the Will say should happn with the money before distribution?

ipri

No mention of this..aunt and uncle both deceased...house sale and all other probate almost finished...I expect all monies to be distributed soon..just leaves my son to await 21st birthday in June

dzug1

ipri wrote: »

thanks...the estate is finished very soon...his sister will receive her cheque in the next few weeks.....will the solicitor set up an account and allow the interest to accrue in sons name?...he is 21 next June.

The solicitor should do - but he may prefer you to be the trustee and set up the account, etc.

What has he told you about this?

ipri

Nothing yet.

dzug1

Does he even realise there is a problem? Is he assuming you son is 21?

G_M

He cant get it till he is 21

Why not? Does the will specify 21? If so it should also provide for a trust till then, with trustees named. Unless it was a very poorly written will.

If it does not specify 21, then just give him the cash.

Cook_County

G_M wrote: »

Why not? Does the will specify 21? If so it should also provide for a trust till then, with trustees named. Unless it was a very poorly written will.

If it does not specify 21, then just give him the cash.

Exactly, this is why I asked what the Will said. Unless you have executed a valid deed of variation, the Will is what gives the powers to the Executors. Are they the Solicitors?