will beneficiary under 18

peachyprice

Prothet_of_Doom wrote: »

Speaking as a grown adult with adult children. I wish my grand parents had left some of thier inheritance to Great Grand Children.

My parents inherited money in thier late 60's of which they have no real need, and are sitting on, 'for a rainy day' and yet their grand children (2 of mine and 2 of my oldest sister) are struggling to make a start in adult life.

In my parents will they leave it to Us, but we won't need it, and I certainly will pass on most of my share to my children, as soon as I get it, (as I won't need by then it), and if they have them their children.

Interesting.

When my grandmother died she left an inheritance to her children, and to her great grandchildren, she missed out all her grandchildren completely, I think on the understanding that our mothers would 'do the right thing' and share with us.

securityguy

dzug1 wrote: »

Savings certificates are one possibility

Or would be, if it were currently possible to buy them. Unfortunately, it isn't.

John_Pierpoint

Some junior citizens have "A child trust fund" an idea the Gordon Brown did get right, though I would have liked to see an incentive for the trust to last until 25.
Pay some in there to relieve the executor from the duty to account for it each year.

kitbit

Thanks for helping me sort the wording out.

Just need to clarify something re the executors.

The lady who is making the will has specific people in mind for the executors - she has no family, so these are 2 very close friends who she trusts to do the right thing. The worry that I have is that they are both quite elderly themselves.

What would happen if she were to die before the boys reach 18 and then both executors were to die before the boys reach 18? Both are currently fit and well and obviously their age doesn't necessarily mean they would die any sooner than anybody younger, but there is also the issue of something like dementia - what if they didn't have the mental capacity to act as trustees?

I have suggested having reserve executors as I have seen this referred to somewhere. So does this mean that she could name another 2 reserve executors/trustees who would only step in if the first executors were not capable of acting as trustees?

As I have said before, the amounts involved are only small so she is trying to avoid seeing a solicitor with this. She would not want the boys parents to be executors - not that she wouldn't trust them to ensure that the boys received the money, just that they are not close and they are not the people who she would want to deal with her estate and have to empty the property and arrange the funeral etc.

madbadrob

I appreciate what you are saying about the costs of having solicitors involved but unless the will is worded exactly it could end up declared null and void and then intestacy sets in.

I may be wrong but if the executors do die then a family member could take on the roll but I say that with the caveat that I am not sure

Rob

Mojisola

kitbit wrote: »

What would happen if she were to die before the boys reach 18 and then both executors were to die before the boys reach 18?

I have suggested having reserve executors as I have seen this referred to somewhere. So does this mean that she could name another 2 reserve executors/trustees who would only step in if the first executors were not capable of acting as trustees?

This is what my parents did. They named each other as executors but had two other people named if the first executor had already died.

There is nothing stopping her keeping it simple and naming all three as executors if she thinks they will work together. It is also possible for one to take on the work and the others to reserve their authority so they can step in if their help is needed.

John_Pierpoint

As long as one trustee is still alive that trustee can find someone else to replace the dead trustee.
However if land is involved, I am almost certain that the new legal ownership has to be registered at the Land Registry.
[There is a useful " Land Registry Representative " who posts on here regularly.]