Question about vested interest

Feebs

I wonder if someone can help me ? I am the executor in my Mother's will. She has requested that her estate be divided between her 5 children who survive her and attain 21 "but if any of them dies before me or before acquiring a vested interest leaving children then those children shall on attaining 21 equally take the share which their parent would otherwise have taken".

My eldest sister died just over a year ago leaving a 25 year old son. Her will had me as executor and also trustee of her estate until her son reaches 30. My sister left him very well looked after financially and also with a mortgage free apartment. We have invested a significant amount of money in a trust bond until he reaches 30.

I have veered off the spot slightly but I'm not sure what vested interest is, and if my sisters son is entitled to my sisters share of my Mothers estate is this something I need to take responsibility for until he is 30 ?

Gosh it's hard work being an executor, it's taken over my life for the last year or so, particularly being responsible for my nephew until he is 30.

As always I really appreciate any advice offered

Mojisola

Feebs wrote: »

"but if any of them dies before me or before acquiring a vested interest leaving children then those children shall on attaining 21 equally take the share which their parent would otherwise have taken".

Ignore the vested interest bit.

Her daughter died before her and left a son. That daughter's son inherits in his mother's place.

WestonDave

The above is correct but just for your info and peace of mind what the vested interest bit means is that they die in the period between your mum dying, and them getting the money (either because of delays in the process of because they die before reaching 21). As above its not relevant here.

My reading of your Mum's will is that your sisters son inherits in his own right not via your sisters estate - therefore that inheritance is direct to him and doesn't have to be held in trust until he is 30. However it may be worth your own peace of mind paying for a quick advice interview with a solicitor on this specific point.

Mojisola

Feebs wrote: »

She has requested that her estate be divided between her 5 children who survive her and attain 21 "but if any of them dies before me or before acquiring a vested interest leaving children then those children shall on attaining 21 equally take the share which their parent would otherwise have taken".

It's very clear that the grandson should be given his share when he reaches 21.

If the mother had died first and the daughter second, then the grandson's inheritance would be controlled by his mother's will and he would have to wait until he reaches 30.

Feebs

Thank you all for your speedy responses..It's answered my question perfectly