Inheritance clause (age)

Mayfair4

Hi, never posted on here but looking for some advice, i am 19 and a student at uni going into my second year, unfortunatley over the past year i have accumulated about £2800 of debt on various overdrafts etc. this is not a major problem because most are 3 years interest free which is nice, however I am completely broke with no way of securing a house for next year and am struggling to get by day to day and iv already borrowed from my mum

however my gran passed away when i was 13 and i was left £17k in trust until im 21. since then im told this has increased to £21k thorugh interest. my other gran is the executor however i have not seen her in nearly 3 years

my question is, is it possible for me to use even 10-20% of this money to survive over the next couple of years, becuase as it stands im going to be living in complete poverty for 2 years and then have £21k overnight which just doesnt seem sensible.

i know is unlikely as is a legal contact etc. etc. but any info on where to go who to speak to or if its possible would be greatly appriciated

silvercar

You would need to apply to the trustees of the trust.

Mayfair4

ok,so in this case would have to 'apply' to my grandma and then would be at her discretion?

meritaten

ask your grandma if she could release some of the money to 'assist you' at this time. its up to her as trustee. be prepared to 'negotiate' and make it clear you really want to leave some capital there for the future.
you sound very sensible and mature so I agree with you - the money may be better spent right now than earning interest, as it will help you NOW.

BitterAndTwisted

It all depends on the conditions which were stated in the will. My mother's stipulated that the money be held in trust until the grandchildren turned 21 or it was needed for their education. Still, if your other grandmother broke the terms of the will and gave you an advance on your inheritance, who would sue her? Her decision to help you is not likely to disadvatage anyone else, is it?

LilElvis

It may well depend on the wording of the trust. My daughter has 2 - one is age-specific release with no option to waive the date it is available to her, the other is more open and we/she can apply to release funds at any point with the trustees acceptance then required.

Joanthebone

Or you could get a part-time job?

dzug1

BitterAndTwisted wrote: »

Still, if your other grandmother broke the terms of the will and gave you an advance on your inheritance, who would sue her? Her decision to help you is not likely to disadvatage anyone else, is it?

Potentially you should you feel you have lost out when you get the rest of the money at 21. Or if you have an ex spouse by then demanding assets from you.


Unlikely, perhaps, but not entirely beyond the bounds of possibility

VfM4meplse

I thought student loans were designed for exactly this purpose?

Would it be out of the question to ask your grandmother to lend you enough to secure accomodation for next year? She may agree and want to do a diagnostic as to how you got into debt in the first place. Older generations know a thing or two about thrift, it's advice you need to hear.

BrassicWoman

why haven't you seen her in 3 years? Being ignored would affect my decision...

fairy_lights

Are you getting all the student loans/grants you're entitled to?