Inheritance Investment Advice

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My two children have some money invested in a Trust (they inherited this on the death of their Grandfather) This is split over 5 funds and it does seem to be doing quite well.
My mother has just passed away and chosen to leave the bulk of her estate again to my children.
The will states they cannot have the money until they are 25, is my only option a Trust - would I be best to set up a new one or addto the exsiting one (I don't know if this is possible)

Also can money be taken out of a Trust with agreement of trustee's (obviously only for a valid purpose)

Advice gratefully received

Comments

  • Malthusian
    Malthusian Posts: 10,975 Forumite
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    A new Trust has been created by the grandmother's Will. This has already happened. It is separate to the Trust created by the grandfather's Will.

    The trustees would only be able to take money out of the trust in order to advance capital to the beneficiaries, and only if the terms of the Will allow it.

    The people best placed to answer these questions are the solicitors who helped your mother write her Will. Are they not advising you? Who does the Will appoint as trustees?
  • nc1967
    nc1967 Posts: 57 Forumite
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    Thanks for taking the time to respond, I am neither executor or trustee in the will and don't really like the solicitors used to make the will - I just wanted some facts before they try to take over

    I have no issue with the Money being locked away, but feel that some should be able to be used for the benefit of the children to do things that we would not normally be able to afford
  • bigadaj
    bigadaj Posts: 11,531 Forumite
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    nc1967 wrote: »
    Thanks for taking the time to respond, I am neither executor or trustee in the will and don't really like the solicitors used to make the will - I just wanted some facts before they try to take over

    I have no issue with the Money being locked away, but feel that some should be able to be used for the benefit of the children to do things that we would not normally be able to afford

    So who are the trustees, it sounds as though you need to discuss how this should be managed with them.
  • xylophone
    xylophone Posts: 44,587 Forumite
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    Your mother's will has created a Trust and the Trustees are bound by the Trust Deed.

    You need to discuss the matter with the Trustees - they will advise what the Deed permits them to do.

    https://www.gov.uk/trusts-taxes/types-of-trust
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    nc1967 wrote: »
    Thanks for taking the time to respond, I am neither executor or trustee in the will and don't really like the solicitors used to make the will - I just wanted some facts before they try to take over

    I have no issue with the Money being locked away, but feel that some should be able to be used for the benefit of the children to do things that we would not normally be able to afford

    With no disrespect and I'm sorry about your mother, that was a conversation to have before she created her will, and certainly before she died, it's a bit late now. And it's somewhat worrying you say "we", it's not for you ! Maybe this is why your mother made the condition about them being 25 because she was worried you'd spend it on holidays in the Maldives? She self evidently didn't want it used for things that involve "we" or right now or she would have said so in the will.
    And why do you say "my" only option when you aren't a trustee ? You don't appear to be involved in it.
  • nc1967
    nc1967 Posts: 57 Forumite
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    Thank you for you none advice and Judgement - very helpful
    Just to make sure you understand I do not wish to spend money on holidays to the Maldives! More thoughts on being able to provide assistance for my children when they go to university so they do not have to come out riddled with debt.

    If you have helpful advice it is gratefully received - opinions about a situation you know nothing of is just rude
  • Mojisola
    Mojisola Posts: 35,559 Forumite
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    edited 19 June 2016 at 12:01PM
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    nc1967 wrote: »
    More thoughts on being able to provide assistance for my children when they go to university so they do not have to come out riddled with debt.

    Not taking a student loan or paying it off early would be a poor use of an inheritance.
  • jamei305
    jamei305 Posts: 635 Forumite
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    I was given money by my grandparents on starting university and it all went on drink, drugs and random crap in the first year. I got my first "proper" job at 23 and bought a house at 26 so I can see why your mother has done what she has.
  • Malthusian
    Malthusian Posts: 10,975 Forumite
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    nc1967 wrote: »
    Thank you for you none advice and Judgement - very helpful
    Just to make sure you understand I do not wish to spend money on holidays to the Maldives! More thoughts on being able to provide assistance for my children when they go to university so they do not have to come out riddled with debt.

    Leaving aside the question of whether they should take out student loans or not; you need to find out from the Trustees whether the terms of the Trust permit them to advance capital to the beneficiaries. Have you done this?
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