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Savings account with min withdrawal age 21
StevieWonder
Posts: 4 Newbie
I am executor to my late mother's will. In it she wishes that savings for her great grandchildren can only be accessed at age 21. I've searched quite a number of banks and building societies so that I can place the money in them now, and I cannot find one offering the minimum age of 21. Virtually all those that offer accounts use the age of 18 or 16. Does anyone have any pointers for me?
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Comments
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I don't think any accounts will do so, you're an adult at 18 so any money in your account is accessible. You might need to setup some form of trust that specifies access requirementsRemember the saying: if it looks too good to be true it almost certainly is.0
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You need to examine the exact terms of your mother's will - are the bequests "indefeasibly vested" in the children?
https://www.gov.uk/hmrc-internal-manuals/trusts-settlements-and-estates-manual/tsem1563
If so, then you hold the money in bare trust for them but they have the absolute legal right to access and control at the age of 18 (16 in Scotland).0
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