Beneficiary is under 18
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In answer to the above in one post.
1. My husband and a friend are the trustees of his sister's estate. Our 15 year old is one of the beneficiaries - no trust is mentioned.
My brother and I are joint executors and sole beneficiaries of our mother's will. We will divide the estate between us and then I am considering a DoV for our two sons (aged 15 and 18). As the estate will have been distributed the only impacted beneficiary is myself.
2. The amounts are well over the JISA maximum.
3. My understanding is that a DoV can benefit an 18 year old - a new beneficiary does not have to sign the DoV. If a minor is an existing beneficiary then they could not sign.
We have an existing Coop bank account where I am the adult signatory. This is the account we want to use. We can request him not to take control of it until he is 18, will that suffice?0 -
In answer to the above
* so as long as they don't access the money until 18 it will be okay in his account?
* a DoV with regards to my mother's will removes it from my estate. I can of course gift it and hope I don't pop pff before 7 years.0 -
Thanks YorkshireMan99 I have found accounts that say they can be opened by an adult or trustee for a minor - is this what you mean?0
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In answer to the above
* so as long as they don't access the money until 18 it will be okay in his account?
* a DoV with regards to my mother's will removes it from my estate. I can of course gift it and hope I don't pop pff before 7 years.
You could also cover cover IHT associated with premature death through term life insurance.0 -
I'll look into term life insurance.
Still a bit confused about hat sort of account can be used for a direct inheritance or one by a DoV.0 -
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