Funds left to minors in a will

evenasus

I don't know if anyone on here would have any advice but here goes...

My daughter-in-law's mother died in April last year and in her will her house was left to her daughter & son.
She had five grandchildren who have been left roughly £30K each.
The problem is that three of them are under 18. They're her daughter who's 16 & her brothers twins are who are 9.

My daughter-in-law has received a letter today saying that the solicitor is in the final stages of finalising the will.
But it's the last sentence which she's not sure how to proceed with.

Finally, a number of the residual beneficiaries are still minors and therefore not able to receive funds due to them. Can you please confirm whether any further consideration has been given as to how these funds will be held on their behalf.

In other words, she's not sure where to go or how to set up an account for the three minors.
I take it the funds can't just be put in bank accounts in the children's names.
She'd be very grateful if anyone could give any advice.

xylophone

Have the bequests "indefeasibly vested" in the beneficiaries?

Ask the solicitor to confirm.

https://www.gov.uk/hmrc-internal-manuals/trusts-settlements-and-estates-manual/tsem1568

If so, the parent(s) of the minors can hold the money in bare trust for each child who will be entitled to access and control at the age of 18 (16 in Scotland).

Example

https://www.bathbuildingsociety.co.uk/savings/personal-savings-and-investments/supersaver

It would be possible for money to be withdrawn from each account annually to subscribe to a JISA.

https://www.gov.uk/junior-individual-savings-accounts

If the 16 year old currently has a CTF,

https://www.skintedmintedmum.co.uk/skinted-blog/how-to-transfer-a-child-trust-fund-ctf-to-jisa-with-a-double-scoop-of-tax-allowance.html

might be worth a look.

https://moneytothemasses.com/quick-savings/parents/best-junior-stocks-and-shares-isa

evenasus

Thank you for that information xylophone.
I'll pass that information onto my daughter-in-law.