Inheritance advice pls.

Yorkshireman99

SeniorSam wrote: »

Regarding the matter of gifting to children at 18 or 25 is simply a matter of how the gifting is set up. Gifts for minor children can be placed into a Discretionary Trust, with a letter of wishes to Trustees to gift at 18, but restrict the gift if they feel that the child at 18 would handle it unwisely. Such a letter does not give 'instructions' but asks that Trustees use their judgement' It's always a difficult matter, but a Discretionary Trust makes the gift and also gives 'Discretion' to the Trustees to have some control if they feel it was needed.

Consult a STEP qualified solicitor regarding this area of Wills if you wish to go along that route. Solicitors not STEP qualified may not fully understand all the implications.

A discretionary trust cannot set up to avoid the 18 age limit.

Tom99

I would quickly check with your parents what their current wills say. My parents original wills said that if one of their children died before, them all would go to the surviving child. This was when there were already grandchildren and obviously not what my parents intended to happen. Probably just what the solicitor had drafted without explaining the consequences to them.