Creating trust(s) for child beneficiaries

YBR

This is the situation:
My husband's uncle has recently died, and his will splits his estate between 6 people, of whom 3 are children.
My husband is co-executor, the children are ours and a cousin.
For the children, the will states the money should be put in trust until they are 21. There are a couple of dense legal paragraphs which we think mean the trustees are free to invest the amount any way they determine. We think it may be £1,000 to £2000 each, so not a huge amount.
The uncle lived in Guernsey and Guernsey probate will apply. All beneficiaries & executors live in England.
Trustees are not named, so we'll need to figure out if that has to be the executors or not.

Does anyone know whether it would be correct to assume the trusts could/should be under English law?
And perhaps someone can provide some pointer as to where to look for more information that is reliable.

Thanks.

Keep_pedalling

What is the exact wording for these legacies? Many wills have age clauses that are actually uninforcable. If, as is likely with such small sums, these are absolute gifts to the individuals then they will be entitled to receive them from the age of 18.

Assuming this is the case the the simplest thing to do is to give the legacies to any children aged over 18 and put the other legacies into JISAs for any minors. 

How old are the beneficiaries?

YBR

The child beneficiaries are 7, 9 and 10 years old.
If we can leave aside whether they should be able to access the money at 18 or 21 since that's not our immediate issue, thanks.

I have only seen the draft will at this point so don't know for sure the final exact wording.

Keep_pedalling

YBR said:

The child beneficiaries are 7, 9 and 10 years old.
If we can leave aside whether they should be able to access the money at 18 or 21 since that's not our immediate issue, thanks.

I have only seen the draft will at this point so don't know for sure the final exact wording.

The issue is important, as it has a has a major baring on what you do with the cash when it becomes available, but you have plenty of time to sort this out. The first step is to establish the exact wording of the will, if it establishes anything other than a bare trust then you are going to need professional advice. 

Marcon

YBR said:

And perhaps someone can provide some pointer as to where to look for more information that is reliable.

Thanks.

I don't think is a DIY job, so the best place to look (if you don't already have a solicitor) is https://solicitors.lawsociety.org.uk

getmore4less

Guernsey law will apply for Guernsey assets and if they were domiciled in Guernsey all their assets.

How familiar are you with their laws and process for obtaining a grant

English wills you have this general scenario 

The will creates the trust so it exists with whatever terms are in the will.

Default trustees are the executors.

Typically for smaller amounts where the trust terms allow the trustees job gets farmed of to parents.

getmore4less

Marcon said:

YBR said:

And perhaps someone can provide some pointer as to where to look for more information that is reliable.

Thanks.

I don't think is a DIY job, so the best place to look (if you don't already have a solicitor) is https://solicitors.lawsociety.org.uk

I think Guernsey trust laws will apply which may be different to the UK countries 

I would start with google specifically looking for Guernsey relevant information on trusts and trusts for minors.

top of my first search
https://www.careyolsen.com/briefings/overview-types-and-uses-guernsey-law-trusts

having got a basic grip of the situation when involving legal help you have some clue what they will be going on about. 

YBR

Sorry for the silence, we've had a series of positive covid tests in the hose which has slowed things down.

First stage is obtaining the will from the Guernsey Advocate. Since we don't live there, we have to send a copy of ID (passport) signed by a solicitor. Our solicitors "Don't do that sort of thing", ringing round that's not uncommon.
One who does charges £150, for 10 minutes work! Ouch - not very MSE.
Is that normal? It might be cheaper to travel to Guernsey and back.

Any alternative suggestions?

Savvy_Sue

Google Commissioner for Oaths in your area: they'd normally be cheaper than a solicitor but equally acceptable (check first ...)

thegreenone

We had to have a document witnessed by a solicitor and found a small, local practice who charged £30.

YBR

thegreenone said:

We had to have a document witnessed by a solicitor and found a small, local practice who charged £30.

We have been asking local firms, and still are so still hoping for a better option. We'll charge the cost to the estate, but that doesn't mean we're happy to take the high price!