Interest on money left for a child in a will 3 July 2022 at 4:31PM in Deaths, funerals & probate 12 replies 1.1K views

Quanz2

My son was left 10k in his grandfather's will in 2009, and the money has been held for him since, he was discussing with the executor and they have advised that it's not gained any interest as it was "held" for him. Seems a bit off to me, I imagined it would have accrued some sort of interest. Anyone have any knowledge of such things. Oh I'm in Scotland of that makes a difference.
Thanks in advance

JGB1955

Surely/hopefully it was left in trust for him until he was 16 years old... and the trustees have invested it wisely?  (Suspect not).  A question for the trustees then...

Keep_pedalling

Unfortunately it sounds like the the executor has just left it in a non interest account. Normally an executor would hand over the trustee responsibilities to the parents to decide how the money is invested. 

How old is your son now?

Flugelhorn

TBH - there hasn't been much in the way of interest in any accounts since then but there should have been at least some!

Quanz2

Keep_pedalling said:

Unfortunately it sounds like the the executor has just left it in a non interest account. Normally an executor would hand over the trustee responsibilities to the parents to decide how the money is invested. 

How old is your son now?

Thanks for that. He's 19. The executor is my ex brother in law. Is there a way to confirm that it's been placed in a non interest account?

Keep_pedalling

Quanz2 said:

Keep_pedalling said:

Unfortunately it sounds like the the executor has just left it in a non interest account. Normally an executor would hand over the trustee responsibilities to the parents to decide how the money is invested. 

How old is your son now?

Thanks for that. He's 19. The executor is my ex brother in law. Is there a way to confirm that it's been placed in a non interest account?

Not really although you son should ask his what account it was held in (it should have been in a trust account). Your son should have received his legacy when he reached 18 assuming it was left to him absolutely. I know many wills state that the beneficiary should receive the inheritance at a specified age but in most cases that is not enforceable and the beneficiary is entitled to demand to be payed as soon as they reach 28 (16 in Scotland).

Quanz2

Keep_pedalling said:

Quanz2 said:

Keep_pedalling said:

Unfortunately it sounds like the the executor has just left it in a non interest account. Normally an executor would hand over the trustee responsibilities to the parents to decide how the money is invested. 

How old is your son now?

Thanks for that. He's 19. The executor is my ex brother in law. Is there a way to confirm that it's been placed in a non interest account?

Not really although you son should ask his what account it was held in (it should have been in a trust account). Your son should have received his legacy when he reached 18 assuming it was left to him absolutely. I know many wills state that the beneficiary should receive the inheritance at a specified age but in most cases that is not enforceable and the beneficiary is entitled to demand to be payed as soon as they reach 28 (16 in Scotland).

Thanks for that. Good to know, my daughter, well have the same sum and she is 16

Sea_Shell

Have you been given any regular statements or seen any confirmation of where/how the money has been held?

Keep_pedalling

Quanz2 said:

Keep_pedalling said:

Quanz2 said:

Keep_pedalling said:

Unfortunately it sounds like the the executor has just left it in a non interest account. Normally an executor would hand over the trustee responsibilities to the parents to decide how the money is invested. 

How old is your son now?

Thanks for that. He's 19. The executor is my ex brother in law. Is there a way to confirm that it's been placed in a non interest account?

Not really although you son should ask his what account it was held in (it should have been in a trust account). Your son should have received his legacy when he reached 18 assuming it was left to him absolutely. I know many wills state that the beneficiary should receive the inheritance at a specified age but in most cases that is not enforceable and the beneficiary is entitled to demand to be payed as soon as they reach 28 (16 in Scotland).

Thanks for that. Good to know, my daughter, well have the same sum and she is 16

You should request that you take over managing the money he is holding in trust for her. At current inflation rates it is going to be worth 20% less in real terms in 2 years time if left where it is.

Quanz2

Sea_Shell said:

Have you been given any regular statements or seen any confirmation of where/how the money has been held?

No, nothing. 

Sea_Shell

Quanz2 said:

Sea_Shell said:

Have you been given any regular statements or seen any confirmation of where/how the money has been held?

No, nothing. 

Oh.  So you have no proof the money is still there!!!

Have you ever asked?*


Sadly, we've read things like this before ☹️

Some trustees can't be trusted.

I so hope I'm wrong.🤞🏼


*ETA - If not, do it today.   Ask to see the latest statements (or a screen shot if they say one isn't available) for both children's money.  If there is no problem and nothing to hide, they should be happy to be transparent with you about it all.  If they delay/stall/or ignore, then you might have a problem.  

I don't think they HAVE to tell/show you, but why wouldn't they if everything is as it should be.