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Interest on money left for a child in a will

Quanz2
Posts: 202 Forumite


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
Thanks in advance
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Comments
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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...#2 Saving for Christmas 2024 - £1 a day challenge. £325 of £3661
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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?1
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TBH - there hasn't been much in the way of interest in any accounts since then but there should have been at least some!1
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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?0
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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?1
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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?0
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Have you been given any regular statements or seen any confirmation of where/how the money has been held?How's it going, AKA, Nutwatch? - 12 month spends to date = 2.56% of current retirement "pot" (as at end January 2025)0
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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?2
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Quanz2 said:Sea_Shell said:Have you been given any regular statements or seen any confirmation of where/how the money has been held?
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.How's it going, AKA, Nutwatch? - 12 month spends to date = 2.56% of current retirement "pot" (as at end January 2025)1
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