How do I protect my young grandsons' inheritance?

Keep_pedalling

5Goldfish said:

Keep_pedalling said:

5Goldfish said:

Hi. I have written a will and asked my younger Nieces to be in charge of what the will says upon my death.
My house and savings according to my will will be bequeathed to my two grandsons. This then gives me a tax free allowance of £500k before IHT.
The problem I have is one grandson is 16yrs and the other is 10yrs how do I protect their inheritance until, I assume, they reach 18yrs old ?

Normally you would appoint trustees to look after inheritances for minors. Usually this would be the parents or guardians. Are you employing a solicitor to draw up your will?

I have written my own will and appointed my nieces as trustees. 

DIY wills are not going to be recommended by any of the regulars on here, you really should get a local solicitor to draw up a new one, which will cover all what if situations you have thought of. 

Why appoint nieces as trustees for minor beneficiaries rather than the parents or guardians? Do you nieces know you have done this.

There is so much that could go wrong here.

TBagpuss

If yu are leaving money to childne it's usua to appojnt two trustees rather than just one. This gives a degree of protection.

You could if you wished provide for the executors to be ableto give the grandchildren's inheritnace to the parents, and for the parretnsst to manage the fnds for them unti lthey reached the age of 18 . if you don't want that to happen then you ned to explicitly appoint trustee(s) and ensure that they are willing to take on the responsibility. Depending on how much we are talking about that might involve dealing with any tax on the trust money while the grandchildrne are under age, so like being an executor, it does involve a certain amount of work and responsibility,so make sure that you are happy with that. 

If you are talking about significant amounts of money and might want to delay the age at which they recieve it, talk to a solictior about how that may be achieved