Setting up child trust fund
in Deaths, funerals & probate
2 replies 92 views
Hi, my sister and I are executors of my late mum's will. She specified that all her grandchildren were to inherit £10,000 each and it was to be held in trust until they turned 25. There are 5 grandchildren; 25, 2x 23, 15 and 12 years old. Is it necessary for us to set up individual trusts for each child and if so how much does this generally cost? Any advice would be appreciated. Thanks
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Unless the will has clauses that changes the beneficiary should one of the GC not reach 25 or instructs the trustees to set up a discretionary trust then the bequests are going to be absolute ones.