Do I have to appoint a trustee; and what are trustees allowed to do?

CharlieC2210

Hello. I’m writing my Will. I’m leaving most of my estate, including my home, to my daughter who is under 18 years of age. The executor of my Will will be my daughter’s mum. Her mum and I have been apart for several years and we were never married. I have put as a stated wish in my Will that I want my daughter’s inheritance to be kept for her until she is 21.

Q. Is there a way of legally assuring that this will happen? Particularly regards the property. Can I make legally sure that the leasehold to my property will go to my daughter when she is 21, and not be sold before then, or do I have to rely on the integrity of her mum, and her partner?

Q. Do I have to appoint a trustee? If I don’t will her mum, as executor (or as her mum?) automatically be the trustee?

Q. What can a trustee legally do with the money in the trust? I’ve read online that they have to use the money in the interst of the child/children but  haven’t yet seen anything about this being legally enforcable etc. Who, if anyone, 'keeps an eye' on a trustee?

Nb; I trust my daughter’s mum; I’m confident that she has our daughter’s best interests at heart; but the realist, perhaps the cynic, in me, thinks that we’re all human and can be selfish etc, even regards those we love.

Sarahspangles

This isn’t one I’d DIY - the Will I had in place when my children were under 18 was much more complex than the one I now have, even though I’m far better off nowadays. You could consider appointing your ex and a solicitor as Executors, then you should be able to count on that what is handed over to your ex to manage as Trustee does reflect your intentions.

HobgoblinBT

Why not appoint your under age daughter to be your executor and trustee contingent on her reaching the age of 18, and in the event that you die before she reaches that age appoint a professional such as a solicitor to be executor and trustee.  Professional executors will charge for their services but will be independent of any bias.

Keep_pedalling

It is not easy to avoid a minor beneficiary having the right to inherit at the age of 18 (16 in Scotland) it requires the provision of a discretionary trust and as others have said this is not something you should attempt to DIY.

elsien

If daughter and your mother do not want to move into the property before she is 21, you are leaving them with either an empty property to maintain or becoming landlords which they may not wish the stress of doing. 

Have you properly thought that through?
And if you name a specific property in your will then move, that bequest fails. This is one that you really do need a solicitor for.

Savvy_Sue

Not sure how old your DD is, but what's supposed to happen to your house between your death and her becoming an adult?

Who's going to be responsible for upkeep etc? How will that be paid for?

Will your DD want the house? 

CharlieC2210

Sarahspangles said:

This isn’t one I’d DIY - the Will I had in place when my children were under 18 was much more complex than the one I now have, even though I’m far better off nowadays. You could consider appointing your ex and a solicitor as Executors, then you should be able to count on that what is handed over to your ex to manage as Trustee does reflect your intentions.

Thanks, Sarah. I will get a solicitor in time, but I'm going to find out as much as possible before then. As for a solicitor as one of the executors; interesting... I could do that without saying anything to my ex just now, yes? I wouldn't want to 'insult' her. We're on good terms, working well as a team, parents-wise. Do you know how much discretion a trustee has generally? And are they answerable to anyone?

CharlieC2210

HobgoblinBT said:

Why not appoint your under age daughter to be your executor and trustee contingent on her reaching the age of 18, and in the event that you die before she reaches that age appoint a professional such as a solicitor to be executor and trustee.  Professional executors will charge for their services but will be independent of any bias.

Thanks. Another interesting one. Are you sure I can do that (appoint my daughter in that way)? And do you know very roughly the kind of fees a pro might charge for that kind of thing?

CharlieC2210

Keep_pedalling said:

It is not easy to avoid a minor beneficiary having the right to inherit at the age of 18 (16 in Scotland) it requires the provision of a discretionary trust and as others have said this is not something you should attempt to DIY.

Thanks. That's a bit of a concern (the right to inherit thing). We're in England so at least it would be 18. My thinking is it could be a distraction for my daughter if she goes to university - being in the middle of a degree course or whatever and getting an inheritance (if I happen to die around then). She's 13. I'm 55, and in good health; but you never know. And I won't be DIYing it; I'm just checking it out before looking for a solicitor.

CharlieC2210

elsien said:

If daughter and your mother do not want to move into the property before she is 21, you are leaving them with either an empty property to maintain or becoming landlords which they may not wish the stress of doing. 

Have you properly thought that through?
And if you name a specific property in your will then move, that bequest fails. This is one that you really do need a solicitor for.

Thanks, elsien. I've thought about this, and already stated in the draft of my will that I'd like the property to be let until my daughter is 21, with the rental income being put away for her. I will add that I'm happy for them to use a letting agency to avoid any potential hassle/stress. I agree regards the need of a solicitor but I think it's best to check it out beforehand, as much as possible.

CharlieC2210

Savvy_Sue said:

Not sure how old your DD is, but what's supposed to happen to your house between your death and her becoming an adult?

Who's going to be responsible for upkeep etc? How will that be paid for?

Will your DD want the house? 

Thanks, Sue. What does DD stand for (I'm assuming you mean my daughter)? She's 13. I'd like them to let the property, through an agency, until my daughter is 21. But now you've mentioned upkeep etc I could add that any expenses that are not met initially by the rental income could be paid for out of my daughter's general inheritance, which I also hope will be kept for her until she is 21.