Money left in will for under 18s

sarar

My grad recently passed away and has appointed my Auntie and myself as Executors of the will, she has left all the money she had to her 7 great-grandchildren, 5 of them are under to age of 18.  My qestion is, do I have to put the money for the under 18s in some kind of trust, especially if they do not have a responsible parent/gaurdian?

MikeJXE

I have done exactly the same in my will

Instructions for the executors is to deposit the under 18's in their Junior ISA 

Keep_pedalling

The money should be held trust for each of them, but If the amount is modest you could arrange with the parents or guardians to have it put into a JISA which would lock it up until they are 18.

What are their ages and the amounts involved?

sarar

The ages are 7, 7, 9, 11, 13, and the amount would only by about £2200 each.

I have never heard of JISA's but will investergate them.

Thanks for your speedy help Keep pedalling

sarar

I have been reading up on JISA's and it says you have to be a parent or guardian to open them for the child.  I am a 2nd cousin and the Executor of the will only.

Spendless

Some of the children may already have them if you speak to their parents about it. If not can you not do this in conjunction with parents, they open them and then give details and that's where you deposit the money?

MikeJXE

My grandkids are with Coventry Building Society 

Parent or guardian must open them but do not control them, no one can take money out other than the kids at 18 years old 

Open in branch or post I believe, can deposit funds online, post, or branch 

Marcon

sarar said:

I have been reading up on JISA's and it says you have to be a parent or guardian to open them for the child.  I am a 2nd cousin and the Executor of the will only.

Then you discharge your responsibility as an executor by paying the money to the parent, with a written assurance from them that they will use it to open (or pay into an existing) JISA. If you're worried they might not do so, you can also ask for documentary evidence they have done so.

MikeJXE

Marcon said:

sarar said:

I have been reading up on JISA's and it says you have to be a parent or guardian to open them for the child.  I am a 2nd cousin and the Executor of the will only.

Then you discharge your responsibility as an executor by paying the money to the parent, with a written assurance from them that they will use it to open (or pay into an existing) JISA. If you're worried they might not do so, you can also ask for documentary evidence they have done so.

Or if you can get the ISA account number you can deposit the funds yourself 

sarar

It is so difficult as one of the grandchildren has gone to live with the mother and we don’t know where and the father is allowed no contact.  

Spendless

sarar said:

It is so difficult as one of the grandchildren has gone to live with the mother and we don’t know where and the father is allowed no contact.  

But if the situation remains the same you would still have that problem  of finding them to give their share when they reach 18.

What about the others are you in contact with their parents? I don't know how feasible or cost effective it would be to put 4 of them into JISAs assuming they already have one or their parents will open one and just set up a trust purely for the one great grandchild you don't know where they are.