Inheritance 21 years

CheeseScone

My dad left a portion of his house (will be sold) to my 18 year old son. But it stated in the will he was to receive it when he is 21. Is this legally binding? I am an executor. Can I give it to him before he's 21?

Spendless

I'm sure someone else will be along who can explain better. Just going on what I've read before does the will state that the money is to be tied up in a trust until age 21 or just say to be received at 21 when I *think* this is just a statement of preference and not legally binding.

Might also help if you say whereabouts in the UK you are eg England, Scotland etc, just in case laws vary on this.   

CheeseScone

Doesn't mention a trust. I'm in England 

msb1234

Just out of interest, are you ok with your 18 year old receiving what sounds like a substantial sum of money,Mir would you prefer he wait til he’s 21? 

CheeseScone

Yea I would prefer to delay until he's 21. I was wondering because he's asked😯

doodling

Hi,

Unless there is some conditionality in the bequest (e.g. it is discretionary in some way or it depends on something else that may or may not have happened by the time the beneficiary reaches 21) then in general the beneficiary is entitled to it when they reach 18, irrespective of what the will says.

Keep_pedalling

It sounds like it has been left to him absolutely unless there is a clause it the will leaving his share to someone else if he dies before he reaches his 21st birthday. Time to start advising him on investments, LISAs exact.

tacpot12

Keep_pedalling said:

.... Time to start advising him on investments,...

Absolutely! Treat this as an opportunity to teach him, and to reinforce the idea that he will only ever have this money once, and once he has spent it it will be gone. Teach him about the benefits of saving and investing, and the difference between both. If you're not so hot on this stuff, yourself, treat it as a voyage of discovery for the both of you, but keep hammering home the need to be prudent. You can even say that this is what your dad would have wanted.