Can Executors pay for day to day expenses for beneficiaries who are under 18.

MCGINTY_2

My wife and son have just become Executors of the will of daughter/sister.

The  beneficiaries of the will are the two children of the deceased. The children are due to inherit when they are 21. The ex-husband is taking responsibility for maintaining the children but I believe that he will need to  seek financial support as his income is limited.

My understanding is that minors under 18 could see reimbursement from the Executors once they attain 18 years of age for any monies paid away. Would this still apply for essential living expenses?

Keep_pedalling

You say they are due to inherit when they are 21, but you need to check the wording of the will carefully because unless their is a conditional clause that reallocates their bequest should either of them die before they reach their 21st birthday or puts their inheritance into a discretionary trust then they will actually be entitled to their inheritance at 18 (16 if a Scottish will).

Does the will name replacement beneficiaries if they fail to reach their 18th birthday or create a discretionary trust? I think only in the later case can the sort of payments you are talking about be made. If neither applies then each child has the right to full control from their 18th birthday and prior to than each bequest needs to be held in a bare trust.

Marcon

MCGINTY_2 said:

My wife and son have just become Executors of the will of daughter/sister.

The  beneficiaries of the will are the two children of the deceased. The children are due to inherit when they are 21. The ex-husband is taking responsibility for maintaining the children but I believe that he will need to  seek financial support as his income is limited.

My understanding is that minors under 18 could see reimbursement from the Executors once they attain 18 years of age for any monies paid away. Would this still apply for essential living expenses?

A role I guess neither of them ever wanted...condolences to them.

First question to ask is if the will establishes a trust which would prevent the children from receiving all their inheritance at 18. Many wills include a hopeful provision that xxx will inherit 'when they reach the age of xxxx', without realising that's unlikely to hold good.

If there is a properly established trust set up which would preclude inheritance of the capital before age 21, what do the terms of the trust permit in terms of payment between now and then? It does sound as if some professional advice, from someone who has seen the will, would be a very good idea.

35har1old

MCGINTY_2 said:

My wife and son have just become Executors of the will of daughter/sister.

The  beneficiaries of the will are the two children of the deceased. The children are due to inherit when they are 21. The ex-husband is taking responsibility for maintaining the children but I believe that he will need to  seek financial support as his income is limited.

My understanding is that minors under 18 could see reimbursement from the Executors once they attain 18 years of age for any monies paid away. Would this still apply for essential living expenses?

What type of trust applies to the will?

MCGINTY_2

No trust applies in respect of the children nor states any situation in which expenses should be paid. If they were to claim at 18,so be it. My concern is to support them in the short term. There is £50k in cash to cover up to 10 years .

RAS

Basically inheritances by children have to be held in trust, whether the executors remain trustees, or they appoint the parent as a trustee.