Inheritance

sigd64

Looking for some information on trust funds. My children have been given money for their grandparent in the Will. They are not to receive it until the age of 21 however I have been asked if I want to withdraw it early. I’m not looking to invest the money for my children other than the bank’s interest rate, wanting to be able to access it before they get to 21 years old ( ie if they want to buy a flat/house before that age) looking for some advice 

Flugelhorn

how old are the children now ? I think that the general understanding is that they can have such money at 18 and it can't be kept for longer unless a rather more complex trust is set up 

Keep_pedalling

It depends on the wording of the will if the children have been left this money absolutely, then they will actually be entitled to have it once they reach the age of 18 (16 if it is a Scottish will), if the age clause is condition on them surviving to the age of 21 or specifies that it is to be held in a discresionary trust,then they are not entitled to it until they are 21. The later options are rarely used because they create complications that are expensive to manage and are subject to high taxation.

What the exact wording of the age clause? Redact any personal info.

sigd64

This is what they said the grandchildren are bequeathed a legacy of xy equally between them, which is to be held in trust until they reach 21 years old.  However, there are powers within the Will to make payments directly to the grandchildren or alternatively to their legal guardian before the age of 21

Keep_pedalling

sigd64 said:

This is what they said the grandchildren are bequeathed a legacy of xy equally between them, which is to be held in trust until they reach 21 years old.  However, there are powers within the Will to make payments directly to the grandchildren or alternatively to their legal guardian before the age of 21

Sounds like an absolute bequest to me.

How old are they now?

sigd64

18 and 14