Inheritance options for Grandchildren

Goodegg1

Hi, I am executor for my late mother's will. Mum left money for her 3 grandchildren in her will, stipulating they could only have their money on their 21st birthdays. One of the children is now an adult of 19 years old and lives in the UK. The other 2 are under 16 but do live in France with their father. I wonder what is the best option/s for setting up their inheritance please.

Flugelhorn

I think the 19 year old would be able to have their money now - the under 16 year olds would need accounts held on their behalf until they are 18 , might be a problem with them being in France - could their father open accounts for them?

silvercar

I’m sure there is some rule that anyone over 18 (or is it 16) is entitled to ask for their money rather than waiting until they reach a certain age. My way round it was to put it in a new account in their name and not tell them about it. Any reason why the money needs to go to France immediately? Keep it in the UK until they are of age.

Keep_pedalling

Lots of wills have these age stipulations but unless the bequest come with a conditional clause that they need to survive until they reach 21 or it goes to an alternative beneficiary or it puts it into a discretionary trust, then the clause is not enforceable in which case the 29 year old should get his inheritance now and the others on their 18th birthday.

Savvy_Sue

silvercar said:

I’m sure there is some rule that anyone over 18 (or is it 16) is entitled to ask for their money rather than waiting until they reach a certain age. 

I think it may be 16 in Scotland. There are certainly some things 16 year olds can do north but not south of the border.

Goodegg1

Thanks for all your comments. There is no Rush to get the money to France, it's just with the children living in France I thought it would be a complicating factor. Giving the children their money once they are 18 rather than 21 would make life easier. I am not sure whether to ask the father to set up accounts for them as he has been proved to be un-trustworthy with regard to finances. With regard to the accounts, would they need setting up a Trust fund? Could there be any backlash from the father if the children had their money at 19 rather than at 21 years as per the stated will, would he be able to sue the estate if they spent their money prematurely?

Goodegg1

Sorry I meant to say 18 years not 19.

Keep_pedalling

The younger children’s inheritance needs to be held in trust but that is not straight forward as they are not  UK residents and you don’t trust their father. He can’t do anything about paying them once they are 18. How old are the younger ones?

Goodegg1

The younger children are 11 and 14 years old.

Keep_pedalling

A bit too long to hold in an executors account.

RAS

Is the other parent still alive?