How to look after inheritance for children

More seriously, I believe you need to set up a Trust for them and the current wisdom seems to be that you could probably not deny them access to this at age 18 regardless of the original intention of the will.

Not a response I am afraid but just further question - how can it be considered to be of a way that allows them access at 18 if the will says clearly 25?
I tried to find the info on this topic before and did not manage which was a matter of considerable frustration. Solicitor that I seen told me it would be discretionary trust and charges for administration and limitations of how it is treated from tax and investment point of view would not be justified so I given up on the idea.

Not a response I am afraid but just further question - how can it be considered to be of a way that allows them access at 18 if the will says clearly 25?

Read links in my post above.

bench12 wrote: »

I am a joint executor for my sister's will. The will says "To my nephew xxxxxx, and my niece yyyyy the sum of twenty five thousand pounds (£25,000) each on attaining the age of Twenty Five years."


They are 17 and 15. How do I look after and invest this money for them until they are allowed to have it?

The part in bold is a conditional gift/legacy. The entitlement to the legacy is contingent on the beneficiary reaching the age of 25.

The executors need to hold the money as part of the estate and distribute it to each on their attainment of the age of 25.

In the meantime any income that accrues on the money is estate income.

When each attains 25 they become entitled to £25k. If one dies before that age then the money passes to whoever is entitled to the residue after legacies have been paid out, unless other specific provision for that event has been made in the Will.

The estate income would also be paid out to the residuary legatee if the Will contains no other provisions about the destination of estate income.

Was this a home made Will? I would expect a Will that was drawn up professionally to include instructions to the executors on how and where to hold the money until the contingency came to pass, and to deal with the issue of income, e.g. "and the executors of this my Will are to hold the money in trust as trustees for the beneficiaries and also to hold any income received on the money so held after payment of any tax due for the benefit of the beneficiaries and to pay it to them on the occurrence of the contingency".

xylophone wrote: »

It seems to me that the wording of the will does not make it clear whether the legacy is on a "when" they reach 25 or "if"they reach 25.

See links in previous posts.

I think the OP should check with the solicitor whether the legacies have indefeasibly vested or not.

"The solicitor" won't be able to get any further than I have, due to the wording of the Will.

The wording is far from ideal, but there is no evidence that these are vested legacies.

Where there is any doubt about whether a gift is vested or contingent, the safe/cautious approach is to treat it as contingent in case the legatee fails to reach the stipulated age.

If I was landed with a Will like this then I would think that the best practical course of action is for all of the beneficiaries to agree to a Deed of Variation.