My 13 year old is about to inherit approx £25000 can she decide what happens to it or does the executor?

Answer 1

depends how the will was written, she may not get the money untill she ios 18

Answer 2

Ok, this is my experiance of inheriting a very similar amount of money recently...

As your child is under 18 it may be that there are regulations laid down in the Will, or, as happend in my case, the executor may decided that the money should not be recieved until your child is older.

However, just as easily the Will may not give any clear instructions and the executor may have no opinion, in which case a cheque, or whatever, would just be handed over.

...basically there is no defind rules, it all depends on the Will and the executor...

=s

Gem

Answer 3

Usually with such large amounts the money is already in a trust fund until your daughter is 18 or 21 or finishes her education or whatever. There will be certain terms to the trust and there will also be trustee/s who will have been appointed. These can be a banker or a solicitor but could just as easy be any other adult in whom the trust has been placed. Usually, it is someone with financial experience as there are a number of duties on trustees, called 'fiduciary duties' which are onerous and carry penalties if not carried out - ie the beneficiary (your daughter) could sue any trustee who is not acting in her best interests so it is usually a financial-type person.

Check with the executor of the will regarding the position with the money. There may be other obligations in the will as well, such as she must use the money in a certain way. If they are not helpful, they should be, but if not, you can check with Probate Office what the terms of any will were.

Answer 4

Normally their are clauses that place the money into trust until the child is at least 18, sometimes 21 or even 25, depending on the wishes of the person leaving the money. usually done to avoid children squandering the money. There is often an allowance made annually til such time as the child is old enough.

Answer 5

The executor will have control over it and it will have to be put into a fund for when the child reaches 18.The same happened with my son.

Answer 6

I would imagine that the executor does but you will need to refer to a copy of the will.

Answer 7

She may not get it until a certain age. Invest it, pay for college, weddings, etc.

Answer 8

a lot all depends on the clauses in the will, many would say it has to be in trust