What happens if I leave a gift in my Will for somebody who is under 18?
Making a Will can be a bit daunting, but it is the best way to ensure that your loved ones are taken care of in accordance with your wishes. But what happens if your loved ones are under 18. Can you still leave them a gift?
What age can a person inherit?
Any person under the age of 18 is a minor and is deemed unable to give a valid receipt for a gift. Therefore, if a minor inherits under a Will, then their gift will be held in a trust until they reach 18 (unless an older age is specified).
Who will look after the gift?
The people you nominate in your Will to look after any trusts are called your Trustees. They will be responsible for holding the money on behalf of the beneficiary until they reach 18.
What can the Trustees do with the gift in the meantime?
This will depend upon what your Will says and whether you have left the Trustees any instructions. Usually, any instructions will be an expression of your wishes, and will not be legally binding. This is why it is very important that you nominate people you trust to act in accordance with your wishes. Usually the Trustees will put the money in a bank account or invest it.
Can the Trustees use the gift to pay for the beneficiary’s education?
Your Trustees have certain powers that are set out in law. These are sometimes changed under the Will, but generally your Trustees can pay the money to the beneficiary for their maintenance, education and benefit whilst they are under 18. Whether your Trustees do this, is up to them and will likely be dependent upon the circumstances at the time.
Can the Trustees pay the gift to the beneficiary’s parent or guardian?
This will be dependent upon the terms of the Will. There are certain provisions that solicitors can draft into your Will which will allow your Trustees to pay the money to the beneficiary’s parent or guardian at 16.
How we can help...
Leaving a gift to somebody that is under 18 is possible, but does require a bit of extra consideration. If you need help or advice regarding leaving a gift to somebody who is under 18 in your Will, then our experienced team is here to assist you. Call us on 0116 212 1000 or alternatively fill in the free Contact Us form and we will get in touch as soon as possible.
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