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Variations to a will and under 18s

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  • Variations to a will and under 18s

    I am Executor to my late father's will, and also one of the three named beneficiaries (myself and my two brothers). During his lifetime, my father set up a Unit Trust / OEIC, which he intended to be for the benefit of his grandchildren. An equal sum of money was invested for each grandchild when they were born, and on their 18th birthday (or on a later date of their choosing, if they chose to leave the money invested), they could withdraw their proportion of the money (based on how long it had been invested). My father died before any of the grandchildren claimed their share of the fund, although some of them had passed their eighteenth birthdays.

    My brothers and I are all agreed that this money should be shared out to the grandchildren, in accordance with their ages, and our intention is to raise a Deed of Variation, as there was nothing written into the will to allow for this. However, what is the position with passing this money on to the grandchildren under 18? Does this need to be done by way of a trust, or can they be given the money directly? The amounts involved are not particularly large (between £200 and £400 each). so to set up trusts for each would probably cost far more than the money they stand to receive.

    Your advice would be greatly appreciated.
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  • #2
    Re: Variations to a will and under 18s

    You & your brothers are all agreed that your Father's wishes should be respected, although they were not spelled out in the will.
    If you three are the only beneficiaries, or are the residual beneficiaries, why not settle the estate and pay each of you your respective share.
    You can then each contribute in proportion to each of the grandchildren, so they each receive what your father wanted.
    This way you avoid the problems of raising a deed of variation and setting up trusts. If you don't wish for underage children yet to have their share it could be put into a children's saving account or whatever.

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    • #3
      Re: Variations to a will and under 18s

      Yes, trusts are both expensive and restrictive and most of the benefits have been eroded over the years. Much better to do as Des suggests above if you all trust each other and agree

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