Grandchildren inheritance

[love.dad.but..]

I am dealing with dads affairs as executor. Dad had left £5000 in his will to each grandchild 3 are U18. Probate has been applied for. Can anyone tell me as finding conflicting info on line. I think by law U18's cannot inherit any property or money of substantial means until 18 and a trust has to be arranged. I have been advised that for sums such as the above the childs next of kin ie mother my sister can receive on their behalf and manage it until they are 18 so long as executor I have things signed and dated etc therefore avoiding a trust. Can anyone with experience of executor duties confirm this please?

 

[jenniferpa]

I think you're looking at a bare trust in these circumstances. And can I just say, no matter how trustworthy your sister is, I think it's best if there are two trustees (maybe your sister and you). You have no idea how much friction there can be even when it comes to a relatively small amount of money.

 

[Dill]

Hi
When my dad died a few years ago he left money to my children who were under 18 at the time. Dads solicitor dealt with probate and all we had to do was set up a bank account for each child in their name but with my name on as well as an adult (until they were 18). Then the money was transferred straight into their accounts. It was all very easy and I dont remember any talk of trusts.
Hope it goes well.
Dill

 

[mab]

Some 10 years ago my grandchildren were each left a substantial sum by their other grandmother. This went straight into accounts already in their names. They were both under 3 years old at the time.

 

[Jessbow]

I executed my late fathers will. His two grandchild inherited 10K, and both were under 18. It just went in their bank accounts via the solicitor

 

[Kevinl]

Buy premium bonds, government backed so the money is safe then let them have any prize money they win or pool the wins and give them a Christmas present from Grandad every year, something to remember him by.
You're unlikely to find anywhere safe to invest the money and get any sort of above inflation return on it and setting up a trust will cost money and possibly incur on going costs eating away at the capital.
Depending on their age it's worth considering what £5k will be buy by the time they do inherit it, right now it may buy them a half decent second hand car to learn to drive in, but in 20 years time £5k might be the price of a tank of petrol.
K

 

[love.dad.but..]

Thank you everyone for your advice, has given me peace of mind going forward.

 

[love.dad.but..]

Buy premium bonds, government backed so the money is safe then let them have any prize money they win or pool the wins and give them a Christmas present from Grandad every year, something to remember him by.
You're unlikely to find anywhere safe to invest the money and get any sort of above inflation return on it and setting up a trust will cost money and possibly incur on going costs eating away at the capital.
Depending on their age it's worth considering what £5k will be buy by the time they do inherit it, right now it may buy them a half decent second hand car to learn to drive in, but in 20 years time £5k might be the price of a tank of petrol.
K

Thanks K, very true.

 

[jenniferpa]

I think Kevin's idea is a great one.

 

[love.dad.but..]

I agree Jenniferpa...in fact I might do something similar for my grown up children from my inheritance as a surprise