SPOTLIGHT ON: How do my minor children receive their inheritance
How do my minor children receive their inheritance?
It is difficult to imagine a scenario where you pass away before your children reach adulthood, but it is important to ensure that you have planned ahead.
The law outlines that someone under the age of 18 cannot provide ‘good receipt’ for any form of inheritance. This puts parents of children under 18 in a difficult position, were they to pass away before their children attained the age of majority.
However, there are ways around the problem. The most common of which is to put your children’s inheritance into a trust, that is cared for by trusted friends or family members, as trustees. Your trustees would protect the funds during your children’s minority and, upon their attaining the age of majority, would transfer the funds over to them.
It can be a concern to parents that their children will be left without the required funds during their adolescence to pay for things like education or maintenance. It is therefore important to consider whether provision should be made for funds to be advanced to your child, prior to their turning 18.
Conversely, many people nowadays are concerned that 18 is too young for someone to inherit what could potentially be a very large amount of money. Whilst the legal age is 18, you are able to increase this age by ensuring that your Wills are drafted correctly.
Our expert Solicitors within the Private Client team can provide advice regarding everything outlined above, and tailor their suggestions to your personal circumstances. Please do get in touch for further information on 01530 510 666.
