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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 31768
Experience:  Over 5 years in practice
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i need a declaration of trust for a sum of money to be invested

Customer Question

i need a declaration of trust for a sum of money to be invested on behalf of a minor child until the age of 21 - her father died intestet and she is inheriting a sum from the life insurance
Submitted: 4 years ago.
Category: Law
Expert:  Stuart J replied 4 years ago.
Thank you for your question here on Just answer. It is my pleasure to try and assist you with this today. Please bear with me if I need to ask for any further information from you in order for me to be able to advise you fully. My name isXXXXX and I am a practising solicitor. I have been an expert on this website in UK law since 2008. During that time, as you appreciate, I have answered thousands of questions from satisfied users on a variety of subjects.

Because we are all in practice with clients and court and other users, I might not always respond in minutes, particularly evenings and weekends. Please bear with me in that case. I will be online and off-line all day most weekdays and weekends.

Did her father make a declaration of trust prior to his death?
Customer: replied 4 years ago.


no the insurance company will make a payment out to me and another to be held until she is 18 so a declaration of trust I think they called it needs to done

Expert:  Stuart J replied 4 years ago.
Why 21? How old is the child now?
What relation are you? Thanks
Customer: replied 4 years ago.


mother and 21 because that is what I wish

Expert:  Stuart J replied 4 years ago.

If the trust has one beneficiary then that beneficiary can bring the trust to an end at 18 whatever the trust says. the rule in Saunders v Vautier already decided that.

 

The insurance co will usually let you have the deed and will deal with it by way of parental indemnity which gets them off the hook and puts liability for keeping the money onto you so that they can close their file.

 

We are unable to draft legal docs on here as this is just a QA site.

 

If the insurance co will not supply the deed, any solicitor can do you you for £200/300 plus vat or so

 

Can I help further with any specific questions?