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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33811
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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Hi, I have a question about a clause in a will; If and only

Customer Question

Hi, I have a question about a clause in a will;
'If and only if my said wife has died before me then I give absolutely and free of all taxes to my grandson if he is living at my death and attains the age of 21 years £2,500 absolutely'

The wife died 1st and husband now dead and grandson is aged 10, is there a specific type of bank account that I need to set up, I am the executor of the will (daughter of deceased)
Thanks
Submitted: 3 years ago.
Category: Law
Expert:  Clare replied 3 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
You do not need a Special account as such.
You need a safe and secure way of investing the funds so that they will still be there in total when the child is 21 and that account should be in your name as Executor
If he does not live until he is 21 then the money reverts back to the Estate for division as part of the residue.
I hope that this is of assistance - please ask if you need further details
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33811
Experience: I have been a solicitor in High Street Practice since 1985 with a wide general experience.
Clare and other Law Specialists are ready to help you
Customer: replied 3 years ago.
Thanks Clare, I currently have it in a separate account in my name so I assume that this is fine? I would imagine that I need to make provision in my will for him to receive the money should I die before he reaches 21?
Thanks
Customer: replied 3 years ago.
Thanks Clare, I currently have it in a separate account in my name so I assume that this is fine? I would imagine that I need to make provision in my will for him to receive the money should I die before he reaches 21?
Thanks
Expert:  Clare replied 3 years ago.
Hi
It would be safer if it was held in an Account in your name "as executor for" so that there is clarity just in case anything does happen to you!
Clare

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