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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34263
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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I am an executor and trustee, along with my sister, of my fathers

Customer Question

I am an executor and trustee, along with my sister, of my father's will and we have to distribute £1000 to each of his grandchildren and great grandchildren. All the greatgrandchildren (my Grandchildren) are under 18 (Ranging from 2 to 14). Can my sister and I simply give the money for the greatgrandchildren to their parents "to hold in trust until the children are 18, in whatever way they, the parents, see fit"? Do we have to comply with any formal appointment of trustees other than my sister and me?
Submitted: 3 years ago.
Category: Law
Expert:  Clare replied 3 years ago.
Hi
Thank you for your question.
My name is Clare
will do my best to help you but I need some further information first.
I know it sounds odd - but do you trust ALL their parents (by which I mean your in laws as well as your own children)
Clare
Customer: replied 3 years ago.

Certainly we do

Expert:  Clare replied 3 years ago.
Hi
Is there any part of the Will that contains words similar to
"the receipt of the parent or guardian of the child will be deemed acceptable "
Clare
Customer: replied 3 years ago.

No. All the will says in this context is "4 I GIVE the sum of ONE THOUSAND POUNDS to each of my grandchildren and great grandchildren living at my death absolutely."


 


This follows immediately after "3 I APPOINT my son XXXXXXX and my daughter YYYYYYY (hereinafter called "my Trustees") which expression where the context admits includes any Trustee hereof for the time being to be the Executors and Trustees hereof"


 


My sister and I would be delighted to pay the money to the parents (my three daughters and their husbands) whom we both trust fully - so long as we do not break any legal requirement. We would get the parents to acknowledge receipt of the money for their children in writing.

Expert:  Clare replied 3 years ago.
Hi
You can do this - provided you get the receipts BUT if for any reason the money is not paid to each of the children when they turn 18 then I am afraid you and your sister will remain personally liable for the funds.
I would suggest that you ensure that the monies are put into accounts in the names of each of the children to ensure that they cannot become in any bankruptcy/divorce or other adult trauma.
I hope that this is of assistance - please ask if you need further details
Clare
Clare and 5 other Law Specialists are ready to help you
Customer: replied 3 years ago.

Thank you very much. You have been most helpful.

Expert:  Clare replied 3 years ago.
Hi
You are most welcome - I hope all goes well
Clare