Thank you for your question
My name is Clare
I shall do my best to help you but I need some further information first
Where are the funds at the moment?
Is there any reason why they cannot remain there?
Then the funds can sit there until the beneficiary asks for them to be released
There is no other action that need sto be taken.
However if this feels unsatisfactory an enquiry agent can be used to find him and arrangements can then be made for him to collect the funds.
Please ask if you need further details
There is no time limit after which the claim is barred.
If it is not claimed then his share can be distributed amongst the remaining beneficiaries - but only on the understanding that if he comes forward in the future they will each have to pay him back and the Trustee needs to take out insurance to protect himself.
Yes any fees will be payable from his share
The other option is to take out insurance and redistribute the funds
Yes the costs of tracing him get taken from his share
if you do wish to close the account then you will need to take out Insurance and then re-distribute the funds
There is no point in getting a quote until after you have instructed an enquiry agent as that is a pre-requisite
Since I am not likely to be in the same part of the UK as the missing beneficiary I cannot recommend anyone.
However the link above for the Insurance comes from a firm that also specialises in tracing missing beneficiaries
What is the exact wording?
Was the later child born before or after the first of the children reached the age of 25?
I am afraid that Conrad cannot be included - unless all the other children say they are willing to agree to share their funds with him.
You certainly cannot "substitute" him for Kyle. That money belongs to Kyle and and one else
You are most welcome I hope all goes well