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Category: Law
Satisfied Customers: 33517
Experience:  Barrister at Self Employed Barrister
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My daughters grandma left her a substantial amount of money

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My daughters grandma left her a substantial amount of money in her will, my daughters father was executor of the will, he has placed the money in an account in his name only and won't move it as he says she was not to have it until she is 18, she is currently 17, should the money not be in a trust fund under her name until she is 18, also the money is £200 less than what was stated in the will should it not be the same amount as stated?
I see. As you may know executors owe a duty of care to an estate and its beneficiaries. Claims in negligence can be made against executors for a number of reasons, including where an executor makes investments that are not authorized by a will or by the law or if the investments do not generate an appropriate rate of return. So you would want to know what the will permitted him to do.Your daughter is entitled to require that accounts be provided to her from time to time. She is entitled to look at the source documents in order to verify the information that is contained within the accounting. There are rules that govern the type of investments that can be made by the executor. These provisions may be set out in the will. If they are not, there are rules created by statute. A breach of the rules with respect to investing by an estate is a breach of trust. I would as such want to know why the fund has gone down and why also it has been managed in such a fashion. I would be minded to write to him formally first seeking an explanation and if one is not forthcoming then I would consider sending a solicitor's letter. I hope that this helps. Please rate positive.
Customer: replied 2 years ago.
The wording of the will is as follows:
My trustees shall have the following powers:
(A) to apply capital for the benefit of any beneficiary who is under eighteen as if Trustee Act 1952 section 32 applied to the whole (and not merely one Hal) of the beneficiary's presumptive or vested interest
(B) to invest as freely as if they were beneficially entitled and its power includes the right:
(I) to invest in unsecured interest-free loans to any beneficiary
(I) to invest in other non-income producing assets including policies of life assurance (with power to pay premiums out of income or capital) and property for the occupation of any beneficiary
So to sum up the money left to my daughter should be in a trust fund in her name? The money value stated in the will should match?
Can you clarify if she has the right to request any of the money early or even have an input into which trust fund it is placed in? Also should the solicitors dealing with the will not have ensured the money was placed in a trust fund?
I would have expected the money to be in a trust fund - there is a lot of discretion in the will. She can request some money early but it does not need to be released and I would be surprised if it was. I would have expected the solicitor if he was also an executor to do more but if he is not an executor then it is not really up to him. Please rate positive - thanks
Customer: replied 2 years ago.
does she have any legal right to request he place it in a trust fund. We are concerned that A, he will spend it and B if he was to go bankrupt or similar then the money could be ceased.
It is for him to deal with the matter - if you do have these concerns then I would be minded to get a solicitor to him formally - to put him on notice now of your concerns. I hope that this helps. Please rate positive
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