We have an interesting case at the moment. We will probably have to seek counsel’s opinion but I am wondering if anyone in the Forum has had prior experience in a similar situation:
Dad dies leaving son aged 17 as sole beneficiary - there is no substitute beneficiary for son. Son becomes absolutely entitled at 18. Son has a serious drug problem and has been in trouble with the police. He stands to inherit some £300,000. The executor is concerned as to what might happen to son if he has access to such a significant sum.
It seems to me that this is potentially a case for a settled advance under s 32 TA25. However, with no other potential beneficiaries under the will, what kind of trust is likely to be acceptable? I assume that Court approval would be needed?
Any advice would be much appreciated.
Blandy & Blandy LLP