Where a grant has issued for the use of minors, limited until one of them attains the age of 18, and one of them has now attained 18, who holds the continuing minority interest on trust?
We have an estate where the executors renounced. The residuary beneficiaries were minors so two of the parents took out a grant of letters of administration with will annexed which was limited until one of the children turned 18. The administration of the estate was completed before one of the children turned 18 but PR’s took their time deciding how to deal with the funds.
One of the children is now 18 and can take their share but the other children’s money needs to be invested until they attain 18. Can the previous administrators under the limited grant appoint trustees of the trust or does this need to be done by the 18 year old? Does the 18 year old need to take out a cessate grant in order to do this? There is nothing left to administer, it just needs to be distributed.