What happens to cash left as a specific legacy in a will to a minor?

Trusts Discussion
1

Hi

I’d appreciate someone’s help on what happens to cash left as a specific legacy in a will.

The deceased’s will left cash, say £100k, to each of her grandchildren who “attain or have attained age 21”. All grandchildren were well (and still are) below this age at the date of death.

Is the cash held in trust for them until they reach 21? If so, is it assumed that this will be a discretionary trust?

The will also states “my executors may pay or transfer any assets comprised in, or any income of, my estate to which any minor is beneficially entitled, to that minor or to any parent of that minor and the receipt of such minor or of that parent shall be a full discharge to my executors”.

Is this relevant to how the cash will be dealt with until the grandchildren reach 21?

Many thanks for any guidance.

MS

2

The precise wording of the gift is important.

It may be that the grandchildren are entitled to receive the specified sum.of money when they reach age 21, and no more. Any income arising in the meantime may be due to the residuary beneficiaries, as might the capital appreciation if moneys are invested pending the grandchildren attaining the specified age.

This is not the only scenario, so it is impotant to consider the actual wording of the gift in the context of the will as a whole.

Advice ftom a suitably qualified practitioner is recommended.

Paul Saunders FCIB TEP

Independent Trust Consultant

Providing support and advice to fellow professionals