Choosing the people who will look after your children's inheritance and their financial support.
Trustees are the people appointed in your Will who will look after your children's inheritance:
When the money is being left to children under the age of 18 the sum will be held in Trust by Trustees who are appointed under your Will.
The Trustees are usually also the Executors; though they can be different people
There are options that can be detailed in your Will that will govern the way the Trusts are set up and ran:
The age at which children receive the Trust fund. 21 or 25 years old are often substituted for 18 years old
When and for what circumstance money held in the Trust fund can be used for a child's benefit
Whether money can be made available to Guardians
You can choose what powers the Trustees have (and do not have) while they are looking after the Trust Fund.
In choosing Trustees you should consider:
Age- will they be able to cope with the work involved in managing the trust? Are they likely to survive to the end of the Trust?
Finances- do they have the skills to look after and invest a potentially large sum of money? They may be able to take expert advice but will still need to make decisions based on that advice
Moral issues- do the Trustees have the same outlook on life that will mean that they agree to spend money on your children in the same way that you would have done?
Wills in English Giving effect to your wishes
Edward Briscoe MPIW, 3 years post qualification experience Level 2 certificate in Dementia Awareness Wills in English, Bakery Lodge, Skirmett, RG9 6TD. 5 miles from M40 jn 5, Stokenchurch. I come to you unless you prefer otherwise.