Children inheriting money - executor account?

[maggieO]

Hi my children (5 and 7) inherited 17500 each from my Dad - our solicitor who is joint executor with me and my sister has told us that due to new rules the money has to go into an executor account and cannot be accessed until they are 18. Our solicitor has been a nightmare to deal with and this sounds fishy to me. I was intending investing the money for them as it would earn good return over 11 and 13 years instead of sitting in an account effectively losing money due to inflation. Anyone any idea about this?

 

[RichInSpirit]

I don't know much about legal stuff but to the best of my knowledge you can use a different solicitor to the one who drew up a will to execute the will.
I don't know if that would help your situation but no harm in getting the opinion of a second solicitor.

 

[maggieO]

Hi RichinSpirit - the solicitor was named executor and we are nearly done after a year of headache - she is paid and all she just has to distribute but she is dragging her heels and this is the latest issue. I can go to the citizens advice law service but it's not for another three weeks so was just hoping someone here could answer my question in the meantime - there is very little on the net

 

[mf1]

Hi my children (5 and 7) inherited 17500 each from my Dad - our solicitor who is joint executor with me and my sister has told us that due to new rules the money has to go into an executor account and cannot be accessed until they are 18. Our solicitor has been a nightmare to deal with and this sounds fishy to me. I was intending investing the money for them as it would earn good return over 11 and 13 years instead of sitting in an account effectively losing money due to inflation. Anyone any idea about this?

The benefit was to the children, not to you. Depending on the wording of the will, the money cannot be given to the children until they are 18 or to their legal guardian (you) unless there is a specific provision in the will.

Is there any reason why all of the executors cannot agree where the money should be invested for your children where it will get a good return?

If you have a serious concern about this, you should take alternative legal advice, as you very clearly have no faith in the solicitor your father appointed to be a joint executor.

mf

 

[maggieO]

Hi mf1 - thanks for that - there was no particular wording in the will just that the cash from the estate would be divided between the surviving grandchildren. She had gotten back to us today to say if we sign a letter of indemnity she will release the money. We intend to go to the law society when it's finished as there has been a lot of issues. I would prefer to be in control of how the money is invested and my kids are younger than the other grand kids so we would have different requirements in an investment product. Thanks for your help.