Will - minor children

[melanie]

Hi, I have a question regarding when children get their hands on their share of a parent's estate.
Here is the clause:

"To divide the residue equally among those of my children who survive me and reach the age of 25 years"

Does this mean that everyone has to wait until the youngest child (there are 4) reaches the age of 25.? I'm just wondering how this actually works in practice??????

 

[mf1]

Don't look at that clause in isolation from the rest of the will.

There is very likely a clause which allows the Trustees to make all kinds of payments to all or any of the beneficiaries - at their discretion.

mf

 

[lawrose]

Melanie - my reading of that clause would be that each child receives their share as they turn 25 years. However, I would never recommend to a client to include such a clause - I believe such a clause creates what is called a "discretionary trust". Such trusts can have significant tax implications and can be created unwittingly when parents seek to prevent inheritance until their children are older. Once inheritance occurs before 21 years their are usually no discretionary trust implications.

Now, I'm saying all this without knowing any information bar what you posted, so please ensure you go to a solicitor if you are thinking of making a will.