Did you ever speak with your parents about inheritance?
- Thread starter One More Solo
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This is really a gross oversimplification of the matter but thanks, I guess.
IANAL, but holding trust assets for a beneficary past the age of 18 is potentially problematic. It is still quite common for trusts to be setup stating to hold assets past the age of 18, but these may not be enforceable. My understanding is that once the beneficary turns 18 that they must be informed of the existence of the trust and if they ask, they are entitled to the assets. I believe there was a court case, a hundred years ago or more where the beneficary sued the trustees for holding assets past the age of 18, and won. Certainly, if this is what you want to do, get real (probably expensive) advice from a specialist.
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My personal advice, having had a very small amount of experience with such things, is do not make it formal, unless you have to. It can get very legal and financially tricky. Best to keep an informal arrangement within the family if at all possible. Oh, and try and educate your kids, so that they're mature enough not to blow it all on a sports car on their 18th birthday!
I'm in Scotland so things may be different but I had no problem putting in my will that my beneficiaries only get various assets well after they're 18.
Indeed. But that's exactly my point - you can say anything you like in your will, but that doesn't automatically make it so. A will does not override every single legal or financial rule, just because it's written in a will. If you put something illegal in your will, it wouldn't be enforceable. If you say you don't want to pay inheritence tax in your will, well good luck convincing HMRC that portion of your will should be respected!
This situation is not as clear-cut as that (or maybe it is, but only to an expert, not to a lay person) but you should be aware that things may not turn out how you've stated in the future.
I would also say - have you given some thought as to how your wishes may be enacted in practice? Just as it is easy to write something that may be unenforceable, it is also easy to write something that is an absolute nightmare for the executers and/or trustees to sort out in reality.
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It is a funny thing - my mum looked after an older relative in her later years - her more immediate family showed absolutely no interest until they heard she wasn't expected to live long then they suddenly showed up and were all over the top "caring" for the last 1-2 weeks - after she died all they were interested in was the will - they were most put out to find my mum got the larger part of the inheritance...
Yeah, when my mum talks about "our inheritance" I tell her it's her money and she should enjoy it.
Soldato
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My parents are giving some money whilst they alive to help me. Such as paying off mortgage for 40th birthday - balance was in mid 4 figure. Plus my birthday was in lockdown so couldn’t do much.
Then when things break down such as my hob, they paid some of it.
Then when things break down such as my hob, they paid some of it.
Many years ago when I was 17 and then 20 my mum and dad bought me my first and then 2nd car (when the first broke down and was beyond economical repair). They said along the lines of "May as well have it now as you'll end up getting it later anyway." So for that I am very greatful. They also chipped in and helped with my first house deposit, matching what I was able to save up. Bless'um!
I've not actively spoken to my parents about it. My parents helped me and my brothers out with our first house deposit which was made clear was an 'advance' on our inheritance. We're looking at moving again soon, and my dad is said to he's happy for to do the the same again (advance on my inheritance) with the these proviso that the money goes into the house (no coke and hookers for me).
My brothers haven't moved house again though, so not sure sure how that will work when's its come to splitting our inheritance. I guess we should talk about it, as I'm pretty sure I'd be the one to deal with it since I'm the eldest.
My brothers haven't moved house again though, so not sure sure how that will work when's its come to splitting our inheritance. I guess we should talk about it, as I'm pretty sure I'd be the one to deal with it since I'm the eldest.