Island Life Magazine Ltd February/March 2017 | Page 129

Legal
Considering minors
when drafting Wills
By Terence Willey of Terence Willey & Co
Very often the interests of minors and the implications
of them benefiting under a Will is overlooked. Minors
cannot give a valid receipt for money until they attain
the age of 18 years and therefore consideration must
be given as to who is to hold any monies bequeathed
to a minor and under what circumstances, pending
their age of entitlement.
Whilst it is not uncommon for Financial and Trust
Advisors to recommend the setting up of express
Trusts it will nevertheless require careful thought and
consideration before creating them. Unless specifically
provided in a Will any monies left to a minor who has
not attained the age of 18 years upon the death, will
fall upon the appointed Executors in the Will to address
what is precisely to happen with this money until it is
released to the child upon attaining entitlement.
It is not uncommon to note that some Wills in the
past have provided for a child not to benefit from a
legacy until they attain the age of 25 years or older
or upon some specific circumstances arising such
as marriage or attendance at University. I am bound
to say that I do not personally favour conditional
legacies in this way and actions have been taken
through the Courts in the past to determine whether
such a provision is reasonable and to seek an Order
from the Court.
In some cases it is considered appropriate to
leave the child’s legacy to parents for them to
make their own decisions as to investment for their
child and in their best interest. If you are placed
in such circumstances it is most advisable to seek
independent qualified legal, tax and financial advice.
Executors appointed in a Will have what is known as a
fiduciary duty to ensure that all monies forming part
of an Estate, particularly involving specific legacies to
minors, are protected to the fullest and not subjected
to risk. There is always a temptation to be persuaded
to seek the highest possible return to benefit the
minor, but as is often the case it is not without risk
and all decisions must be carefully measured in the
interests of the beneficiary.
The appointment of a Guardian for young children
should also be considered so that in the event
of a child or children being left without a parent
individuals are appoi