Island Life Magazine Ltd June/July 2016 | Page 117

LEGAL Terence Willey & Co Terence Willey: 01983 875859 Mark Willey: 01983 611888 www.terencewilley.co.uk Minors and drafting Wills V ery 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 for Wills in the past to have provided for a child not to benefit from a legacy until they are 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 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 m