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