Advice on the law regarding minors in a will?

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Advice on the law regarding minors in a will?
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A relitive of mine (great aunt) has left me £10,000 in her will. she has judt died about 3 months ago and i have recived a letter from the solicitors informing me that i have been left £10,000 but that i have to get my parents signature as i am only 14 and still classed as a minor in the uk. i have been told by my parents that the law says it has to be put into trust but if this wasnt the case they would give me the money. are they correct? as far as i know the will does not state that i have to be of age to recive the money. my question is can i recive the money now and keep £1000 out of it and put the rest into a trust? please help me as im quite confused at the current moment in time!

Nick P

It depends on what the will says. If it stipulates that the mone should be held in trust till you are 18 or 21 then that's how it should be dealt with.

If there is no such clause then the mney is yours and you can deal wih it as you wish. There are limitations as some banks may not allow you to have an acount solely in your name and you can't have a credit card.I think you can have a debit card which will allow you to buy things and take out cash from a cash machine.

Having said al that you may be better advised to invest it for when you are a bit older - your suggestion of Â£1000 to splurge now and Â£9000 to save sounds good.

Connor

Yes they are. Usually when a minor comes in X amount of money ( a sertain amount or higher) it MUST be put into a trust fund untill you are 18 or 21 depending on what the will was talking about.

What are you a 14 year old going to do with 1000? It needs to be left into the fund untill you are old enough to be able to spend that money wisely.

-Connor

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