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Grandparent leaving money in Will

NAS10001

My mother, who is 93,has just decided she wants to change her will , increasing the gifts to her grandchildren.  One grandchild, my son, is a young teen with ADHD and autism, the others  who are my sister's,are late 20s/ early 30s neurotypical universiy educated etc. She sees it as having four grandchidren and treating them all the same  but I dont think its in my sons interest to  potentially inherit a substantial sum as a young adult . I would like the gift put in my trust fo me to invest on my son's behalf -  with no age restriction , but the solicitor has told my mother that my son will be entitled to it once he is 18 .

 Has anyone had experience of this and what is the best way to go about things ? 

Parents

  • A lot depends on the potential competency of your son and things like if he will get a job later or be unable to work and relying on benefits - having a pile of cash in the bank may exclude him from some assistance until his own money runs out - it will literally get wasted in lieu of deserved income.

    It would be better for the money to come to you so you, at a later date, can use your judgement in how the money eventually gets handed over to him.    This requires a lot of family trust that you will actually hand the money over but there may be suspicion from others that you're stealing the money.     It all needs to be open and above board.

    This is one of the reasons that I'm not in favour of splitting money down to grandchildren - split amongst direct children and leave it to them what they do beyond that.

  • in reply to Plastic
    Plastic said:
    It would be better for the money to come to you so you, at a later date, can use your judgement in how the money eventually gets handed over to him

    You do make some valid points but I must say I find this part incredibly difficult to justify - unless the young man who is to inherit has learning difficulties so severe that he does not understand how to deal with money then it is his basic human right to make his own judgments and decisions and not have them made for him. Not all benefits are means tested so having savings may not be a problem unless he has absolutely no way to hold down a job or education, having access to his inheritance may give this young man the ability to start a business that he could manage or he might use it to invest in skills that would be of more benefit than saving or go traveling. 

    Personally I would be livid if someone regardless of who they were made a dissuasion on my behalf to keep an inheritance from me because they thought it would effect my benefits, that would not be their decision to make. 

    And just to be clear, There is no way to do this without the young mans full permission and assuming he decided not to give permission or to end the arrangement then withholding someones money from them is a crime even if your intentions are well meant, the young man would be quite with in his rights to press charges of theft, so just because your intentions feel justified does not mean they should be acted upon. Someone with Autism should be assisted not managed.

    I do respect your view plastic, I just don't wholeheartedly agree with it. Relaxed 

  • in reply to Leaf

    That's why I started with the need to judge his ability to deal with money.    If he's got no understanding of money, he will be at risk of being totally ripped off and losing out on benefits as well - worst case scenario..

    This whole 'personal rights' thing is just a brilliant way to flush all the money down the toilet with the help of a greedy solicitor.

    That's why I suggest it be held back and possibly put into trust for him - depending on his ability to budget for himself..

  • in reply to Leaf
    Leaf said:
    I'm lucky I won't be inheriting anything

    Yes - I won't be burdened with a sack of cash either.  Disappointed

  • in reply to Plastic

    This is very true. My fear would be that inheritance isn't like trickle down economics, giving everything to the parents might mean the grandchildren get nothing. The more people more hassle thing sounds like a good idea but if people think they are missing out they tend to get grumpy. 

    I'm lucky I won't be inheriting anything nor is there anybody to inherit from me, that is the least hassle yet. 

  • in reply to Leaf

    Of course, we don't know the politics of the family and what people's expectations are.    Money is a great way to tear a family apart - especially when a will is involved.   It's why I believe a will should always be as simple as possible.     The more people involved, the more hassle it causes.

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  • in reply to Leaf

    Of course, we don't know the politics of the family and what people's expectations are.    Money is a great way to tear a family apart - especially when a will is involved.   It's why I believe a will should always be as simple as possible.     The more people involved, the more hassle it causes.

Children