Can I raise the age of inheritance?

The key reason for having a Will is that it means that all your assets are distributed in accordance with your wishes therefore they can be written without set rules and that is why you should use a solicitor to assist you with this.  But can you raise the age of inheritance?

We often advise people about the age in which younger people inherit and what choices there are to ensure the money is properly looked after before your beneficiary gains control of the capital.

The minimum legal age a person can inherit under a Will is 18 years and before then it is either held in trust for them or paid to a parent, depending on your wishes. If your Will is silent as to the age of inheritance then by default it will be paid to the beneficiary at 18 years – although you could choose any later age than this. Common variations are 21 years or 25.

However; it could be any alternative.

If it is a later age then it is important that you consider and are advised properly on the trust provisions that the money will be held under and what should happen to the money if anything were to happen to your beneficiary before they reached this age and inherited.

Therefore it is extremely important that if you have children that you receive expert legal advice on the drafting of your Will.  We are always happy to answer any questions that you might have and you can find out more about our services and fees here