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suitable bank account for minor inheritor

 
 
Reply Mon 27 Feb, 2017 12:58 pm
Hello, any advice what type of account is ok for a minor to receive inherited funds in by UK law? My children live in the UK, have inherited a lump sum from their grandfather who lived in Belgium, tax has been paid to the Belgian gvt and now the net funds are ready to transfer to my kids... but the solicitor in Belgium who is holding the funds wants to read what UK law states as to the kind of account she can transfer the monies into (eg in some countries the account needs to be of the 'protected' type, preventing parents drawing money out, or it has to be in the child's 'own name', not Trust) so I'm looking ideally for something official that I can link to her as I think there are no restrictions in the UK. Thanks for any info.
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Type: Question • Score: 0 • Views: 216 • Replies: 2
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fresco
 
  1  
Reply Mon 27 Feb, 2017 01:54 pm
@catandlights,
Quote:
Children and Wills
Q: Can children under 18 inherit?
A: Children cannot inherit until they reach the age of 18; below this age, the funds are held in Trust. If you think 18 is too young for your children to inherit a large sum of money, within a Will, you can specify that they do not receive the capital sum until a later age. They will, however, be entitled to receive any income from the trust fund as soon as they reach 18. Apart from this, the Trustees decide what income and/or capital can be used for the benefit of the children e.g. school fees.

From
http://www.thewillsite.co.uk/legal_wills_uk.php#children
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izzythepush
 
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Reply Mon 27 Feb, 2017 01:58 pm
@catandlights,
Talk to your bank manager, they'll have something.
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