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Hi,
Hoping for some general advice. I'm in the process of updating mirror wills for myself and my wife and I've got a bit tangled up over one area.
We want to leave our estate to our two children. They will be over 18 soon (both in next 2 years), but we think we don't want them to have 'all the estate' fully until they are - say 25 - and past the worst of the 'party years' (If I'd had all my Parents' estate at age 20 I would have spent it all on beer :-)) Anyway, the current will and the new one in creation both talk about the estate going fully to your children at age 18 and being with the trustees before that. Is there any way to specify that the estate will remain managed by the trustees to provide for the children even after 18, but not be fully handed over until 25?
(yet retain a get-out-of-jail option that says if they genuinely and suddenly need all the money for a legal or health emergency the trustees can hand it over earlier)
All advice always gratefully received,
Thanks,
Ian
Hoping for some general advice. I'm in the process of updating mirror wills for myself and my wife and I've got a bit tangled up over one area.
We want to leave our estate to our two children. They will be over 18 soon (both in next 2 years), but we think we don't want them to have 'all the estate' fully until they are - say 25 - and past the worst of the 'party years' (If I'd had all my Parents' estate at age 20 I would have spent it all on beer :-)) Anyway, the current will and the new one in creation both talk about the estate going fully to your children at age 18 and being with the trustees before that. Is there any way to specify that the estate will remain managed by the trustees to provide for the children even after 18, but not be fully handed over until 25?
(yet retain a get-out-of-jail option that says if they genuinely and suddenly need all the money for a legal or health emergency the trustees can hand it over earlier)
All advice always gratefully received,
Thanks,
Ian
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