I am an executor of my brothers will. He left money to several children. I have got the parents to open J ISAs. The parents are refusing to provide an indemnity when I put the money into the J ISA. I believe that leaves me legally responsible for the money until the children are 18. How can I avoid this. How can I force the parents to sign?
Indemnity from beneficery
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Children cannot inherit so their legacy is held in trust for them until they reach the age of 18.
Does the will not stipulate how the trust must operate and who will be the trustees?
Under the Trustee Act 1925 capital from a Trust Fund may be advanced for the benefit, maintenance and education of a minor beneficiary
As the money in a J ISA cannot be accessed until the child(ren) attain the age of 18, and would also covered by the Financial Services Compensation Scheme,I wonder where you foresee risk if you have been given the authority under the will to so deal with the legacies
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