Benefit and maintenance

[J0n3s2021]

Hello

im one of 2 administrators for an intestate estate where the beneficiary’s are all minors I am also the parent to them so will become a trustee, when I receive the funds I want to set up separate accounts for each child and then give it them at 18

my question is am I allowed to keep hold of some funds for the benefit and maintenance for the kids Incase they ever need anything that I wound struggle to pay for? I wound keep all records and proof of receipts

[echat11]

Hi JON3S2021

Can't answer directly, but here is some information, read page 21, 9.3.1 Rearranging how the estate is shared out,

https://www.ageuk.org.uk/globalasset...estate_fcs.pdf

[des8]

The Trustee Act 1925 (Sec 31 & 32)) provides that in certain circumstances, capital from a Trust Fund may be advanced for the benefit, maintenance and education of a minor beneficiary before they reach the age of entitlement.

So open suitable saving account for each child with you named as trustee. Make sure the account allows you to access the money for advancement.
No need to retain any funds separately.
A better rate of interest might be obtainable from a JISA, but I believe that money cannot be accessed until the child reaches 18.
So if there is sufficient cash for each child you might find it worth opening a JISA and an ordinary child's saving account.
Talk to the banks to obtain best deal