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I am Executor to my late father's will, and also one of the three named beneficiaries (myself and my two brothers). During his lifetime, my father set up a Unit Trust / OEIC, which he intended to be for the benefit of his grandchildren. An equal sum of money was invested for each grandchild when they were born, and on their 18th birthday (or on a later date of their choosing, if they chose to leave the money invested), they could withdraw their proportion of the money (based on how long it had been invested). My father died before any of the grandchildren claimed their share of the fund, although some of them had passed their eighteenth birthdays.
My brothers and I are all agreed that this money should be shared out to the grandchildren, in accordance with their ages, and our intention is to raise a Deed of Variation, as there was nothing written into the will to allow for this. However, what is the position with passing this money on to the grandchildren under 18? Does this need to be done by way of a trust, or can they be given the money directly? The amounts involved are not particularly large (between £200 and £400 each). so to set up trusts for each would probably cost far more than the money they stand to receive.
Your advice would be greatly appreciated.
Also, I understand an Executor is not allowed to claim for his time from the estate. However, my brothers have both suggested I should be rewarded in some way for looking after the Administration, and suggested I put in a "bill" for my time. Would this be allowed if this was covered by the Deed of Variation, signed by the three of us?
My brothers and I are all agreed that this money should be shared out to the grandchildren, in accordance with their ages, and our intention is to raise a Deed of Variation, as there was nothing written into the will to allow for this. However, what is the position with passing this money on to the grandchildren under 18? Does this need to be done by way of a trust, or can they be given the money directly? The amounts involved are not particularly large (between £200 and £400 each). so to set up trusts for each would probably cost far more than the money they stand to receive.
Your advice would be greatly appreciated.
Also, I understand an Executor is not allowed to claim for his time from the estate. However, my brothers have both suggested I should be rewarded in some way for looking after the Administration, and suggested I put in a "bill" for my time. Would this be allowed if this was covered by the Deed of Variation, signed by the three of us?
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