As an alternative to the kids nest egg topic, if you and your partner died, what age would you let your kids get hold of any money ?

We really need to make a will now we have 2 kids, and Mrs TG reckons they should not get it until they are 30, in case they waste it on coke and hookers, whereas I’m in the 21 camp, as old enough to hopefully know better.

You can put a sensible person in charge of deciding so they could forcexample pay uni fees at 21 but have to wait to 30 for coke and hookers etc

Yep – 30

Who ever you trust to look after your kids if the worst happens should be trust worthy enough to know when to let them have the money. If any is left any way. My sister would get our kids along with what ever money comes from us/our stuff to help bring them up. Two kids cost a lot of money we can’t just expect others to foot the bill.
Our kids will get some but I can’t see there being too much more than uni fees!!

I think 27 is a good age. Most people are alot more mature at 27 than 24 or younger. At 27 you’ve had a few years of real work under your belt. It’s abit better than waiting till 30 to give them a chance to use it to buy a house earlier.

I would give them a (very) small proportion at 21. They’ll probably waste it and hopefully by 27 will have learnt from their mistake.

I would be in the camp of letting someone else decide, what if they turn out to not go to Uni and need a car at 18 or a house deposit at 21?

Also depends on the sums of money, if we’re talking 500k then release it bit by bit as they get older.

A friend of mine who is 23 lost his father very young in his life and has been sitting on 200k since he was 7. Had access to it all along and has only spent a few thousand from it to help him buy cars and pay for lessons etc. Some people are naturally very sensible.

Yeah, that was already in the plan, education, housing, travel to relatives etc. You could say they would need transport, but a big difference between a fiesta and a Ferrari.

Mine gets held in trust and requires a majority vote of three people – of which they become one of them aged 21

I have give guidelines as to what I think is OK- a few grand for a travelling europe/lifechanging experience is ok, house deposit is ok, expensive wedding is not ok, but they are not getting it all too young as they will do stupid things with it

they alone decide aged 30.

My mate got 5 k in 89. Spent 3 k on a bike and went to see the TdF. Was it worth it …who knows but its not what I intend to fund.

I think 30 y/o is far too old.

Based on me buying my first house at 21 y/o and both my elder two children are currently buying houses at 21 and 22 y/o respectfully.

Also my youngest has an inheritance from his Grandad that he can access from 18 y/o, but as it’s sat in a ‘fund’ and he hasn’t actually got a clue of where it is and how he’d get it we kinda control it.

The default age is 18.

Most people choose 21 as an age to let the kids have the cash as they should be leaving Uni/ buying a house by that point. There are lots of reasons to do with the Tax treatment of trusts that you should not go beyond 25.

In a well constructed Will you would normally delay the absolute entitlement until age 25 but give the trustees discretion to release funds for the Maintenance, Education or Benefit of the Child(ren).

Junkyard – In the process of reviewing mine as now I’m single with 4 kids I need to make plans.

One question what happens if any of the people named in the trust are not around anymore ??

Note to self, MUST SORT WILL!!

My Ex wife lost her dad when she was 8. She got her inheritance when she turned 18 and peed the lot up the wall within 6 months.

I had a daughter with her. My *estate will go into trust until she is 21. She wants to be a criminal defence lawyer which could get expensive in her 20’s but should pay back once she’s cleared a couple of hoods.

* 3 bikes, 2 turntables and all the 80’s and 90’s rave vinyl that you can eat.

Its a tough question really and the age will be very dependent on how the kids are brought up as regards how mature they are. I suppose you have to let go of the thoughts of ‘how will they spend it?’ as once you’re gone, its down to them. By 30 they could have got into all sorts of financial pickles and the inheritance simply gets them back on an even keel, had they had the cash at 21 they may have had sound financial advice and be in a very safe and happy place at 30 ?
I’d say 21 but depending on the size of the inheritance perhaps partly phased in (if that is possible)

One question what happens if any of the people named in the trust are not around anymore ??

You list multiples and then give orders of where they are

So they are – this is not the order BTW

1. Their gran
2. Their uncle
3. Their aunt – both of whom cnnot be on the board as its a block vote
4. A number of my close friends
5. the Kids
6. their mum – only so she can be outvoted 😉

I think about 12 are named and it only requires 3

Please not specify what happens if you all die in one accident

The courts can rule you died first so it passed to your kids who then died so it all goes to your ex wife !!!
See a proper legal person as it was pretty complicated

Thanks it was just to get an idea as I’m very modern 4 kids but only 2 moms !!

Inheritance! sod that! I’m planning to take everything with me. 😛

I am not sure mine will get anything, as I don’t have anything.

mate of mines mum died when he was 21 dad, brother and sister already passed years before.. inherited immediatly and p~~~ed it all on fast cars and women..we all enjoyed the ride that went on for a couple of years.. it was a lot of money..

personally they can have it when i go.. i wont be around to care or be upset.

technically 18, or often 21. I’d say 25 but with proviso that it is held with discretion (e.g. deposit on house, course fees).

Would be down to their new parents (brother in law) and the trustees in the will. Think ours is set at 25 but trustees discretion for uni etc.

My aunt knows her son is useless with money, but will always make enough to get by as he’s pretty resourceful. So, she’s said he doesn’t get the cash until he’s 60; it’s effectively his pension.

My grandparents left me a bit of money in trust. Parents got the income when I was young (nominally to help with my upbringing), I got it as a student – much appreciated it was too, a few quid spare made a huge difference to my time there – and got control of the capital at trustees (parents) discretion between 21 and 25. 30 would have been far too late IMO, if you really aren’t prepared to trust them at 25 or perhaps even 21 then don’t give them the money, simples. 30 smacks of controlling from the grave, and it may well put their life on hold re house buying/marriage etc.

Jumping a generation is well worth considering if applicable – now I’m nearly 50, I certainly won’t need anything from my parents when they pop off, but as a ~20 year old, a bit of money from my grandparents made a huge impact. And saves on IHT in the long run.

Held in a trust and payable from 18 years old if needed.

There are various clauses regarding access to funds for education and from aged 18-35 the inheritance 50% matches what they earn. So if they earn $20,000 they get $10,000 a year from the trust. At 35 it is divided fully equally between them all to do with what they want.

When you’ve finished with it 😉

Rachel

The day I die, I’m pretty sure I could have managed the money in my best interests better than any of my relatives other than my grandfather from about the age of six.

Not 18

I got about 50k completely out of the blue at that age.. Me and all my mates were all drug addled dolescum at the time, although I managed to buy a house..

Only yesterday I was laughing at the fact that all that remains is a broken lamp from Camden market