If you make a gift to a young person in your Will which they receive when they reach a certain age you will create either a bereaved minor’s trust or a bereaved young person’s trust, depending on their age. 
 

A bereaved minor’s trust 

A bereaved minor’s trust is created if you make a gift in your Will to your children on the condition that they reach the age of 18. 
 
These trusts can only be created for your children or stepchildren. A grandparent, for example, can’t create this type of trust in their Will for their grandchildren. 
 
The following conditions must be met: 
at least one of the child’s parents must have died 
the trust must have been created by a parent’s Will, intestacy, or under the Criminal Injuries Compensation Scheme 
the trust must meet inheritance tax (IHT) conditions so that the child becomes absolutely entitled to the trust assets no later than their 18th birthday and, before then, the child benefits from any capital growth and income generated. 
 
While the child is under 18, money generated by the trust can be saved or used for the child’s maintenance, education or other benefits. Trustees can therefore use any income and capital directly for the child or by paying the child’s surviving parent or guardian. 
black and gold pen and Last Will and Testament
There are reports that challenges to historic Wills have increased by up to 400% this year. 
 
In some cases, challenges are being made several years after an estate has been settled. 
 
People are enquiring about the possibility of challenging the Wills of friends and family members, believing they have a claim to money or assets, although they weren’t declared at the time. 
Some of the UK’s biggest banks, building societies and insurance companies are discussing how to improve services for bereaved customers. 
 
More than 60 organisations, including major banks, intermediaries and brokers are involved in creating a new Bereavement Standard. 
butterfly and orange flower
Did you know that a caveat can be used to prevent a grant of probate? 
 
What could this mean for your friends and family? 

What is a caveat? 

A caveat is used to ask someone to suspend an action. In the case of your Will, it could be used to stop your executors obtaining a grant of probate. If you don’t have a Will, it could be used to prevent your family obtaining letters of administration. 
During the coronavirus pandemic we have seen some upsetting examples of how elderly people have felt lost and abandoned when their families are unable to visit them in their care home. 
 
This has been an exceptional time. In most cases your loved ones will be happy and well looked after in their care home, but it isn’t surprising that many families wanted to bring their relatives home during the outbreak. 
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