My brother and I are executors of my uncle’s will. He left some money to our nephews and nieces, aged between eight and 20, “to be held in trust until 25 years of age.” Can we ask parents and guardians for their written agreement to our releasing the funds now on the understanding that the money is for the children?
If you do this and the children don’t get the money when they reach 25 they will be asking you, not their parents and guardians, for their legacies. Bear in mind that by the time the youngest reaches 25 his or her parent or guardian may have died, divorced or gone bankrupt. If the sums are trivial, common sense may have to prevail. Otherwise I suggest you open a bank account for the trust fund with a view to investing the money and preferably see a solicitor.