Handling Cash Legacies for Minors Without a Trust: Role of Executors and Trustees
James – thanks so much for a great question. So, gifts to minors (under 18) automatically create what is called a ‘bare trust’ if the named beneficiaries are under 18 at the point at which the testator (the person that made the will) dies. And yes, either named trustees (or failing that the named executors) assume responsibility for holding that [...]
