My son will take his grandfather’s inheritance – can I pay his university fees?

I am currently managing my late father’s estate. He left 90 percent to me and the rest to my two sons.

One of them has left us. We saw him at the funeral but he was very drunk and sad. She is taking a year out of medical school due to financial problems and is working on saving for next year.

I’m worried that he’s drinking heavily (one of the reasons we asked him to leave the family home) and that he’ll collect the money he has left.

Can I pay from his university fees or living expenses? PW, via email

DRIVE DOWN TO GOOD YOUR EXPLANATION QUESTIONS

Harvey Dorset, of This is Money, replied: I am sorry to hear about your father and your son’s problems.

Regardless of the current state of your relationship, it’s good to hear that you want to make sure that the money you have left over is well spent and productive for him, even if he sees it as a temporary or not.

Especially because of the current issues you say he’s having with alcohol, and your worries that he’ll waste the money your father has given him.

Unfortunately, as discussed below, your hands are tied to what your son will receive and what he decides to do with the money.

In some cases your issue is not financial, but emotional. To make sure your son will benefit from the money you leave him, it may be important to repair your relationship with him.

In fact, for him to see that it might be better for the money to go to his student account, he needs to understand that you want what’s best for him.

We spoke to two financial advisors to find out what you can do to make sure your son spends his inheritance from your father wisely, and what to consider you when you plan your will.

Jonathan Halberda, independent financial advisor at Wesleyan Financial Services, answers: First of all, sorry about your father’s death, I am sorry for your situation.

Dealing with an inheritance can be a stressful experience, especially when family relationships are strained.

In this case, you have some legal options to manage the wealth for your son, if you are concerned about his life and how he will use the money.

Here are four main points to consider:

1. Your job as a manager

If you are the executor of your deceased father’s estate, then you have the legal right to distribute the property according to his wishes, as set out in his will.

This means that you must follow the prescribed instructions and give your son his share directly unless there is a provision in the will that allows for a different arrangement.

2. Consider a different book

However, you can consider a different agreement. This allows beneficiaries to change how their assets are managed or distributed.

However, there is a legal document that allows you to change your father’s will, but it is important to clarify that this cannot be done alone – your son must also have his consent.

If your son agrees, the two of you can work together on a different book that turns his inheritance toward his college or living expenses.

3. Trust arrangement

If the will allows or a different deed is signed, a trust may be set up to manage your son’s property.

This can indicate that the money held in the trust is used only for his educational expenses, living expenses, and other special needs.

This trust can limit his access to funds and is designed to protect him from abuse.

4. Legal advice

In situations like this, it is highly recommended to consult an attorney who is familiar with wills and trusts, as they can make appropriate legal arrangements to achieve your goals.

In addition, if you are concerned about potential disputes, legal guidance can help protect the estate’s interests and ensure compliance with UK succession law.

You should be aware that, unless there is a specific agreement in the will or agreement such as a deed of variation, using your son’s portion of the estate differently may result in failure to fulfill your obligations. director

This alone holds the strength for other challenging situations.

Paul Crossan, a senior financial advisor at Hargreaves Lansdown, responded: A Will is important for future planning because it ensures that you and those you want to benefit from your estate will do so at the right time.

Since your son is over 18 years old and separated, he has no choice but to take his place, which is what your father wanted.

Wills can sometimes be changed after death, using a different agreement. All beneficiaries must agree that if this situation changes, your son may not consent to being removed from the will.

You have the option of paying your son’s university fees and/or living expenses directly from your own money.

You should also consider the other son and give them an equal gift. If they don’t need the money, they can pay off their mortgage, save or invest for their own future.

It also opens up the long-term question; if your son’s behavior continues, he will continue to be reckless with money and life then you will regret taking him from your own country.

Worldly aspects, such as intelligence, or emotional issues such as impermanence, are here Trust can be a choice.

The trust holds any inheritance or gift for the benefit of your son, but only through the trustees you have appointed.

You can also give instructions to the guardians about when and how to pay your son.

For example, pay cash only or pay capital in special situations such as buying real estate.

There are many factors to consider whether or not a trust is appropriate. A financial advisor or attorney can discuss these options. Trusts can be established during your lifetime or at your death according to your will.

There may be inheritance tax advantages for the person setting up the trust (the settlor) which is a common concern for those considering such trusts.

Putting money into a trust means your estate will save inheritance tax on the entire amount when you live for seven years.

The growth of the investment above the initial amount is still protected from inheritance tax paid from the parent’s estate.

This is a complex area and there is no one size fits all for inheritance tax planning, so an assessment and understanding of your individual circumstances by an appropriate financial advisor or attorney should be done first to discuss the all options. .