Trust for a minor
An executor is appointed trustee in a Will. A minor (14) is a beneficiary. To receive legal/financial advice to set up a trust is expensive – about £1000. Given that the trustee has a duty (moral if not legal) to maximise the beneficiary’s inheritance coupled with current near zero interest rates it’s likely that after four years the fund –less the set up costs – will be less than the original inheritance.
In the absence of a formal trust can the trustee (a parent) place the funds into a junior cash ISA with a recognised Building Society up to the maximum £9000 limit which attracts a better interest rate and avoids the legal costs?
The will itself will usually stand as a trust document - does it not in this case?
Wills also often include a clause allowing the trustee to hand funds over to a parent (good receipt).
Nobody expects such a sum to be invested with noticeable return.