How long can I tie up the kids inheritance?
As parents we want the best for our children and at times we feel that we have to save our children from themselves.
Solicitors are frequently asked, "How long can I make my children wait before they receive their inheritance after I die?". It is understandable in certain circumstances that a parent would ask this, because some inheritances which may be wasted if received at 18, might not be wasted if received at 25.
When considering this issue however, it is important to consider the rule in Saunders v Vautier. This old English case is binding on Australia Courts and is to the effect that when all beneficiaries under a Will are of adult age and under no legal disability, such beneficiaries may require the trustee to terminate the trust and transfer their shares in the estate to them, regardless of the age specified in the Will.