The Receipt by Minors Clause, How to Add it & the Power That Trustees Have
If you’re putting together a Will where the (or one of) beneficiaries is under the age of 16, you may want to add an administrative provision that allows Trustees to pay funds to the parents or guardians of the minor (or the minor themselves if they are over 16) without having to enquire as to the circumstances or the use of funds, in satisfaction of their obligations under the Will.
Administrative provisions relating to the receipt of fund on behalf of minors is easily dealt with in Arken Professional by simply using the STEP provisions (it is in standard provision 5.) You can elect to set the STEP provisions out in full within the Will or you can simply incorporate by reference. However, if you prefer to use your own set of administrative provisions, you can incorporate the Arken receipt by minors clause at the click of a button within the Administrative Matters tab.
Find out more about the Receipt by Minors clause in Arken and the powers and responsibilities that Trustees have in making payments on behalf of minor beneficiaries by watching our how-to-video below.