Free and Cheap Wills discussion area

MrGumby

Sorry if the answer is here but I can't find it.

My will is simple. Everything to my wife if she succeeds me, otherwise divided between my children. If one of the children fails to succeed me, their share goes to their children (my grandchildren).

I want to say the grandchildren should not inherit until they are 30 but read that there may be issues with specifying anything greater than 18. I'm struggling to find more information on that.

Can anyone advise?

In case it's relevant, my spouse and children will be executors and trustees, with children's spouses as substitutes if any of them does not succeed me.

Yorkshireman99

MrGumby wrote: »

Sorry if the answer is here but I can't find it.

My will is simple. Everything to my wife if she succeeds me, otherwise divided between my children. If one of the children fails to succeed me, their share goes to their children (my grandchildren).

I want to say the grandchildren should not inherit until they are 30 but read that there may be issues with specifying anything greater than 18. I'm struggling to find more information on that.

Can anyone advise?

In case it's relevant, my spouse and children will be executors and trustees, with children's spouses as substitutes if any of them does not succeed me.

AFAIK you will find it almost impossible to delay inheritance to that age. The Court would probably overrule it.

Keep_pedalling

30 is simply bonkers, and AFAIK impossible to enforce.

no1catman

MrGumby wrote: »

Sorry if the answer is here but I can't find it.

My will is simple. Everything to my wife if she succeeds me, otherwise divided between my children. If one of the children fails to succeed me, their share goes to their children (my grandchildren).

I want to say the grandchildren should not inherit until they are 30 but read that there may be issues with specifying anything greater than 18. I'm struggling to find more information on that.

Can anyone advise?

In case it's relevant, my spouse and children will be executors and trustees, with children's spouses as substitutes if any of them does not succeed me.

No your prospective will is NOT simple. What you describe sounds complicated straight away. Moreover with the number of people involved, who may interpret your wording differently to what you intended - beware.

Mojisola

MrGumby wrote: »

In case it's relevant, my spouse and children will be executors and trustees, with children's spouses as substitutes if any of them does not succeed me.

Would you want a clause in there so that they don't become executors if they were separated or divorced from your children?

An unhappy ex-spouse could cause a lot of problems.

MrGumby

Mojisola wrote: »

Would you want a clause in there so that they don't become executors if they were separated or divorced from your children? An unhappy ex-spouse could cause a lot of problems.

Good point. Thank you. I was thinking I'd rewrite my will in the event of a divorce. Instead, I'll forget about substitute executors, given there are three, and plan to rewrite my will in the unlikely event that two of them pre-decease me.

What a wonderful bunch of people 'live' here. I'm grateful to all.

Karens

Myself and my brother are sole beneficiaries in our dad's will. He sold his house a number of years ago and the money from the sale (£150,000) is currently in his basic bank account. He does not use this money for living expenses as he receives a pension. He has express a wish to help myself and my brother financially. With myself, he has suggested paying my mortgage off, but is unsure how to bequeath the other 50% to my brother as he lives abroad and does not have a mortgage. Are either options possible / legal.
Thanks

Mojisola

Karens wrote: »

Are either options possible / legal.

It's legal to give your money away but if he needs residential care in the future, he will be assessed as if he still has it and won't be given taxpayer help. How will he manage then?

Google 'deprivation of assets/capital'.

Yorkshireman99

Mojisola wrote: »

It's legal to give your money away but if he needs residential care in the future, he will be assessed as if he still has it and won't be given taxpayer help. How will he manage then?

Google 'deprivation of assets/capital'.

It is only deprivation of assets if the donor was likely to need care in the future at the time of the gift. It is not an open ended rule. However, local authorities will try it on big time and may need to be challenged robustly.

Mojisola

Yorkshireman99 wrote: »

It is only deprivation of assets if the donor was likely to need care in the future at the time of the gift. It is not an open ended rule. However, local authorities will try it on big time and may need to be challenged robustly.

I don't think that's the way they look at it.

If there wasn't a good reason for giving away such a lot of money, the council will argue that it was done in order to claim benefits should the need ever arise.

Although not many older people do end up in residential care, we all know it's a possibility and shouldn't give away capital that we may need for ourselves.