Wording in Will

pernes

Hi, My husband and I are in the process of writting our Wills. Our Estate is to be split 50/50 between our sisiters, we have no children. My husband has one sister and I have 5, so mine will receive a fifth of my half. However we want to make sure that any inheritance that I and my husband receive, should there be any left on our deaths that it is passed on to the right side of the family. IE:

Our joint assets are to be split 50% between our surviving sisters, however any inheritance that either of us should receive from our parents we want to be shared to our individual sides and not split 50/50:
Eg:
Joint assets 10000.00 split 50% to husband's sister 50% split between my 5 sisters
Husband inherits sum from his parents any monies left to go to his sister
I inherit sum from my parents any monies left to go to my sisters

How would it be best to seperate this money from our joint assests?

If we invested any monies that we inherit into property can we stipulate that this proportion should be split as noted above?

Our reasoning for this thought is that should one of us inherit more it seems only fair for it to be shared amongst the correct family beneficiaries.
We have been advised to put in a clause " I GIVE the following pecuniary legacies free of IHT to my sister(s) in equal shares if more than one any monies that I may have been bequethed by my parents only if my husband/wife predeceases me"
As long as these sums are made known to your executers they can be deducted from your residual estates and distributed accordingly leaving you to use those monies as you like during you lifetimes.

Would this be the best way to proceed with our wishes?

Thanks

Annisele

Who is currently advising you (i.e. are they qualified)?

The idea sounds a bit of a minefield to me. For example, say that you and your husband have joint assets of £200k right now, you inherit £100k from your family and put it into a joint account, and then a year later you and your husband both die leaving total assets of £250k. You've clearly spent £50k - but did you spend £50k out of your original £200k, or did you spend it out of your inheritance of £100k?

Can't you open separate accounts, in your sole names, and put any money that you want to go to your respective families into those accounts?

pernes

Have been given advice from will writer, just want to check what is the best option. Agree that seperate accounts would be good.

Mojisola

Annisele wrote: »

Can't you open separate accounts, in your sole names, and put any money that you want to go to your respective families into those accounts?

Good advice. Much simpler. Also, don't specify exact amounts. Who knows what money will be in there when you die.

If I was getting the kind of advice you've been given, I'd be looking for another will writer. I wouldn't trust the rest of his/her advice.

Annisele

Agree with the suggestion to look for a new will writer!

SailorSam

They were talking to someone on the radio this morning from a local hospice, this is the time of year when some Solicitors are writing 'free' wills on condition you make a donation to charity. I think it's all over the country.