Family issue regarding Will

VJsmum

Hi All

I know there is a Will guide thread, but not sure if that's the right place as this is to do with the family rather than the mechanics of the will.

A bit of background - My MIL had 3 children OH, his sister and his brother. All are married with 2 children. MIL is widowed and her original will split her estate into 3 equal portions. 2 years ago her son, BIL, died leaving a widow and 2 very young children. Obviously this hit MIL hard, particularly as he took his own life.

Anyway it has thrown her into a quandry regarding her will. Originally she wanted BIL's share divided between his 2 children with nothing for the widow. Widow is a spendthrift who can't hang on to money for the life of her - recently MIL drew up a will (without a solicitor) leaving BIL's share solely to the widow. But MIL is still uncertain and has asked us what we think she should do.

I have always said it isn't my business (tho the other BIL - not her son but her daughter's husband) has waded in saying she shouldn't leave it to the widow as there won't be any left for the kids (he may have a point). My OH has only said that should he pre-decease his mother he would like any share of his to come to me, knowing I will be sensible with it.

I would keep (and have kept) out of it but MIL needs advice and has asked both of us for it. My inclination is that she could think aobut leaving the widow and 2 kids thirds each of her son's share.

MIL is 80, she has no siblings or cousins or even friends really to ask for advice.

Any thoughts?

(please move this thread if appropriate)

Chakani

In our will (we have young children), all our assets go into a trust, managed by three independent trustees, and released to their guardian as the trustees feel it is needed/justified. That way, the guardian can't spend it all on booze, and they are protected from accusations of wrongdoing, should the money all be gone before they are adults. Any left over goes to them when they reach 25 (but you could stipulate the terms as you think best). This was quite straightforward to set up with the advice of a good solicitor.

It's a possibility if MIL wants the money to be available to the family but protected? There is no reason why the same could not apply to other members of the family, should her other children predecease her, to make things fair.

lostinrates

Could the grandmother 'miss out' her remaining childrean and have all the money divided equally between the grandchildren? How would your husband and his sibling feel about that? If the money goes to your husband and his sibling, but the remaining third half between the two grandchildren that is how i would do it myself. The two children will in effect do 'better' out of it than your children, but they have lost a parent, money is small recompense for that.

Fwiw, if my husband died i would not expect his father to leave me anything, but would hope if we had a child that he remembered the child equally.

gettingthere1975

I would think putting the funds in trust for the granchildren is the best idea personally. The mother may be a bit narked as she may have thought it was coming her way soon but MIL clearly wants her blood relatives to benefit after she passes.

Mojisola

VJsmum wrote: »

A bit of background - My MIL had 3 children OH, his sister and his brother. All are married with 2 children. MIL is widowed and her original will split her estate into 3 equal portions. 2 years ago her son, BIL, died leaving a widow and 2 very young children.

Anyway it has thrown her into a quandry regarding her will. Originally she wanted BIL's share divided between his 2 children with nothing for the widow. Widow is a spendthrift who can't hang on to money for the life of her - recently MIL drew up a will (without a solicitor) leaving BIL's share solely to the widow. But MIL is still uncertain and has asked us what we think she should do.

If she doesn't want her son's widow to have the money, why has she written a new will giving it to her?

If she leaves the original will in place, her son's children would inherit their father's share.

VJsmum

Mojisola wrote: »

If she doesn't want her son's widow to have the money, why has she written a new will giving it to her?

If she leaves the original will in place, her son's children would inherit their father's share.

We wondered that too - I think MIL had a change of heart and felt horrid about SIL being missed out. She told OH that she had two wills - he made it clear that only the latest one was relevant. MIL had suggested by passing her own children for the grandchildren but OH said he didn't want that as we will provide for our children and our DD is quite a spendthrift too.

I must stress that we know it isn't up to us, we haven't planned for it or have designs on it, and if MIL spends it all or whatever that is up to her. However the likelihood is that there will be around £500,000 in total (any potential care home fees are covered by an insurance policy) and she asked OH what he would want. His sister has said that if she pre-deceases her mother then she wants her share to go to her children but they are grown up. Mine are teenagers, and deceased BIL's are under 10.

MIL at one point said she would leave BIL's share to SIL on the proviso that she uses it to benefit the children. I guess a trust governed by executor's / trustees (who would be the two remaining children) might achieve that?

THanks for the responses so far.

Mojisola

VJsmum wrote: »

MIL at one point said she would leave BIL's share to SIL on the proviso that she uses it to benefit the children. I guess a trust governed by executor's / trustees (who would be the two remaining children) might achieve that?

In which case, she will be leaving to the children, not the son's widow.

Another option would be to divide the son's share between the widow and the children - so one-third each - that way the DIL isn't left out entirely but the children will also receive some benefit.

getmore4less

First thing I would do is check this DIY will is valid.


Was it witnessed correctly, this is the bit that is often done wrong.

Who are executors

a dodgy will could cause more costly problems than getting advice.


What you all should be advising is she gets proper legal advice,

With an estate of potential £500,000 this is critical alongside estate management and IHT planning, as she is divorcced there is a tax bill of £70k on the horizon a few £100 even into £k will be well spent if it can save just a small pat of that.

hardpressed

How well off is the daughter-in-law? Is she struggling financially? If she's OK than I would leave her a small sum and the rest of their father's share to the children, in trust untill they're 18 or 21.

ameliarate

I think your MIL should go an see a solicitor and get the will done properly. SHE should decide what she wants, not what she feels is right, and if she wants her son's share to go to his children and not his widow that's what she should do. If she feels guilty she could always leave a small amount to the widow as well.

jackyann

I agree that a sensible solicitor is needed - and honestly, quickly. MiL may be fine for many years, but she may become ill and / or deteriorate mentally.
I suggest - as she seems quite well off - that a preliminary appointment to explore possibilities is made for MiL & her 2 surviving children.
Then she should see solicitor on her own to draw up the will, so there is no suggestion of them influencing her unduly.
I agree that some sort of trust for such young children would be appropriate - and I would suggest that their mother can't access it, and that it doesn't just come to them at 18 (when they may be influenced by her). although it will cost more, money may be saved in the long run by having a trust (possibly with aunt & uncle as trustees) that can release money for education or similar, but not completely until much older.