Elderly grandparent want to put house in trust for grandchildren

SeniorSam

I'm surprised that someone has not mentioned a codicil to the Will if the restriction is not mentioned in the Will now. A very simple document, or letter, witnessed by the solicitor and attached to the Will. Low cost and effective and the executors will be responsible in administering the wishes.

Sam

zzzLazyDaisy

SeniorSam wrote: »

I'm surprised that someone has not mentioned a codicil to the Will if the restriction is not mentioned in the Will now. A very simple document, or letter, witnessed by the solicitor and attached to the Will. Low cost and effective and the executors will be responsible in administering the wishes.

Sam

This is incorrect. A codicil must be signed and witnessed following exactly the same legal formalities as the original will. Codicils were popular when wills had to be typed and bound. Nowadays wills are drafted and stored on computer. This means that very often it is simpler and less costly to draw up the original will, make the changes necessary to accord with the testator's wishes, and produce a new will for signature.

Hence my comments at post 6

margaretclare

earthlover wrote: »

Elderly grandparent want to put house in trust for grandchildren My elderly mother has left her estate to her grandchildren in her will. She is worried that if she dies soon one of her grandchildren although in their 20's would not use the money wisely and so she would like to put the money into a trust to safeguard it. Is this expensive to do and are there any disadvantages to doing this?

Is it her house she wants to put in trust, or her money?

retiredin2011

I don't know if this comes across as selfish or whatever, but when I am gone I couldn't give a !!!! what happens to my money or house or car or anything.

I won't be here to bother about it.

antrobus

earthlover wrote: »

My elderly mother has left her estate to her grandchildren in her will. She is worried that if she dies soon one of her grandchildren although in their 20's would not use the money wisely and so she would like to put the money into a trust to safeguard it. Is this expensive to do and are there any disadvantages to doing this?

I'd guess that the main 'disadvantage' would be that the beneficiaries i.e. the grandchildren could all agree to vary the will and nullify the trust and/or break the trust by applying the rule in Saunders v Vautier (1841). I'd take proper legal advice, but I imagine the advice would be that it would be a waste of time.

Mojisola

Either leave the money to the grandchildren and let them do what they want with their own money or leave it to other people or charities.

CRISPIANNE3

earthlover wrote: »

My elderly mother has left her estate to her grandchildren in her will. She is worried that if she dies soon one of her grandchildren although in their 20's would not use the money wisely and so she would like to put the money into a trust to safeguard it. Is this expensive to do and are there any disadvantages to doing this?

Leave it to a worthwhile cause like Battersea or some other charitable organisation and then the money will not be waisted.

My elderly aunt of 82 years is leaving everything to Battersea dog home.

As for your grand children let them make their own fortune.

muntjack

Found it quite shocking that the executors can change how the will is paid out in some cases. I thought the will was meant to be followed to the letter. I was told that I had the choice about cremation or burial for the deceased that I was executor for, when he had clearly said cremation.

Could the executors, with the knowledge of the will makers instruction, use their executors discretion when the money is paid to the wayward child?

I have inquired about making a trust and was advised it is very expensive to do so, however if a property when you are alive is put into trust it can't be claimed for nursing care costs. But until you die you still remain in control of the property or estate.

margaretclare

It's possible to vary the terms of the will after a death, but only if all the beneficiaries agree. This is called 'deed of variation' AFAIK.

Savvy_Sue

margaretclare wrote: »

It's possible to vary the terms of the will after a death, but only if all the beneficiaries agree. This is called 'deed of variation' AFAIK.

Apparently it doesn't have to be all the beneficiaries, just all those who are affected.

If either I or any of my siblings with children die before my mother, our children are specifically excluded from her will. She has her reasons for this: I happen to find them less than compelling. I know that one of the executors (who doesn't have children) also finds them less than compelling. Should this happen, there will either be a DofV, or a private redistribution of my mother's estate ...

Some might feel that we should discuss this with our mother. We know this wouldn't have any good effect.