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will
SHEILA54
Posts: 1,829 Forumite
Hi
I have been updating my will and have the following question.
My daughter, son in law and grandchildren live with me, in fact my daughter has never moved away from home.
My present will states that they have security of tenure until my youngest granddaughter reaches 18 in the event of my death. I was told that this was in order as they would have the same rights as a spouse who lived at the same address.
The new will writers insist that the only way that this can be enforced, should I die, is to have it placed in a trust and that it will cost £800 to do this.
I am rewriting my will as my son now has children and this means that they need to be included.
Please can someone tell me their interpretation in this matter as, whilst I am only 62, I want to tie things up properly?
Thanks
I have been updating my will and have the following question.
My daughter, son in law and grandchildren live with me, in fact my daughter has never moved away from home.
My present will states that they have security of tenure until my youngest granddaughter reaches 18 in the event of my death. I was told that this was in order as they would have the same rights as a spouse who lived at the same address.
The new will writers insist that the only way that this can be enforced, should I die, is to have it placed in a trust and that it will cost £800 to do this.
I am rewriting my will as my son now has children and this means that they need to be included.
Please can someone tell me their interpretation in this matter as, whilst I am only 62, I want to tie things up properly?
Thanks
0
Comments
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What happens after the grandchildren are 18?
At 62 you are still young, hopefully healthy, if you pass before the offspring, then just hope you get a good send off.0 -
Just trying to be thorough so that, should I die in the next 12 years, they will have somewhere to live. I have covered the inheritance tax aspect with a life insurance so the property would not need to be sold to pay it and my son is well off so can afford to wait.0
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Looks like a standard life interest with terms(kids ages), like would be applied to spouse the interest terminated if they remarry.
they don't normaly need trusts other than any will trust that automaticly comes into existance on death.
I would seek a proper second opinion.0 -
I have covered the inheritance tax aspect with a life insurance so the property would not need to be sold
How much is the house worth? If it's an "average" house and you don't have lots of investment/savings, then there probably wouldn't be any Inheritance tax to pay anyway. Even if there were, arising because of the property value, your son would probably be able to pay by instalments meaning no need to sell it. I'm wondering if you've been mis-sold life insurance that you don't actually need.0 -
Trust is the best idea for what you want but £800 seems a bit over the top.
Does the company involved belong to the IPW or other organisation or if Solicitors have STEP accreditation0
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