About to make will/Executor question

rio

My parents are about to remake their will following the birth of grandchild. They are making mirror wills, all to spouse, then all to me (only child) and in the event of my predeceasing them all to only grandchild to be held in trust until age of 21.

They intend for me to be the only Executor, but what happens if I predecease them and they don't draw up another will? Who will administer things then? Is it best to have more than one executor? and if so can it be worded so that they act independantly? The rest of our family live hundreds of miles away and it would be difficult for them to countersign documents etc, also will they have to name who is to administer trust for grandchild if I die first.

Lots of questions I'm afraid - Thanks for your advice.

hardpressed

If they leave everything to their only grandchild and then you go on to have more children these children won't be entitled to anything.

If you should pre-decease them they could add a codicle naming a new executor.

Have you made a will yourself and named who you would like to be your child's guardian in the worse should happen?

rio

hardpressed wrote: »

If they leave everything to their only grandchild and then you go on to have more children these children won't be entitled to anything.

If you should pre-decease them they could add a codicle naming a new executor.

Have you made a will yourself and named who you would like to be your child's guardian in the worse should happen?

Yes we have thanks, we have named two guardians, so that if one dies someone else would look after him, and we have also set down how we want the estate our son would inherit to be dealt with. Due to medical problems I've been advised not to have any more children.

hardpressed

Whoops, sorry if I put my big foot in it, didn't think about that sort of thing.

rio

No problem

localhero

The Will should say who receives the estate if you predecease, ie,to grandchildren at (age) or b & c etc.

They could name you as an executor, but if you are unable or unwilling to act (ie you're not around) then b or b & c to act as executor(s).

They should appoint 2 trustees to look after the money if minors haven't reached 18 (or age appointed in will if older). All this should go in the will in case you died with them in a common accident or you predecease before they get round to making a new will or codicil.

It would be quite simple to word, but best deal with a professional, they may also need to minimise inheritance tax.

visit www.ipw.org.uk

mountainofdebt

something else for your parents/you to consider is not only at what age your child could receive the money but if they could access the money earlier for educational purposes .