Making a Will and protecting our son

4Chickens

I think it is time that Mr 4Chickens (50yo) and I(42yo) made an up to date will. Here is some basic information:
We have been married for 21 years, no previous marriages or relationships.
We have a mortgage on our home due to finish in 10 years.
We are joint tennants.
The house is worth approx £175000
We have pensions and a life insurance policy that will expire with the mortgage.
We have a Ltd Company of which I am 30% shareholder, Mr 4Chickens is 70% shareholder and our only child is an employee. I am not sure that the business has any value other than the tools, equipment and vehicle.
Our only child is now 21 and living independently, however he has dyslexia and Aspergers Syndrome. There are no other children from previous relationships.
I were to go toes up first I would like Mr 4Chickens to inherit everything, equally if he departs this mortal coil first then I would inherit everything. BUT if god forbid we went crashing out of this life at the same time we need to protect/manage our sons inheritance from beyond the grave so to speak. Should I consider setting up some kind of trust so that our son does not inherit everything all in one go, who would I appoint as a trustee. Who would be the best kind of person/persons to appoint as executor.
Lots of questions but your thoughts will be most welcome.

madbadrob

Executors could be trustees and you should choose people you trust. Would your sons Apsergers be bad enough for him to squander the inheritance? If not surely it would be easier just to let the son have the money. I understand Apsergers or I should say the Autism Spectrum very well. I know that some will go mad and others will save everything.

At the end of the day your decision has to be something you are comfortable with and who of course are happy to take on such a long commitment

Rob

System

Let's hope you both live until at least 2050. But you are right to provide for the possibility that you are both killed, for example in a car crash, next year.
Your wills can appoint as executors and trustees:
(a) level-headed friends or relations who are willing to take it on - and ideally younger than you; or
(b) professionals, such as solicitors; or
(c) a mixture of (a) and (b).
Professionals will, of course, charge for their services.
If (after settling an outstanding mortgage) your estate is, say, £100000, then the income from investing that will, alas, be only a few thousand pounds a year. A solicitor's charges could swallow a large proportion of that.

paddy's_mum

Another aspect of this is that if you die first and your husband remarries, it is very likely that a chunk or all of what you currently own may well pass to the second wife and what she does with it is entirely up to her.

If you want to avoid the possibility of your son losing out, you really do need to have a will properly drawn up, and given that he is somewhat vulnerable, it would be wise to do so sooner rather than later.