change a Will

hiraeth_2

I am an executor and a beneficiary of a Will. However, the Will has a clause asking that the estate is managed for 10 years after the death before anything is released to the beneficiary. I understand I can renounce the executor status but not sure what would happen in this case. However, could this '10 year clause' clause be amended to avoid the lengthy workload i.e. managing the estate for 10 years? Thank you in advance.

Annisele

Are you the sole beneficiary?

dzug1

Is the testator still alive? Then they could be asked to change the will if they are still capable. Or you could tell them you are not prepared to be executor and suggest they appoint someone else.


If you renounce then the estate will sit there with nothing happening to it - possibly to the anger of the taxman.


Are you the sole beneficiary? At one point you say 'a' beneficiary and another 'the' beneficiary.


If it's only you, or you and the one other, then you could probably get away with just ignoring the 10 year stipulation. Depending on who any others are this might be the case anyway. Who would be disadvantaged if you did ignore it?

getmore4less

You will have to much more specific on what the will says.

what sort of asset levels are we looking at.

what are the terms of the trust(very important)

Does the will allow for the employment of professionals.

Crabapple

It is possible to vary a Will to remove timescales but there must have been some reason. 10 years is a strange period to have indicated as well, unless perhaps there are children entitled who will not be 18 until then?

Please let us have more information as getmore requested above.

hiraeth_2

I am an equal beneficiary along with my brother [both in our 50s], but I am executor along with another uncle [in his late 60s], so its complicated. I am pre-empting things a bit because there hasn't been a death. I have spoken to the 'testator' about the Will, but the testator will not change anything. The estate is held within several different places e.g. bank accounts. I don't know the asset levels of the estate but it wouldn't be over the inheritance tax minimum. I don't know what the terms of the trust are; it just states not released until 10 years after death.


Does this help to shed any further light on the situation?

Crabapple

10 years is even stranger if the beneficiaries are already in their 50's and no-one has died as yet!

Without knowing the terms I don't think we can advise further than it should be possible to change this term by varying the Will after death, assuming that the person continues to refuse to change it. Perhaps you could discuss with the testator why they wanted this to happen?

hiraeth_2

The testator has simply stated that the beneficiaries will 'blow it' if they receive it straight away. Bearing in mind the beneficiaries are nearer to retirement rather than their teens, I am at a loss as what the testator thinks it will 'blow it' on. Mind boggling!


Thank you for your comments.

getmore4less

Do you have a copy of the will? or just been told it's 10 years.

what happens to the trust if the beneficiaries die?

TBagpuss

It will also depend on how the will is worded. Do you know whether the will was drawn up by a professional?

dzug1

hiraeth wrote: »

The testator has simply stated that the beneficiaries will 'blow it' if they receive it straight away. Bearing in mind the beneficiaries are nearer to retirement rather than their teens, I am at a loss as what the testator thinks it will 'blow it' on. Mind boggling!


Thank you for your comments.

I suspect he still sees the beneficiaries as immature people in their 20s. A lot of elderly people never really come to terms with their children/nephews/nieces etc growing up.




It might help you to establish who there is to actually stop you winding up the trust immediately after death. So far you haven't mentioned any interested parties other than the three beneficiaries, two of whom are also trustees/executors. All on the face of it would be happy to see the back of the trust - is anyone else involved who might take a different view?


The taxman has an interest - but he's going to say if you wind up the trust you must pay me £x rather than say you can't do it.