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Will principles
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Foraminiferum
Posts: 10 Forumite

I'd be grateful for comments about the following minor will dilemma.
The aim is to leave assorted amounts of money in the will to a variable number of people, but the amounts and the people may change as time passes.
It is an expensive pain to get a solicitor to make minor changes to a will every two or three years, as things change.
Would it be possible to leave the entire amount to a trusted executor via a 'fixed' will, together with a Schedule of Amounts and Persons to whom the money should actually go, but which could be updated at random intervals as the need arose?
Possibly (if necessary) the executor could have the will rewritten to match the final Schedule, if this was necessary?
Thoughts, please?
The aim is to leave assorted amounts of money in the will to a variable number of people, but the amounts and the people may change as time passes.
It is an expensive pain to get a solicitor to make minor changes to a will every two or three years, as things change.
Would it be possible to leave the entire amount to a trusted executor via a 'fixed' will, together with a Schedule of Amounts and Persons to whom the money should actually go, but which could be updated at random intervals as the need arose?
Possibly (if necessary) the executor could have the will rewritten to match the final Schedule, if this was necessary?
Thoughts, please?
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Comments
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Foraminiferum wrote: »I'd be grateful for comments about the following minor will dilemma.
The aim is to leave assorted amounts of money in the will to a variable number of people, but the amounts and the people may change as time passes.
It is an expensive pain to get a solicitor to make minor changes to a will every two or three years, as things change.
Would it be possible to leave the entire amount to a trusted executor via a 'fixed' will, together with a Schedule of Amounts and Persons to whom the money should actually go, but which could be updated at random intervals as the need arose?
Possibly (if necessary) the executor could have the will rewritten to match the final Schedule, if this was necessary?
Thoughts, please?
The executor can do a Deed of Variation, BUT that has to be agreed by everyone who is adversely affected. So if the flexible bit says "I want Fred to get £500", and there's no scope for that without taking £250 each from Freda and Freya, they'd have to agree to give up £250 each so that Fred can have his cut.Signature removed for peace of mind0 -
The executor can do a Deed of Variation, BUT that has to be agreed by everyone who is adversely affected. So if the flexible bit says "I want Fred to get £500", and there's no scope for that without taking £250 each from Freda and Freya, they'd have to agree to give up £250 each so that Fred can have his cut.0
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Foraminiferum wrote: »That's why my idea of leaving the whole amount to the Executor to give out according to the (entirely separate) Letter of Wishes/Schedule of Persons and Amounts would give no problem with a Deed of Variation, were one needed!Signature removed for peace of mind0
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It costs precisely nothing to change your will
just a copy it out on a new bit of paper and make the changes to the numbers and get two people to witness it.
(OK cost of one sheet of paper and some ink)0 -
A letter of wishes isn't binding though, plus I think - others will know better - that the gifts then fall into the Executor's estate rather then going straight to the intended recipients.
I think the point being made was if the executor is the beneficiary they can do the DOV. Then no gifts.0 -
I would think it possible that someone could try arguing that the letter is in fact a codicil to the will with the suggestion that it might not be the current one and therefore invalid.
They might well get nowhere with that but it would be better to avoid the argument in the first place
It's also possible that the executor might decide that since he has the discretion he can keep the lot for himself
Better to make a new will - DIY is free
Perhaps better still to be less fickle about who your money goes to. You sound like the victim in a murder mystery killed before they can change their will again.0
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