Who gets what in this will.

citizen_khan

I hope someone can tell me who gets what from this will which i hope can be read coherently from my obvious editing as i can't post it as􀀋􀀈 an attatchment.

BE IT KNOWN that􀀀 mrs A
􀀌Died on this day 00/01/2014
domiciled in england and wales.
Exec 1 (husband) alive
Exec 2 (BIL)
Exec 3 (me)

Gross estate £484,520
Net estate £470.582
This is the last will of me Mrs A of ***** ******
1 I revoke all former wills ************.
2 I wish to be cremated.
3 I appoint my husband Exec 1 My relation Exec 2. BIL Exec 3 to be the executors and trustees of this my will.

4 I give free of all tax to my husband Exec 1 all my personal chattels as defined in sec 55 (1) (x) of the admin of estates act 1925 (including any car ) not otherwise specifically disposed of by this my will.

5 In my will (a) the nil rate sum means the maximum amount of cash i can give on the terms of the nil rate fund without incurring any liability to inheritance tax.subject to the following clauses.
i/ the nil rate sum shall be nil if.
(1) iht has been abolished (2) i am not married (3)the nil rate fund would be less than £5000.
ii/ Any other legacy given by my will shall be paid in priority to the nil rate sum.

5 (b)The nil rate fund means (i) the nil rate sum and
(ii) all property representing the above.
5 (c) Trust property means any part of the nil rate fund .
5(d) my trustees means my executors.
5 (e) trust period means 80 yrs.
5 (f) the accumulation period means 21 yrs .
5 (g) The beneficiaries means
1 My relation Exec 3.
2 My husband Exec 1
3 any persons nominated by 2 beneficiaries.

6 I give the nil rate fund to my trustees to hold on the terms set out below.
(a) my trustees may accumulate the whole or any part of the income of the nil rate fund during the accumulation period that income shall be added to the nil rate fund.
(b) subject to that during the trust period my trustees shall pay or apply the income of the nil rate fund to or for the benefit of any of the beneficiaries as my trustees think fit.
(c) Subject to that the nil rate fund shall be held on trust for my said relation Exec 3 or his decendants.

7 My trustees shall have the following powers.
(a) power of appointment.
(1) my trustees may appoint that they shall hold any trust property for the benefit of any beneficiaries as they think fit.
(2) An appointment may create any provisions and in particular
(1) discretionary trusts
(2) dispositive or administrative powers.
(3) An appointment shall be made by deed and may be revocable or irrevocable.
(b) Transfer of trust property to new settlement.
(c) Power of advancement My trustees may pay or apply any trust property for the advancement or benefit of any beneficiary.

8 (a) i give the rest of my estate not disposed of by my will to my trustees on trust
(1) to pay my debts and expenses and tax.
(2) to hold the remainder (my residuary estate) on trust for my husband (Exec 1) if he survives me by 30 days.

The rest not really applicable as he has not died.

(3) if my husband (exec 1 ) shall die before me the intermediate income arising from my residuary estate shall not belong to him. My trustees shall hold my residuary estate on trust as follows.
(a) If i survive my husband (Exec 1) by 30 days to give free of iht the following pecunary legacies.
(a) the sum of £10000 to my brother (deceased now anyway).
(b) the sum of £10,000 to BIL (Exec 2).
(B) for my said relation (Exec 3) my residuary estate.

There is a bit more but i dont think it applies as it is all about the trust and transfers and liabilities etc.

Phew!!!.

I have been kept in the dark from the beginning and even though i requested to the husband to see the will he refused so i had to get my copy from the probate office,(even though im an executor). Im not really sure what this will means but i have clearly been named as a beneficiary. He just says she left it all to him which goes against what she told me when she asked me to be an executor for her. She said to me i hope you will be my executor as youre the one who will benefit most anyway.
He says there is a letter of wishes which he wont show me but i think thats not legal anyway no matter what it says.
I have signed documents as executor but he refused to let me see any of them which was what started alarm bells ringing he would only hold each document and say oh its just a formality type of document you dont need to see it.
As its quite close family i dont want to fall out with him but if im being duped then i need to take action before its too late.

I am a regular here i just created this new account as my original has my name and location in it and i would like to find out if i have any type of case here and if i do who would be a good person to deal with this type of thing as having asked a few people i know including accountants and solicitors they are all flummoxed by the wording.

If you have got to the end well done and a big thank you for taking the time .
C K.

g6jns_2

citizen_khan wrote: »

I hope someone can tell me who gets what from this will which i hope can be read coherently from my obvious editing as i can't post it as􀀋􀀈 an attatchment.

BE IT KNOWN that􀀀 mrs A
􀀌Died on this day 00/01/2014
domiciled in england and wales.
Exec 1 (husband) alive
Exec 2 (BIL)
Exec 3 (me)

Gross estate £484,520
Net estate £470.582
This is the last will of me Mrs A of ***** ******
1 I revoke all former wills ************.
2 I wish to be cremated.
3 I appoint my husband Exec 1 My relation Exec 2. BIL Exec 3 to be the executors and trustees of this my will.

4 I give free of all tax to my husband Exec 1 all my personal chattels as defined in sec 55 (1) (x) of the admin of estates act 1925 (including any car ) not otherwise specifically disposed of by this my will.

5 In my will (a) the nil rate sum means the maximum amount of cash i can give on the terms of the nil rate fund without incurring any liability to inheritance tax.subject to the following clauses.
i/ the nil rate sum shall be nil if.
(1) iht has been abolished (2) i am not married (3)the nil rate fund would be less than £5000.
ii/ Any other legacy given by my will shall be paid in priority to the nil rate sum.

5 (b)The nil rate fund means (i) the nil rate sum and
(ii) all property representing the above.
5 (c) Trust property means any part of the nil rate fund .
5(d) my trustees means my executors.
5 (e) trust period means 80 yrs.
5 (f) the accumulation period means 21 yrs .
5 (g) The beneficiaries means
1 My relation Exec 3.
2 My husband Exec 1
3 any persons nominated by 2 beneficiaries.

6 I give the nil rate fund to my trustees to hold on the terms set out below.
(a) my trustees may accumulate the whole or any part of the income of the nil rate fund during the accumulation period that income shall be added to the nil rate fund.
(b) subject to that during the trust period my trustees shall pay or apply the income of the nil rate fund to or for the benefit of any of the beneficiaries as my trustees think fit.
(c) Subject to that the nil rate fund shall be held on trust for my said relation Exec 3 or his decendants.

7 My trustees shall have the following powers.
(a) power of appointment.
(1) my trustees may appoint that they shall hold any trust property for the benefit of any beneficiaries as they think fit.
(2) An appointment may create any provisions and in particular
(1) discretionary trusts
(2) dispositive or administrative powers.
(3) An appointment shall be made by deed and may be revocable or irrevocable.
(b) Transfer of trust property to new settlement.
(c) Power of advancement My trustees may pay or apply any trust property for the advancement or benefit of any beneficiary.

8 (a) i give the rest of my estate not disposed of by my will to my trustees on trust
(1) to pay my debts and expenses and tax.
(2) to hold the remainder (my residuary estate) on trust for my husband (Exec 1) if he survives me by 30 days.

The rest not really applicable as he has not died.

(3) if my husband (exec 1 ) shall die before me the intermediate income arising from my residuary estate shall not belong to him. My trustees shall hold my residuary estate on trust as follows.
(a) If i survive my husband (Exec 1) by 30 days to give free of iht the following pecunary legacies.
(a) the sum of £10000 to my brother (deceased now anyway).
(b) the sum of £10,000 to BIL (Exec 2).
(B) for my said relation (Exec 3) my residuary estate.

There is a bit more but i dont think it applies as it is all about the trust and transfers and liabilities etc.

Phew!!!.

I have been kept in the dark from the beginning and even though i requested to the husband to see the will he refused so i had to get my copy from the probate office,(even though im an executor). Im not really sure what this will means but i have clearly been named as a beneficiary. He just says she left it all to him which goes against what she told me when she asked me to be an executor for her. She said to me i hope you will be my executor as youre the one who will benefit most anyway.
He says there is a letter of wishes which he wont show me but i think thats not legal anyway no matter what it says.
I have signed documents as executor but he refused to let me see any of them which was what started alarm bells ringing he would only hold each document and say oh its just a formality type of document you dont need to see it.
As its quite close family i dont want to fall out with him but if im being duped then i need to take action before its too late.

I am a regular here i just created this new account as my original has my name and location in it and i would like to find out if i have any type of case here and if i do who would be a good person to deal with this type of thing as having asked a few people i know including accountants and solicitors they are all flummoxed by the wording.

If you have got to the end well done and a big thank you for taking the time .
C K.

How did he get probate without you swearing the oath? The whole story is a can of worms. Signing things without sight of them is absurd. I suggest you get some paid for advice ASAP? Youncould be liable for any mistakes made.

Tuesday_Tenor

This is a very complicated will and I suggest the best person to explain it would be the solicitor who wrote it for the testator. They should also have the notes made at the time.

Unless you have formally fully renounced your executorship (and it doesn't sound as though you have, if you are signing things) then you are still an executor and you are legally responsible for the correct administration of this will. You therefore NEED to get yourself fully informed as soon as possible.

General advice, for all aspects of life. NEVER EVER EVER sign anything when you don't fully understand what you are signing. That is just crazy. For all you know you have just signed the whole of your inheritance over to someone else ...

dzug1

Well as I read it you haven't actually inherited anything.


A sum amounting to the nil rate band (give or take) has been placed in trust. The letter of wishes you refer to tells the trustees how to use the trust. If your mother was being truthful it will say largely for your benefit but exactly how is another matter. Somewhere to live, an income, money for needs or holidays?? Who knows


It does sound a can of worms

Crabapple

Dzug is right, you haven't inherited anything. At least not at this stage.

This is a very wordy Will but actually a pretty standard nil-rate band Trust Will. What it means is that there should be a sum of money (up to £325k depending on how much money was in the Estate) held in Trust. The income will be payable to the husband, the capital remains for distribution after his death. At that point you will probably inherit something.

As an Executor just signing things without knowing what they are is a very bad idea, as already pointed out.

More importantly, as it appears from the Grant part of your post that you were appointed Executor, you are also a Trustee of this Trust and have ongoing responsibilities to administer it correctly.

Please get in touch with a Solicitor, perhaps initially the one who prepared the Will/applied for Probate if applicable and ask what has been done so far. You need to know what is being done. You will also have to unravel this Trust when the husband dies so knowing what is happening now will make a huge difference.

Crystallady

6 I give the nil rate fund to my trustees to hold on the terms set out below.
(a) my trustees may accumulate the whole or any part of the income of the nil rate fund during the accumulation period that income shall be added to the nil rate fund.
(b) subject to that during the trust period my trustees shall pay or apply the income of the nil rate fund to or for the benefit of any of the beneficiaries as my trustees think fit.
(c) Subject to that the nil rate fund shall be held on trust for my said relation Exec 3 or his decendants.

Happy to be corrected by those wiser - but the way I read it the "Nil rate fund" has been left to OP (Exec 3) or his descendants with the income from said fund available to be used for any of the 3 beneficiaries.
So the deceased was telling the truth when she said he would benefit significantly from the will (depending on the value of the estate of coursr)

citizen_khan

Hi and thanks for taking the time to reply to everyone.
I will answer each query made as best i can now.

citizen_khan

g6jns wrote: »

How did he get probate without you swearing the oath? The whole story is a can of worms. Signing things without sight of them is absurd. I suggest you get some paid for advice ASAP? Youncould be liable for any mistakes made.

Yes im beginning to realise this now but when you have known and trusted someone for 50 years you or at least i have up until now taken them for their word.

citizen_khan

dzug1 wrote: »

Well as I read it you haven't actually inherited anything.


A sum amounting to the nil rate band (give or take) has been placed in trust. The letter of wishes you refer to tells the trustees how to use the trust. If your mother was being truthful it will say largely for your benefit but exactly how is another matter. Somewhere to live, an income, money for needs or holidays?? Who knows


It does sound a can of worms

Thats roughly how i have read it thank you.
Its not my mother its a cousin (married never had children so i was the nearest thing to it).

citizen_khan

Crabapple wrote: »

Dzug is right, you haven't inherited anything. At least not at this stage.

This is a very wordy Will but actually a pretty standard nil-rate band Trust Will. What it means is that there should be a sum of money (up to £325k depending on how much money was in the Estate) held in Trust. The income will be payable to the husband, the capital remains for distribution after his death. At that point you will probably inherit something.

As an Executor just signing things without knowing what they are is a very bad idea, as already pointed out.

More importantly, as it appears from the Grant part of your post that you were appointed Executor, you are also a Trustee of this Trust and have ongoing responsibilities to administer it correctly.

Please get in touch with a Solicitor, perhaps initially the one who prepared the Will/applied for Probate if applicable and ask what has been done so far. You need to know what is being done. You will also have to unravel this Trust when the husband dies so knowing what is happening now will make a huge difference.

Yes I read it as net est is £470,582.
So £325,000 is held in trust for me till husband dies
husband gets income and residuary estate which is £145,582.
I will get in touch with the solicitor who wrote the will and got the probate on monday to see what he says . Thanks.

BobQ

Another observation is that the "Letter of Wishes" the OP refers to may be quite important to the other executors.

No guarantee that it is the same, but I once had a complex discretionary will of this kind drawn up for myself (quite similar to this)and it included a similar paragraph to Para 6 which (as I read it) gives the trustees considerable discretion to manage the trust and use it for the beneficiaries.

The solicitors (who were also the executors) also persuaded me that they should draw up a letter of wishes that was basically my guidance to the trustees as to how they should exercise the discretion given.

If this is the same type of arrangement then I assume the solicitor that drew up the will have a copy of the letter of wishes. True it is not binding on the trustees but it might give the trustees some guidance on what the deceased wanted them to do with the assets and income of the trust.