Last will and testament

gfm198

I'm about to start making a will out, going through divorce at the moment so will disinherit my wife from the will, have given reasons why on a separate document. I want to do it myself rather than pay some as it is only for the interim period until the divorce is complete. So I want to leave my entire estate to my 3 children aged 11 (from previous relationship and 5 and 2 with my wife. I have money in banks to leave and a property in my name. I want to leave them 1/3rd each. however the problem I have is I already have some large sums of money in my childrens name myself as the trustee. If I was to die would the other parent automatically become trustee of the respective accounts? Or would naming a trustee in my will to overlook their accounts supersede this?

Thanks for any replies

ognum

gfm198 wrote: »

I'm about to start making a will out, going through divorce at the moment so will disinherit my wife from the will, have given reasons why on a separate document. I want to do it myself rather than pay some as it is only for the interim period until the divorce is complete. So I want to leave my entire estate to my 3 children aged 11 (from previous relationship and 5 and 2 with my wife. I have money in banks to leave and a property in my name. I want to leave them 1/3rd each. however the problem I have is I already have some large sums of money in my childrens name myself as the trustee. If I was to die would the other parent automatically become trustee of the respective accounts? Or would naming a trustee in my will to overlook their accounts supersede this?

Thanks for any replies

I understand your desire to do this yourself but really think you should be taking proper legal advice not asking a bunch of strangers who may have no legal knowledge on an Internet forum.

As you have the cash use it to your advantage and get advice!

paddy's_mum

If your wife is dependent upon you (and with a 2 year old child in the picture, that rather suggests that she is) she would be able to apply to have the will set aside if it does not provide for her.

The relevant legislation is the Inheritance and Family Provisions Act 1975.

Given that there is property involved as well as cash and other assets, I'm with ognum that you need good legal advice.

It has been my family's experience that it costs less to make a sound will than it does to sort out the mess resulting from a poorly planned/drawn up d-i-y one.

theoretica

You can make wills 'in anticipation of marriage' so I expect a decent solicitor could write you a will 'in anticipation of divorce' which would mean you only needed to do it once, rather than an interim and final one. Worth asking about anyway.

Primrose

I think it's a case of "penny wise, pound foolish" here if you're prepared to risk a large amount of money being overridden by a court ruling that your wife has not been adequately provided for to save a few hundred pounds in legal fees.
Whilst everybody will understand your not wishing to spend money on something you think you can do yourself, there may be all kinds of legal precedents you are unaware of which could cause your plans to go awry.

Find a solicitpr experienced in matrimonial issues and get it done professionally. You owe it to your children to protect their interests from something arising unexpectedly. And the mother of your children will presumably still be their main carter after the divorce. Do you really expect her to bring them up on thin air? A solicitor will hopefully cut through raw emotions here and prevent you from making the kind of mistakes that a court might well decide to overturn.

Keep_pedalling

theoretica wrote: »

You can make wills 'in anticipation of marriage' so I expect a decent solicitor could write you a will 'in anticipation of divorce' which would mean you only needed to do it once, rather than an interim and final one. Worth asking about anyway.

That would not cover the event of the OP dying before the divorce goes through. The divorce does not invalidate any will made now, so the OP still only has to do this once.

But as others have already said, on no account should you DIY this.

Tiddlywinks

With so much at stake why be a cheapskate? Just go to a solicitor and have it drawn up correctly.

If not, your DIY job could turn out to be an expensive mistake.

sarymclary

I work in the legal world. Believe me, it would be the best money you spend to benefit from the legal advice you would get from having a properly drawn up Will made.

Solicitors on average will charge you £200+vat for a Will, but they charge often over that rate per hour for their time, so it's actually pretty good value. You benefit from someone who has been trained drafting it, then ensuring you sign it in front of independent witnesses.

It is a growing trend in our small office to see Wills being contested by disgruntled family members. One drawn up by yourself could leave it wide open to be challenged, especially if there is so much to be gained if successful in doing so. With Trusts already in place, your's would not be a straightforward Will OP.