What does a codicil look like?

Yorkshireman99

Crabapple wrote: »

The words suggest a trust, but it might not be a discretionary one.

Unless you post the whole will on here it's unlikely anyone could be sure, and then you are relying on a bunch of internet strangers with unknown qualifications or experience.

I really think you need to see a lawyer in the real world who can give you some advice having seen the documents so you can work out what has or hasn't happened.

Absolutely correct! As a general point cherry picking bits of a document and then extrapolating a particular theory is a recipe for disaster. This is particularly dangerous with a will written in jargon that one does not understand. Lawyers use jargon to convey a specific meaning to other lawyers and even then it may be subject to formal, or informal, interpretation. That is why lawyers can charge high fees for their expertise. You may, and, frequently can, receive good general advice here. I, and I suspect most other posters here, give their advice in good faith but we can be wrong! In the end you need to get it confirmed by a professional. The old saying free advice is worth what you paid for it seems appropriate.

Mojisola

Woolington wrote: »

The reason I think the Trust part of the will was overturned was because my stepdad told me this was his inention at the time. Then there was the frantic visits to the solicitor when the 2year 'deadline' approached which fits with there having been a 'Deed of Variation'.

If a DoV was used, then everyone who was adversely affected by the change would have had to agree to it.

Woolington

Thank u all,

If a DoV was used, then everyone who was adversely affected by the change would have had to agree to it.]

in writing? would we have had to have signed a document?

Once again you need to talk to the solicitor. By the way don't expect a free consultation on a specific case like this. Free consultations are usually just given for a preliminary meeting With a view to some paid work[

How much do solicitors charge?

Yorkshireman99

Everyone affected must sign the DOV for it to be valid. The executor would have to keep it and notify HMR&C in need be. A solicitor would probably want £100-200 to prepare it and get it signed. As advised before you need to get some paid for professional advice. Without seeing ALL the documentation nobody can give definitive answer. Sorry to be blunt but you will not make any progress unless you do this rather than asking more speculative questions here.

Manxman_in_exile

Yorkshireman99 wrote: »

Everyone affected must sign the DOV for it to be valid. The executor would have to keep it and notify HMR&C in need be. A solicitor would probably want £100-200 to prepare it and get it signed. As advised before you need to get some paid for professional advice. Without seeing ALL the documentation nobody can give definitive answer. Sorry to be blunt but you will not make any progress unless you do this rather than asking more speculative questions here.

I think this is probably the best advice you'll get here

getmore4less

Woolington wrote: »

Who actually owns the painting?

this isn't clear. They were painted by a friend of both of them, but it was always an agreement with artist and parents that they'd eventually be returned to the artist or his family if he'd died. I think stepdad must have had the same stipulation in his will - tho not sure about this, but then has since scrapped his half of the will and remade another without mentioning the paintings.

The will says 'paintings to be returned to....'

Looks the paintings were on loan and never really owned by either of them.

getmore4less

DOV are made by beneficiaries not executors.
The only time executors need to be involved is if the tax position of the estate is changed, often it doesn't.

getmore4less

Woolington wrote: »

All executors hold the estate assets in a trust that is formed by almost all wills. It is simply legal jargon that gives the executors the power to deal with the estate assets as directed by the will. It does NOT allow them to alter the terms of the will. The confusion arises because some wills will direct that some, or all, the estate is to be put into a separate trust for the benefit of someone in future. That trust is separate from the one the executors administer.

"The key fact is that mirror wills do not provide any limits on what the survivor can do with their assets, unless other mechanisms (usually trusts) are involved."


aha thank you! I think I'm understanding it more now! Confusion over the word 'Trust'. For example one line reads:

My Trustees shall hold the Trust Fund on the following trusts: !!

I think that also demonstrates that there IS a separate Trust in their wills as I was lead to believe -

My Trust Fund shall mean Nil Rate Band Legacy

Do you think this would be a 'Nil Rate Band Discretionary Trust? and if so IS this a Trust that would need grounds to overturn? would that be a Deed of Variation? (sorry if I'm getting this all wrong! it's been a mission trying to get my head round a lot of the language involved!)

You have missed out the important bits.

Understanding what the will intended will only be the first part, finding out what happened will be the harder part.

You really will be better seeing a solicitor as even if you post the full will that will only be part of the story.