Trying to understand residuary beneficiary

Nettlelondon

My father recently died and my mother now wants to make a new will to match the new circumstances. She wants to leave 50% to me, 45% to my brother and the remaining 5% equally to his children. That all makes sense and I can deal with that.

What happens if either
1. I die before or with her? I'm thinking of, for example, a situation where we are in a car crash together.
2. My brother dies before her?
I am not sure if we need to do anything or not.
Thanks

McKneff

Explain it all to the solicitor who is doimg the will.
They are the experts and will make it all watertight

melanzana

Surely it's a case of mum putting a clause in the will where if you or any beneficiary dies before her that your benefit goes to xyz. Same for brother.

A clause can also be inserted where if you or brother do not survive her for a month (say), the benefit goes elsewhere.

Good legal advice when making a will is worth its weight in gold. Just saying.

Keep_pedalling

Under no circumstances should she do this DIY. A solicitor will go through all the what is situations including ones she has not even thought of.

getmore4less

Per stirpes

Is a term you need to be familiar with.

buildersdaughter

Yes, it will be quite simple for a solicitor to draw up, but shouldn't be DiY. Definitely not a 'will writer'. Very sensible of your mother to be writing a new will.
It sounds as if you don't have children - but it may be sensible for the new will to make provision should you have any in the future.
My will leaves half of my estate, in trust to my grandchildren. To cover a number of possibilities, but keep it fairly simple, the grandchildren are defined as those born to, or adopted by my children, and born before the oldest grandchild's 25th birthday.
I have told my children that I will consider any step-children as individual circumstances dictate. I will re-consider as we get near the 25 year deadline (still a long way off) and if I begin to show any early signs of dementia. Extending the 25 year deadline by a few years is not difficult if it looks sensible to do so; but extending to take consideration of my youngest son fathering a baby in his 90s is just taking 'what ifs' too far.

Nettlelondon

I would love to get a solicitor involved but my mother has refused point blank to do so. Partly because she knows I recently spent several hundred pounds on my own as my situation is complicated. I have explained it would be nowhere near that cost for her but there is no budging her.

I'm well beyond the point of having children myself so that is not a consideration.

But thanks everyone for taking the time to respond.

Keep_pedalling

Would something like this change her mind.

http://breastcancernow.org/get-involved/donate/other-ways-to-donate/leave-a-gift-in-your-will/free-wills-month?gclid=EAIaIQobChMI37P5prHw2QIVrxbTCh30GwiOEAAYAiAAEgJEivD_BwE

http://www.cancerresearchuk.org/support-us/donate/leave-a-legacy-gift-in-your-will/free-will-service?ds_kids=p13242693672&adc=cpc&gclid=EAIaIQobChMI37P5prHw2QIVrxbTCh30GwiOEAAYASAAEgJFpfD_BwE&gclsrc=aw.ds&dclid=CIfZ2IKy8NkCFWYw0wodgn4D4Q

Nettlelondon

It is a long held, totally entrenched view that solicitors are not trustworthy.

Tom99

Nettlelondon wrote: »

It is a long held, totally entrenched view that solicitors are not trustworthy.

[FONT=Verdana, sans-serif]You will just have to do your best DIYing it then if a will is necessary.

[/FONT] [FONT=Verdana, sans-serif]If the will just says I leave my estate 50/45/2.5/2.5 then the share of anyone who dies before your mother would be spread between the remaining three so your share would be spread in the ratio 45/2.5/2.5

[/FONT] [FONT=Verdana, sans-serif]You can add after stating each beneficiaries share what is to happen to that persons share if the die 1st.

[/FONT] [FONT=Verdana, sans-serif]However if you and you brother are the only children and there is no will then you will get 50% each and your brother can easily transfer 5% or whatever he chooses to his children[/FONT]

getmore4less

Tom99 wrote: »

[FONT=Verdana, sans-serif]You will just have to do your best DIYing it then if a will is necessary.

[/FONT] [FONT=Verdana, sans-serif]If the will just says I leave my estate 50/45/2.5/2.5 then the share of anyone who dies before your mother would be spread between the remaining three so your share would be spread in the ratio 45/2.5/2.5

[/FONT] [FONT=Verdana, sans-serif]You can add after stating each beneficiaries share what is to happen to that persons share if the die 1st.

[/FONT] [FONT=Verdana, sans-serif]However if you and you brother are the only children and there is no will then you will get 50% each and your brother can easily transfer 5% or whatever he chooses to his children[/FONT]

That is not the default for all classes of beneficiary
have a read of the various section.33 cases after reading S.33 of the wills act.