Wills, Beneficiary Terminology

ricky101

Hi,


Looking to get solicitor to rewrite the will, but just wanted to get a point clear before asking their advice.


Want to leave a percentage of the estate to a married couple, but what would happen if one died ?


Should it be something as simple as -" To Mr John and Mrs Joan Smith, or Survivor ...10% of the estate "



thanks

Tigsteroonie

Think about whether you still want the survivor to inherit if they divorce or are widowed and then remarry. That may also need to be factored in, especially if you are friends through one more than the other.

ricky101

Thanks, but known them for 40 years, so both equal , regardless.

Savvy_Sue

also think about whether they - or either of them - have children. A good solicitor should ask you the 'what if' questions, because there are various options if either has children.

Also you talk about one of them dying - what if they both pre-decease you? Again, their parental status needs to be considered too!

Keep_pedalling

These are all standard what if questions that your solicitor be covering on your meeting. Simplest way is probably to leave them 5% each and take it from there.

pphillips

Keep_pedalling wrote: »

These are all standard what if questions that your solicitor be covering on your meeting. Simplest way is probably to leave them 5% each and take it from there.

You might also want to include a clause that says if one of them dies before you, the gift will pass to the other spouse.

nom_de_plume

As has been aluded above, the 'what if' situations are important, particularly as these are friends and not close family. In the case of say your own children, any bequest left to them would automatically transfer to their children in the event they pre-deceased you. In the case of friends however, the bequest would fail if there were no alternative arrangements in place.

unforeseen

Leaving percentages is fraught with danger. The executor can find themselves with the problem that it gets argued that they didn't get the best price for properties and assets and therefore deprived beneficiaries of some of their due money.

Yorkshireman99

unforeseen wrote: »

Leaving percentages is fraught with danger. The executor can find themselves with the problem that it gets argued that they didn't get the best price for properties and assets and therefore deprived beneficiaries of some of their due money.

Only if the executor does not do their job properly. It really is a not a consideration. Executors have full powers to deal with estate property and do not have to consult beneficiaries. If appropriate they can get a RICS valuation that should be definitive. A prudent executor does not let beneficiaries interfere in the process.

nom_de_plume

In one of the alternatives in my Will my estate is to be split equally between my children which equates to a percentage each. I certainly would not want to rewrite my Will each time my BT shares fell again if I used sums of money rather than percentages.....

Keep_pedalling

unforeseen wrote: »

Leaving percentages is fraught with danger. The executor can find themselves with the problem that it gets argued that they didn't get the best price for properties and assets and therefore deprived beneficiaries of some of their due money.

On the other hand fixed amounts can also be problematic, as they are eaten away by inflation, or if the estate is run down by something like care costs the people left with what was small fixed amounts end up with more than the residual beneficiaries, or their bequests fail totally because there is not enough to pay them.