money from estate

carrienalf

my mum wants to give one of my siblings money from their estate i have told her to get a contract form as she dosent want the hassle of changing the will
do one of you lovely lot know of a form i can download for them to do that please as not really sure what i am looking for
tia x

AnotherJoe

Neither am I, care to explain yourself better?
Who is"their" in "their estate" ?
What is a contract form? Do you mean a "codicil"?
Did someone die?
When will the money be paid ? Now? Upon death?

molerat

. https://www.gov.uk/make-will/updating-your-will
Google codicil and the name of a charity - they try to make it easy - for some templates.

carrienalf

their is mum and dad but my dad has dementia also everything is in joint names
no ones died
he wants the money now and it will be deducted from their estate after both have passes
thanks for all the replies

DigForVictory

Be very sure you know how much and when, as the cost of fighting for your proper share later might be more than paying for a decent Will now.
All the best.

Savvy_Sue

So there's no intention of any of this being repaid before death?

Where is the original of the will? A codicil could be kept with the original of the will, stating that £X was a loan to be deducted from sibling's share of the estate.

However, if the original of the will is in your mum's possession, you might want to look into storage at The Probate Registry.

AND there would be good reasons for updating mum's will, rather than writing a codicil. A good solicitor will run through all the 'What if' questions: what if Dad's care reduces the size of Mum's estate significantly? Dad can't change his will if he lacks capacity, so what effect does his current will and your Mum's planned change have on each other? And so on.

Keep_pedalling

If I have understood you correctly, your mother wants to give one of your siblings a gift, but wants to reduce the amount that sibling would get when she dies.

If this is correct she needs a new will drawn up by a solicitor as there are so many things that can go wrong here. Alternatively she could make it an interest free loan that would become a debt owned to her estate when she dies, but needs documenting and a record of the loan kept with her will.

One other issue that needs to be considered is that if your father needs residential care any gift made at this stage of his illness could be treated as deliberate deprivation af assets to avoid care costs.

paddy's_mum

carrienalf wrote: »

she dosent want the hassle of changing the will

It is WAY more hassle to sort out a dispute over property or money after the loved one has passed away than it is to draw up a straightforward will with a local solicitor.

Some solicitors will come to the willmaker's home if getting out and about is a problem.

Robin9

Beware of Deprivation of Assets which the Social Services/Council will see as a reduction of the Mum and Dad's finances when it come to assessing care.

AnotherJoe

carrienalf wrote: »

their is mum and dad but my dad has dementia also everything is in joint names
no ones died
he wants the money now and it will be deducted from their estate after both have passes
thanks for all the replies

Well, for a start it wont be "their" estate. It will be his or hers, depending who dies first.
If mum dies first, then what happens?

I'd say they both need to make new wills but if dad has been diagnosed with Az then probably only she can.
She needs to get a new will done covering what happens if he dies first or she dies first taking this gift into account. It may need them to go to tenants in common instead of joint otherwise if she were to be run over by a bus tomorrow all the money in the house will presumably go to dad and then be sucked up in care fees? So its not just because of this gift/loan (probably best done as a loan) she should write a new will.
As others have said the amount of hassle and bad feeling will be 100x worse if you leave it to a sloppily drawn codicil that may even end up being invalid.

Savvy_Sue

Robin9 wrote: »

Beware of Deprivation of Assets which the Social Services/Council will see as a reduction of the Mum and Dad's finances when it come to assessing care.

But surely only Dad's finances are likely to be under assessment at this stage?

If mum is in good health and not doing this in anticipation of needing care, DofA is less of an issue, as long as she can demonstrate that it's HER money she's giving away and not HIS.