Inheritance advice pls.

Matt_73

Hi Everyone,
I'm 46 and have young family. I've been thinking if something happens to me and as we're living with zero savings my partner and children would be left with nothing. This is a horrid thing to talk about but i would like to ensure that my inheritance from my parents which will be healthy is somehow passed to them.

Is this something that has to be written into my parents will or do i have to have it written into mine or both wills?

Any advice would be great👍

mgdavid

If you pre-decease your parents, wife and/or children then it's up to your parents what happens to their money when they go. Given you cannot control the content of their wills (and they can change them after you've gone) I would suggest you tackle the issue another way and take out life insurance.

Matt_73

Hi thanks, i will look into life cover but i have some health issues so i'm thinking it will be expensive due to this and living ffom week to week with the cost of living it may not be viable.

I have a good relationship with my parents and we've had a chat about it and they're happy for it to be somehow givem to my family should something happen to me. I just don't think it's fair if my 2 Brothers and children get it and my partner and children get nothing.

Socajam

If you parents are happy with giving your portion to your partner and children, how about you diving the inheritance like:
1. Your partner gets a certain percentage - say 1/3; and
2. the remainder in put into a trust for both children until they reach a certain age - 1/3 per child

I would say give them something at 18 to pay for university and the remainder when they are 25.

My reasoning is that you cannot guarantee that whatever money is given to your partner will benefit your children.

Keep_pedalling

Your parents need to make sure their wills are up to date and reflect the current situation of all their children. If they are not then they need to make new ones.

Yorkshireman99

Socajam wrote: »

If you parents are happy with giving your portion to your partner and children, how about you diving the inheritance like:
1. Your partner gets a certain percentage - say 1/3; and
2. the remainder in put into a trust for both children until they reach a certain age - 1/3 per child

I would say give them something at 18 to pay for university and the remainder when they are 25.

My reasoning is that you cannot guarantee that whatever money is given to your partner will benefit your children.

The law does not permit inheritance to be delayed beyond 18. Even if the will says 25 it has no effect and the beneficiary can claim the full amount at 18..

Mojisola

Matt_73 wrote: »

Is this something that has to be written into my parents will

A well-written will should say what would happen if a beneficiary dies first.

In the case of direct descendants, the default position would be that an inheritance would pass to the grandchildren if their parent had died.

Your wife wouldn't receive anything unless your parents specifically leave her a share.

AnotherJoe

Matt_73 wrote: »

Hi Everyone,
I'm 46 and have young family. I've been thinking if something happens to me and as we're living with zero savings my partner and children would be left with nothing. This is a horrid thing to talk about but i would like to ensure that my inheritance from my parents which will be healthy is somehow passed to them.

Is this something that has to be written into my parents will or do i have to have it written into mine or both wills?

Any advice would be great��

You can't write into your will to direct what someone else should do with their money when they die ! ... well, you could but it would be worthless, you might as well say that you leave Buckingham Palace to your family

Life insurance?

Boleyn19

If you have a good relationship with your parents they could put in their will that if you die before them your share goes equally to your children. My parents did this for my brother and I.

SeniorSam

Regarding the matter of gifting to children at 18 or 25 is simply a matter of how the gifting is set up. Gifts for minor children can be placed into a Discretionary Trust, with a letter of wishes to Trustees to gift at 18, but restrict the gift if they feel that the child at 18 would handle it unwisely. Such a letter does not give 'instructions' but asks that Trustees use their judgement' It's always a difficult matter, but a Discretionary Trust makes the gift and also gives 'Discretion' to the Trustees to have some control if they feel it was needed.

Consult a STEP qualified solicitor regarding this area of Wills if you wish to go along that route. Solicitors not STEP qualified may not fully understand all the implications.

SevenOfNine

Ours is fairly simple, it goes to our son (he is also executor), if he pre-deceases us then it goes to our grandsons (his offspring) with our DiL as executrix & trustee if the boys are still minors (we're happy with her controlling it in those circumstances, she's their mother!).

We have not included our DiL as a beneficiary - she has her own parents, who they choose to leave their estate to is up to them, but I doubt they'll include our son should DiL pre-decease him.

My deceased parents-in-law had their will written like that, (I was not included, wasn't bothered), & so is my living mother's will (my husband is not included & he's not bothered).