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Options to put in my will
Comments
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I do think you are over complicating it when you could just leave it to your children.Thrifty Till 50 Then Spend Till the End
You can please some of the people some of the time, all of the people some of the time, some of the people all of the time but you can never please all of the people all of the time0 -
All the issues you raise can be dealt with in the will.
You therefore will need to decide whether to leave the legacies to your grandchildren as:
1. Unconditionally or conditional on them reaching the age of 18?
2. Alive at your death or born within X years or your death?
3. In equal shares or unequal shares?
4. Paid to their parents or to independent trustees?
These are all questions you need to think carefully about and on which to make your own decision.0 -
Thanks PP thats the sort of help i was looking for. Wanted to understand the options and think about them before going to see solicitor.
And to all its good to understand the issues and complexities with gifting GC's and wonder if leaving parents to sort something is perhaps a better plan?0 -
AnotherJoe wrote: »Another question, whats the deal with adopted children? Are they included / excluded ? Suppose one of my kids adopts triplets?
Yet another question, what about step grandchildren? It's something I feel we all need to think about these days! I suspect by default they would NOT be included.
But FWIW I'd keep it simple for now, and review at regular intervals, assuming you are in good health and not intending to total the Ferrari any time soon ...Signature removed for peace of mind0 -
AnotherJoe wrote: »Another question, whats the deal with adopted children? Are they included / excluded ? Suppose one of my kids adopts triplets?
After the adoption is finalised, the adopted child is treated the same as a child born to the parents.
Step-grandchildren wouldn't inherit if you left money to the 'grandchildren' - you would have to specifically name them.0 -
Possibly not worth leaving money to grandchildren as in my experience the parents of the grandchildren have been allowed to spend the child’s inheritance on buying property.0
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Some interesting points raised here. Just goes to show how complex it can become whilst trying to be fair!
My mum has her estate to be divided equally between her children, she says her grandchildren (& all great GC can inherit from their own parent, or that we can individually consider DoV's to share our share (though I don't fancy either of my brothers' broods chances).
As for adopted children, I had a conversation with a STEP registered solicitor about that & was requesting the words "whole issue" be included. They strongly advised against it (& hovering on flatly refusing), I think it can throw up legal challenges as adoptees are considered equal to the whole blood/issue children.
Good point about GGC inheriting if their parent (the GC) has died, as opposed to that share being in the pot to split with other surviving GCs. Got no GGCs yet so had not thought of that.
Personally, we have decided for the time being to leave all to each other, then our son. Decided we might like a nice care home for the survivor, our son has already inherited a hefty sum & we used a DoV to pass to his sons an inheritance that had come in the wrong direction by default. Though we remain trustees of it, I'm thinking that before they reach 18 I may investigate shoving it in a 3 or 5 year notice account.
I don't think there's any other way of preventing an 18 year old from claiming their inheritance, whatever other age is specified in the will. YM99 has raised that knotty point before.Seen it all, done it all, can't remember most of it.0 -
SevenOfNine wrote: »Some interesting points raised here. Just goes to show how complex it can become whilst trying to be fair!
My mum has her estate to be divided equally between her children, she says her grandchildren (& all great GC can inherit from their own parent, or that we can individually consider DoV's to share our share (though I don't fancy either of my brothers' broods chances).
As for adopted children, I had a conversation with a STEP registered solicitor about that & was requesting the words "whole issue" be included. They strongly advised against it (& hovering on flatly refusing), I think it can throw up legal challenges as adoptees are considered equal to the whole blood/issue children.
Good point about GGC inheriting if their parent (the GC) has died, as opposed to that share being in the pot to split with other surviving GCs. Got no GGCs yet so had not thought of that.
Personally, we have decided for the time being to leave all to each other, then our son. Decided we might like a nice care home for the survivor, our son has already inherited a hefty sum & we used a DoV to pass to his sons an inheritance that had come in the wrong direction by default. Though we remain trustees of it, I'm thinking that before they reach 18 I may investigate shoving it in a 3 or 5 year notice account.
I don't think there's any other way of preventing an 18 year old from claiming their inheritance, whatever other age is specified in the will. YM99 has raised that knotty point before.
It is possible but the inheritance has to be given in trust to a class of beneficiaries, some of whom are not yet born or are younger than the grandchild who has just turned 18.0 -
It is possible but the inheritance has to be given in trust to a class of beneficiaries, some of whom are not yet born or are younger than the grandchild who has just turned 18.0
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My mother left her estate to be divided between my sister and myself but told us before she died that she hoped we would give something to our children which we did.
My husband leave everything to each other and then between our two sons.
One has one child the other none. What they do with the money is up to them but I think my son would invest some of it for his son.0
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