Will Help (Quickie)

Mojisola

6022tivo wrote: »

I think it is simple to be honest, but had concerns that 0% isn't being written against people 2-4

6022tivo wrote: »

Should any of my named beneficiaries predecease me or fail to survive me by 28 days I wish for their share of the estate to be given to the surviving beneficiaries in equal shares named in my Last Will and Testament only

There's no need to put 0% because the first named has been given 100%.

If the first beneficiary is alive when you die, they will receive 100% of the estate; if not, the others will inherit in equal shares.

Don't assume that you will be in a position to change your will if, say, more grandchildren arrive on the scene. A well-written will covers 'what if' eventualities.

Manxman_in_exile

You don't have to pay and see a solicitor - you can leave it as is and see what happens...(only joking).


I've got two law degrees and my wife is a solicitor. We managed to !!!! up our relatively simple DIY mirror wills.:o


We paid a solicitor to do it properly.

[Deleted User]

I agree with elsien & Mojisola. My relative was not mentally fit to discuss changes to their will in their latter years. As their Executor, I had to split X amount between their grandchildren. As my sister had since married & now had a step-son, I had to discuss with her if her step-son was included as "grandchildren", on the basis he'd attended key family events etc. As it turned out, my sister and husband stated that the step-son did not qualify. So I was lucky to avoid any drama. Covering the "what-ifs" is worth it.

Keep_pedalling

As per everyone else, just do this properly and sort your will out face to face with a solicitor. This is a case where you saving a few quid now, could lead to you leaving an expensive mess for your beneficiaries.

NordicNoir

Ignoring whether it is wise to use the online form, as opposed to a proper solicitor.....you have not completed it correctly.

Your 100% beneficiary should be the only one mentioned in the first part.

Then choose ‘Given to Another’ and then list the three other potential beneficiaries. I would then expect another option asking how you would like the residue to be split if one or more of these has already died.

MovingForwards

The rough wording I put up was because I've typed it thousands of times over nearly a 20 years.

If money is that difficult for you to raise then wait for national will week, it's free as a charity will pay for it, providing you are of a certain age; of course they would appreciate a small token when you die but not everyone does.

Manxman_in_exile

6022tivo wrote: »

The people are specifically named (Obviously edited)
If more come along, I'll change my will.
Person 1 100%
Person 2 0%
Person 3 0%
Person 4 0%

If persons 2-4 die, then nothing changes. Person 1 gets 100%.

If Person 1 Dies, then the estate gets shared equally between people 2, 3 and 4. If any one them aren't around, it is 50% between the remaining 2, or 100% for the remaining 1?

I think it is simple to be honest, but had concerns that 0% isn't being written against people 2-4

That form does NOT say (implicitly or explicitly) that if person 1 dies the other three inherit equally. It just says that they get nothing.


EDIT: What #16 says makes more sense. Have you completed the form correctly? See a solicitor anyway.

Savvy_Sue

You also need different wording to cover what happens if any of 2, 3 or 4 are due to inherit (because 1 has died) but have died 'leaving issue' (ie with children).

The default position is that if a beneficiaries dies but leaves children, then the children inherit that 'share'. It can be worded to exclude children of deceased beneficiaries.

Manxman_in_exile

Savvy_Sue wrote: »

You also need different wording to cover what happens if any of 2, 3 or 4 are due to inherit (because 1 has died) but have died 'leaving issue' (ie with children).

The default position is that if a beneficiaries dies but leaves children, then the children inherit that 'share'. It can be worded to exclude children of deceased beneficiaries.

I wasn't aware of that until it was pointed out to me on another thread here a couple of days ago.


1. All the more reason to see a solicitor.


2. I think this board can be really helpful in guiding people in the right direction. Getting your will right is, arguably, the most important decision in your life, and you can't mitigate it after the event. (It's kind of scary reading things like "I think it's simple, to be honest...")

getmore4less

6022tivo wrote: »

Basically I have 4 people, one I want to have all my estate, and if that person is dead, the other three share it.
When setting up the will, I named all 4 with the top one getting 100%
It has been written as the below in the Will, but want to make sure that is clear??? Thoughts??





Residuary Gift: I give the residue of my estate to my executors and trustees to hold on trust to pay my debts, taxes and testamentary expenses and give the residue in shares
according the percentages specified to:
My child xxxxxxxxxxxx 100%
and My spouse, civil partner or partner's child from a previous relationship xxxxxxx
and My grand child xxxxxxxxx and My grand child xxxxxxxxxxxxxx


Should any of my named beneficiaries predecease me or fail to survive me by 28
days I wish for their share of the estate to be given to the surviving beneficiaries
in equal shares named in my Last Will and Testament only

There are 5 potential beneficiaries not 4

you also have to be very careful of the "or" and "and".

this could be

(My child xxxxxxxxxxxx 100% and My spouse, civil partner)
or
(partner's child from a previous relationship xxxxxxx
and My grand child xxxxxxxxx and My grand child xxxxxxxxxxxxxx)

or it could be

(My child xxxxxxxxxxxx 100% and My spouse, civil partner or partner's child from a previous relationship xxxxxxx)
and My grand child xxxxxxxxx
and My grand child xxxxxxxxxxxxxx

or....

typically you would clause this along the lines of.

1. my child gets everything unless dead then
2. ........... in equal shares.