Wills - How To Keep Money In Reserve In Wife's Will, Until Husband Dies?

woodbine66

Bit of an odd/complicated one, and I would appreciate some advice. Helping my 83 yo aunt with drawing up a will which will be completed by a solicitor. Husband still alive and they live under same roof - but married in name only. He is not a nice piece of work. He's 87, but in better health than my aunt.


Anyhow, she wants to leave all her money and savings, etc to her two sons. Problem is over the years, one or the other son have fallen in and out with their father (her husband) - and can't guarantee that his will doesn't favour one son over the other in his own will. We don't know.


So if she dies first, she wants all her money to be held in reserve/trust??? until the father/her husband dies. Then if he has left equal amounts to the two sons - no problem, her money held in reserve will be split equally between the two sons.


If however he leaves more to one son than the other - then her money held in reserve is to be used to compensate the son who got less. Up to 100% of her money can be used for this. Any left over will be split equally.


Hope this all makes sense so far. The question is, how should the money be reserved/held until the husband dies? In a bank/b. society where both sons have to sign for any withdrawals? By a solicitor, and if yes, will this be expensive? In a trust - not really sure what a trust is?


Thanks for reading this, I hope someone who is experienced in these matters can give some answers.

Brynsam

Trust. Definitely one for the professionals to draw up, especially if she is planning to cut her own husband out of her will. Make sure she discusses the ramifications of that with her solicitor.

Flugelhorn

Agree with Brynsam - always difficult to disentangle his and hers money anyway

getmore4less

Is there a house involved?

OK they are old but how old are the sons?
he could still live a long time and then what happens if one of the sons predeceases him or even both of them.

Needs to be a trust, probably a discretionary one with guidance and then you have to think about trustees that will use their discretion as instructed.

Do the sons get on?
Would they reconcile any difference on a voluntary basis?


There is a potential obvious(gifts) spanner in the works here if the distribution instructions are based on the husbands distribution in the will.

badger09

woodbine66 wrote: »

Bit of an odd/complicated one, and I would appreciate some advice. Helping my 83 yo aunt with drawing up a will which will be completed by a solicitor. Husband still alive and they live under same roof - but married in name only. He is not a nice piece of work. He's 87, but in better health than my aunt.

..................

Probably better to stick to one thread so other posters get the full picture

https://forums.moneysavingexpert.com/discussion/6088763/does-spouses-half-of-house-automatically-pass-to-other-spouse-when-one-dies

Malthusian

These two threads should be merged, but in case they aren't: divorce would be a hell of a lot simpler.

woodbine66 wrote:

So if she dies first, she wants all her money to be held in reserve/trust??? until the father/her husband dies.

Personally if I was the son and potential loser, I would Saunders v Vautier the thing and split it equally with my brother, rather than hold my breath waiting to see what Dad's will says while watching solicitors' fees and trust taxation drain our inheritance. For all we both know Dad's Will will leave everything to Miss Gol Di Ga of Thailand.