Extended survivorship clause in will ?

Pete7777

I'd like to leave inheritance to someone, but so they won't receive it until a few years (say 3) after my death. But I would also like to make sure that if they unexpectedly die in those 3 years that my inheritance would not go to that person's family at the end of the 3 year period.

Is this possible?

Thanks

pphillips

Yes - it's possible to leave contingent gifts in a will that will only become payable if the condition is met, in your case this would say that the beneficiary only inherits if they survive you by 3 years. If the condition is not met, the will can say who would inherit instead.

Keep_pedalling

Just be aware that is is going to be a right pain for your executors.

Pete7777

Ok, thanks. And

pphillips said:

Yes - it's possible to leave contingent gifts in a will that will only become payable if the condition is met, in your case this would say that the beneficiary only inherits if they survive you by 3 years. If the condition is not met, the will can say who would inherit instead.

Ok, great. Could I literally add that onto my existing will?

e.g. 50% to xxxxxx  if they survive my death by 3 years. If not, leave to xxxxxxx

Keep_pedalling said:

Just be aware that is is going to be a right pain for your executors.

Really? :-(   How so?

badger09

Pete7777 said:

Ok, thanks. And

pphillips said:

Yes - it's possible to leave contingent gifts in a will that will only become payable if the condition is met, in your case this would say that the beneficiary only inherits if they survive you by 3 years. If the condition is not met, the will can say who would inherit instead.

Ok, great. Could I literally add that onto my existing will?

e.g. 50% to xxxxxx  if they survive my death by 3 years. If not, leave to xxxxxxx

Keep_pedalling said:

Just be aware that is is going to be a right pain for your executors.

Really? :-(   How so?

Executors are not going to be able to complete their duties until 3 years after your death. Its potentially a difficult enough job as it is, without adding in extended timescales.

pphillips

Pete7777 said:

Ok, thanks. And

pphillips said:

Yes - it's possible to leave contingent gifts in a will that will only become payable if the condition is met, in your case this would say that the beneficiary only inherits if they survive you by 3 years. If the condition is not met, the will can say who would inherit instead.

Ok, great. Could I literally add that onto my existing will?

e.g. 50% to xxxxxx  if they survive my death by 3 years. If not, leave to xxxxxxx

I don't think it's ever a good idea to add to an existing will, you probably need a new one.
I would always recommend selecting clauses from precedents rather than using your own words, so that there can be no ambiguity.

Keep_pedalling

Pete7777 said:

Keep_pedalling said:

Just be aware that is is going to be a right pain for your executors.

Really? :-(   How so?

For a start it is going to drag fully winding up your estate to 3 years. They are also going to have to hold that legacy in trust, and it can’t be a simple bare trust, so they will probably have the added burden of have to submit tax returns for the trust.

getmore4less

If they survive 3years and 1 day then their relatives get it all. 

Is this 3 year thing what you think might meet your underlying goal?

There may be other solutions to what you are really trying to do. 

Keep_pedalling

Whatever the reason for wanting to do this, a clause like this is crude and within a very short time will out live it’s purpose. If the OP dies the day after he makes his will then fine, but if they die in 3 years time and have not updated their will the reason for the clause will have passed but the executor is still tied to it.

A discretionary trust may be more appropriate, but these are discussions the OP should be having with a solicitor not random strangers on the internet.

Pete7777

getmore4less said:

If they survive 3years and 1 day then their relatives get it all.
Is this 3 year thing what you think might meet your underlying goal?
There may be other solutions to what you are really trying to do.

If I specify:  50% to xxxxxx  if they survive my death by 3 years. If they don't survive my death by 3 years, leave to xxxxxxx'.

That would hopefully mean they would receive the inheritance after 3 years if they are still alive; if they are not, it would go to xxxxxx.

Should work, right?

Keep_pedalling said:

Whatever the reason for wanting to do this, a clause like this is crude and within a very short time will out live it’s purpose. If the OP dies the day after he makes his will then fine, but if they die in 3 years time and have not updated their will the reason for the clause will have passed but the executor is still tied to it.

A discretionary trust may be more appropriate, but these are discussions the OP should be having with a solicitor not random strangers on the internet.

So I have an illness which in theory could take me out any day. I want to leave this money to someone, but at the moment they aren't mature enough to use it wisely. But under no circumstances would I want the money to go to the family of this person.

I'm just trying to gauge the situation. If it is an easy clause I would add it myself, if not I'd go to a solicitor. I appreciate all comments and I think there can be a lot of useful information to be gleaned from stangers but that doesn't mean I take them as read!

pphillips

I think the points getmore4less and Keep_pedalling were trying to make is that if X dies 3 years and one day after you do, then the inheritance would still be paid out but would be claimed by X's relatives. A will trust might be more suitable to avoid this type of unintended consequence.