Mirror Wills with Trust

Savvy_Sue

xboschx said:

Yes both Mirror wills specified an amount for the same family members. After the first death Will updated and still left the same amount for the same family members, also residue left in trust to both sons.
New will - family members and amounts removed and new beneficiaries added. 
I have since learnt that the new will revokes the old one (the one updated after the first death) so Aunty and Uncle walk away with everything. 

So let's get this clear. On the first death, named sums went to named individuals, and the rest went to the survivor, who survived long enough - is that correct?

So nothing went out of that estate and into trust for the sons? Everything now belonged to the survivor?

Then yes, they were entitled to change their will and disinherit the sons. 

sheramber

 Example 
Estate for first death - 50, 000.
5,000 each to A B AND C.balance to spouse , if survives on month.  
So 15,000 to named persons and £35,000 to spouse
No residue left as all went to spouse per will so no trust set up.
If spouse had not survived then residue would have been 35,000 and that would go into trust for sons.
But there is no trust and  estate is wound up.

Spouse's estate is  now a separate entity left to beneficiaries according to new will. 

xboschx

Savvy_Sue said:

xboschx said:

Yes both Mirror wills specified an amount for the same family members. After the first death Will updated and still left the same amount for the same family members, also residue left in trust to both sons.
New will - family members and amounts removed and new beneficiaries added. 
I have since learnt that the new will revokes the old one (the one updated after the first death) so Aunty and Uncle walk away with everything. 

So let's get this clear. On the first death, named sums went to named individuals, and the rest went to the survivor, who survived long enough - is that correct?

So nothing went out of that estate and into trust for the sons? Everything now belonged to the survivor?

Then yes, they were entitled to change their will and disinherit the sons. 

First death Will stated - If my spouse shall have pre deceased me then I give to (named relatives) who shall survive me the sum of £xxxx absolutely.
My Trustees shall hold my residuary estate for my spouse if they live long enough.
Nothing was given out of that estate - everything went to the survivor as they lived long enough.
Survivor then updated their mirror will to remove the deceased spouse and continued the original legacy with - I give to (named relatives who shall survive me the sum of £xxxx.
And also my Trustees will hold the residuary estate upon trust for both Sons in equal shares absolutely and the issuing at my death.
It then transpired that another new Will was made removing the original legacy for the family members, and both sons, and everything was left to an Aunt and Uncle.

xboschx

sheramber said:

 Example 
Estate for first death - 50, 000.
5,000 each to A B AND C.balance to spouse , if survives on month.  
So 15,000 to named persons and £35,000 to spouse
No residue left as all went to spouse per will so no trust set up.
If spouse had not survived then residue would have been 35,000 and that would go into trust for sons.
But there is no trust and  estate is wound up.

Spouse's estate is  now a separate entity left to beneficiaries according to new will. 

Almost right yes, apart from nothing was given to family members after the first death, the legacy was carried over on the survivors Will. The survivor then decided to change the Will so the named persons or the Sons never received anything.

Linton

I am very confused.  At the start you said that the first person to die's will said £xxx goes to named familty members.  Then surely £xxx  from that persojns estate has got to go to the named family members.  The second person to die could change their will but they cant undo bequests given by the first will.  The £xxxs are not part of the residuary estate.

sheramber

 
your earlier post said
They both say...
£xxx amount left to certain members of the family.
Then it goes on to say My Trustees shall hold my residuary estate and the income thereof upon the following Trusts: Upon Trust for my Husband/Wife provided they survive for one month and if the gift shall fail the Sub Clause will take affect.
Upon Trust for each of them my Sons

now you are saying 
apart from nothing was given to family members after the first death, the legacy was carried over on the survivors Will.

That is contrary to the earlier statement,
Was the estate not distributed according to the first will? If not, that is the  problem not whether the survivor can change  their will.

I assume  you consider the  named sums should have  been out into trust at the distribution of the  first estate and retained, with interest ,  to be distributed on second death.