Can you help with the wording in a Draft Will please?

74jax

For everyone more clued up than me, are you able to let me know your interpretation of the wording in this Will please?  

Section 1 in the Will covers the scope of the Will (who it is for).
Section 2 names Solicitors as Executors.

3 ADMINISTRATION OF ESTATE
My Trustee must hold my Estate on trust.  They may sell all or any assets in my Estate.  From my Estate they must pay:
3.1.1 My debts. 3.1.2 My funeral. 3.1.3 The gifts in the Will.

4 GIFTS OF MY POSSESSIONS
4.1 I give (NAME OF RELATIVE 1 TO DECEASED) .. (list of personal items)
4.2 I give (NAME OF SPOUSE TO DECEASED) all my personal possessions except for any that I specifically give to other people in the Will. 

5 GIFT OF MY BANK ACCOUNTS AND INVESTMENTS
5.1 I give the contents of my sole Current Accounts, Investment Accounts and ISAs held at the date of my death to the following Beneficiaries:
5.1.1 50% to (NAME OF SPOUSE TO DECEASED)
5.1.2 25% to (NAME OF RELATIVE 2 TO DECEASED)
5.2.3 25% to (NAME OF RELATIVE 3 TO DECEASED)

6 GIFT TO MY PARTNER
6.1 My Trustees must hold the Trust Fund on trust for my said (NAME OF SPOUSE TO DECEASED) absolutely if living at my death.

7 GIFT OF THE TRUST FUND
7.1 Subject to the above, my Trustees must hold the Trust Fund on trust to divide it between the following, in equal shares absolutely:
7.1.1 (NAME OF RELATIVE 2 TO DECEASED) on attaining 18 years of age
7.1.2 (NAME OF RELATIVE 3 TO DECEASED) on attaining 18 years of age
7.1.3 (NAME OF CHILD TO DECEASED) 

It's Sections 6 and 7 I'm 'hazy' on.  

I read Section 6 to mean anything else at all of any worth is left to the SPOUSE.  Does this include property even though it is never mentioned anywhere at all (and would only be in the deceased name?)  Would this property have to be sold?  I'm also unsure what else it could it include.  Is this money/property held by the Executors as a 'Trust Fund' so it never passes to the SPOUSE or would it eventually all be placed in the SPOUSE name - to then use as they wished?

Section 7, I don't understand.  Where is this money coming from to pay these 3 people?  It seems to be the same money as what is mentioned in Section 6? But RELATIVES 2 & 3 are also mentioned in Section 5, however this is the first mention of the only CHILD.

As background - this is a draft Will that I have been asked if I would be an Executor of (rather than the Solicitors - to save money I think).  I know what my friend 'wants':

all bank money/savings etc to go to the 3 people, and anything else at all to go to their spouse (ie in their bank so they can do what they want and spend as they want) and also to leave something to their only child.  But I'm not sure the Will states that, and I don't want to be the Executor of an ambiguous Will...... However, if the wording does indicate what they want and it's just legal 'jargon' I'm ok with it - once I understand where the money in Section 7 is coming from for the CHILD.  

Thank you.

RAS

Hi
Barclays did a lot of wills a bit like this based on older threads on here and there were serious problems with some.

Because the will leaves classes of assets to different people, the donor or someone with POA can move money around between classes of assets and accidently or deliberately deprive some of the beneficiaries of their part of the inheritance.

So wife moved assets from donor's individual to joint account, then liquified them and had the money paid into her personal account. Leaving the accounts inherited by other beneficiaries almost bare.

Or donor's care costs are paid out of one account leaving that lower but others inheritance intact.

TBagpuss

74jax said:

For everyone more clued up than me, are you able to let me know your interpretation of the wording in this Will please?  

Section 1 in the Will covers the scope of the Will (who it is for).
Section 2 names Solicitors as Executors.

3 ADMINISTRATION OF ESTATE
My Trustee must hold my Estate on trust.  They may sell all or any assets in my Estate.  From my Estate they must pay:
3.1.1 My debts. 3.1.2 My funeral. 3.1.3 The gifts in the Will.

4 GIFTS OF MY POSSESSIONS
4.1 I give (NAME OF RELATIVE 1 TO DECEASED) .. (list of personal items)
4.2 I give (NAME OF SPOUSE TO DECEASED) all my personal possessions except for any that I specifically give to other people in the Will. 

5 GIFT OF MY BANK ACCOUNTS AND INVESTMENTS
5.1 I give the contents of my sole Current Accounts, Investment Accounts and ISAs held at the date of my death to the following Beneficiaries:
5.1.1 50% to (NAME OF SPOUSE TO DECEASED)
5.1.2 25% to (NAME OF RELATIVE 2 TO DECEASED)
5.2.3 25% to (NAME OF RELATIVE 3 TO DECEASED)

6 GIFT TO MY PARTNER
6.1 My Trustees must hold the Trust Fund on trust for my said (NAME OF SPOUSE TO DECEASED) absolutely if living at my death.

7 GIFT OF THE TRUST FUND
7.1 Subject to the above, my Trustees must hold the Trust Fund on trust to divide it between the following, in equal shares absolutely:
7.1.1 (NAME OF RELATIVE 2 TO DECEASED) on attaining 18 years of age
7.1.2 (NAME OF RELATIVE 3 TO DECEASED) on attaining 18 years of age
7.1.3 (NAME OF CHILD TO DECEASED) 

It's Sections 6 and 7 I'm 'hazy' on.  

I read Section 6 to mean anything else at all of any worth is left to the SPOUSE.  Does this include property even though it is never mentioned anywhere at all (and would only be in the deceased name?)  Would this property have to be sold?  I'm also unsure what else it could it include.  Is this money/property held by the Executors as a 'Trust Fund' so it never passes to the SPOUSE or would it eventually all be placed in the SPOUSE name - to then use as they wished?

Section 7, I don't understand.  Where is this money coming from to pay these 3 people?  It seems to be the same money as what is mentioned in Section 6? But RELATIVES 2 & 3 are also mentioned in Section 5, however this is the first mention of the only CHILD.

As background - this is a draft Will that I have been asked if I would be an Executor of (rather than the Solicitors - to save money I think).  I know what my friend 'wants':

all bank money/savings etc to go to the 3 people, and anything else at all to go to their spouse (ie in their bank so they can do what they want and spend as they want) and also to leave something to their only child.  But I'm not sure the Will states that, and I don't want to be the Executor of an ambiguous Will...... However, if the wording does indicate what they want and it's just legal 'jargon' I'm ok with it - once I understand where the money in Section 7 is coming from for the CHILD.  

Thank you.

It's Sections 6 and 7 I'm 'hazy' on.  

I read Section 6 to mean anything else at all of any worth is left to the SPOUSE.  Does this include property even though it is never mentioned anywhere at all (and would only be in the deceased name?)  Would this property have to be sold? 

Yes, it would include everything not sepearately gifted. So it would exclude the bank accounts mentioned as being split, and the personal items , but would include everything else. Strictly the property would have to be sold but as the will creates a bare trust for the surviving spouse they could ask that the property was just transferred to them, assuming of course that there were sufficient assets  to pay for the funeral and any debts without doing so. 
If the spouse pre-deceased ad so the money was going to the other relatives under Section 7 the trust would potentially continue for longer as the beneficiaries don't become entitles until they are 18, so if they were under 18 when the testator died, they wouldn't get the money immediately. 


I'm also unsure what else it could it include.  Is this money/property held by the Executors as a 'Trust Fund' so it never passes to the SPOUSE or would it eventually all be placed in the SPOUSE name - to then use as they wished?


It goes to the spouse. Effectively, the executors hold it on trust while they are dealing with the administrations of the estate and then pass it to the beneficiary (here, the spouse) 

Section 7, I don't understand.  Where is this money coming from to pay these 3 people?  It seems to be the same money as what is mentioned in Section 6?
It is the same money. Section 6 says it goes to the spouse  "if living at my death". Section 7 is 'subject to the above'  so tells you what happens if the spouse has pre-deceased. It could be clearer - often the wording is more like 'but if s/he shall die before me or fail to survive me for xx days then...' but if you read it in order it makes sense   .
But RELATIVES 2 & 3 are also mentioned in Section 5, however this is the first mention of the only CHILD.

OK? The gifts in Section 5 go to those beneficiaries regardless of whether the spouse dies first or not. It looks like those are personal gifts which the testator wants those family members to have immediately, and then they are perhaps assuming that their spouse will leave assets to the child in due course. 

Is this a will which has been drawn up by a solicitor? Is the testator clear about what they want it to achieve?

Do they have joint accounts with their spouse, ordoes spouse have savings / bank accounts of their own? If not, then this could potentially leave them with no ready access to funds 

74jax

TBagpuss said:

74jax said:

For everyone more clued up than me, are you able to let me know your interpretation of the wording in this Will please?  

Section 1 in the Will covers the scope of the Will (who it is for).
Section 2 names Solicitors as Executors.

3 ADMINISTRATION OF ESTATE
My Trustee must hold my Estate on trust.  They may sell all or any assets in my Estate.  From my Estate they must pay:
3.1.1 My debts. 3.1.2 My funeral. 3.1.3 The gifts in the Will.

4 GIFTS OF MY POSSESSIONS
4.1 I give (NAME OF RELATIVE 1 TO DECEASED) .. (list of personal items)
4.2 I give (NAME OF SPOUSE TO DECEASED) all my personal possessions except for any that I specifically give to other people in the Will. 

5 GIFT OF MY BANK ACCOUNTS AND INVESTMENTS
5.1 I give the contents of my sole Current Accounts, Investment Accounts and ISAs held at the date of my death to the following Beneficiaries:
5.1.1 50% to (NAME OF SPOUSE TO DECEASED)
5.1.2 25% to (NAME OF RELATIVE 2 TO DECEASED)
5.2.3 25% to (NAME OF RELATIVE 3 TO DECEASED)

6 GIFT TO MY PARTNER
6.1 My Trustees must hold the Trust Fund on trust for my said (NAME OF SPOUSE TO DECEASED) absolutely if living at my death.

7 GIFT OF THE TRUST FUND
7.1 Subject to the above, my Trustees must hold the Trust Fund on trust to divide it between the following, in equal shares absolutely:
7.1.1 (NAME OF RELATIVE 2 TO DECEASED) on attaining 18 years of age
7.1.2 (NAME OF RELATIVE 3 TO DECEASED) on attaining 18 years of age
7.1.3 (NAME OF CHILD TO DECEASED) 

It's Sections 6 and 7 I'm 'hazy' on.  

I read Section 6 to mean anything else at all of any worth is left to the SPOUSE.  Does this include property even though it is never mentioned anywhere at all (and would only be in the deceased name?)  Would this property have to be sold?  I'm also unsure what else it could it include.  Is this money/property held by the Executors as a 'Trust Fund' so it never passes to the SPOUSE or would it eventually all be placed in the SPOUSE name - to then use as they wished?

Section 7, I don't understand.  Where is this money coming from to pay these 3 people?  It seems to be the same money as what is mentioned in Section 6? But RELATIVES 2 & 3 are also mentioned in Section 5, however this is the first mention of the only CHILD.

As background - this is a draft Will that I have been asked if I would be an Executor of (rather than the Solicitors - to save money I think).  I know what my friend 'wants':

all bank money/savings etc to go to the 3 people, and anything else at all to go to their spouse (ie in their bank so they can do what they want and spend as they want) and also to leave something to their only child.  But I'm not sure the Will states that, and I don't want to be the Executor of an ambiguous Will...... However, if the wording does indicate what they want and it's just legal 'jargon' I'm ok with it - once I understand where the money in Section 7 is coming from for the CHILD.  

Thank you.

It's Sections 6 and 7 I'm 'hazy' on. 
I read Section 6 to mean anything else at all of any worth is left to the SPOUSE.  Does this include property even though it is never mentioned anywhere at all (and would only be in the deceased name?)  Would this property have to be sold? 

Yes, it would include everything not sepearately gifted. So it would exclude the bank accounts mentioned as being split, and the personal items , but would include everything else. Strictly the property would have to be sold but as the will creates a bare trust for the surviving spouse they could ask that the property was just transferred to them, assuming of course that there were sufficient assets  to pay for the funeral and any debts without doing so. 
If the spouse pre-deceased ad so the money was going to the other relatives under Section 7 the trust would potentially continue for longer as the beneficiaries don't become entitles until they are 18, so if they were under 18 when the testator died, they wouldn't get the money immediately. 
I'm also unsure what else it could it include.  Is this money/property held by the Executors as a 'Trust Fund' so it never passes to the SPOUSE or would it eventually all be placed in the SPOUSE name - to then use as they wished?
It goes to the spouse. Effectively, the executors hold it on trust while they are dealing with the administrations of the estate and then pass it to the beneficiary (here, the spouse) Section 7, I don't understand.  Where is this money coming from to pay these 3 people?  It seems to be the same money as what is mentioned in Section 6?
It is the same money. Section 6 says it goes to the spouse  "if living at my death". Section 7 is 'subject to the above'  so tells you what happens if the spouse has pre-deceased. It could be clearer - often the wording is more like 'but if s/he shall die before me or fail to survive me for xx days then...' but if you read it in order it makes sense   .

But RELATIVES 2 & 3 are also mentioned in Section 5, however this is the first mention of the only CHILD.
OK? The gifts in Section 5 go to those beneficiaries regardless of whether the spouse dies first or not. It looks like those are personal gifts which the testator wants those family members to have immediately, and then they are perhaps assuming that their spouse will leave assets to the child in due course. 

Is this a will which has been drawn up by a solicitor? Is the testator clear about what they want it to achieve?

Do they have joint accounts with their spouse, ordoes spouse have savings / bank accounts of their own? If not, then this could potentially leave them with no ready access to funds 

Thank you so much @TBagpuss, your explanation reads as per what I believe my friend has discussed with me and what they want.  
And explaining Section 7 being if their spouse had died is perfectly in line too (that their child would inherit only then), hence the first time the child is mentioned (Their child is over 18 but I've just used the word child to explain the relationship to my friend). 
Yes the draft shown to me has come from a solicitor - the solicitor they currently have written in at Section 2 as the Executors, but they have asked if I would do this role as I've just done my Mams Will and also was Executor to my Dad so they thought all Wills would be as easy to administer.................However both my parent's Wills were extremely clear and I was with them when drawn up too,  My friend is also thinking if I do it then it would save money from the Estate.
I will mention Joint Accounts, it's not something I've asked them before.  It did cross my mind the inheritance going to the Spouse was to be held in a trust fund - so that worried me as to how they would get the money each month to pay for things, but you've explained it well - that it is held in trust until everything is sorted and then passes to the spouse to do as they wish.

p00hsticks

One point re any property - as often pointed out here, if it is held jointly with the spouse as 'joint tenants' it automatically passes to the spouse, regardless of what any will says.

74jax

p00hsticks said:

One point re any property - as often pointed out here, if it is held jointly with the spouse as 'joint tenants' it automatically passes to the spouse, regardless of what any will says.

Thank you.  Yes this is for property as mentioned only in the deceased name.  I didn't know where that would 'fall' within the Will and it looks like Section 6.  

getmore4less

Is there no specific residual clause?

74jax

getmore4less said:

Is there no specific residual clause?

No, after this, there is Section 8 (about anyone dying 1 month after death), Section 9 about the Wills act 1837, Section 10 Schedule and meaning of words.  

getmore4less

Gets messy when spouse pre decease as the dispersion from the clauses is different as per sterpes applies to 4,5 but not 6

74jax

getmore4less said:

Gets messy when spouse pre decease as the dispersion from the clauses is different as per sterpes applies to 4,5 but not 6

Thank you. I understand it now thanks to TBagpuss. I couldn't understand how section 7 happened, but it's only if Section 6 can't happen due to death.
It's easier for me knowing the people (I think) as rather than playing out to the spouse, it just goes to the child and 2 others in 3rds.
Honestly reading it at first I couldn't get my head round it 🙃