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Online wills - especially leaving assets to children
DevonJ
Posts: 1 Newbie
Hi, Just a couple of questions I'd like advice on please.
A) Has anyone used 'Make a will online'? What was your experience/would you recommend them?
I want to do a simple will. Leaving all to my spouse and if I outlive him, to my only child. My son is currently young so will select an age for him to inherit. If I state my child is to inherit, for example, at 25, will the assets automatically be overseen by the executors of the will until he is that age? Can he access some funds before he is 25 if they deem appropriate or do I need to state e.g. he can access money for education etc.?
Thank you.
A) Has anyone used 'Make a will online'? What was your experience/would you recommend them?
I want to do a simple will. Leaving all to my spouse and if I outlive him, to my only child. My son is currently young so will select an age for him to inherit. If I state my child is to inherit, for example, at 25, will the assets automatically be overseen by the executors of the will until he is that age? Can he access some funds before he is 25 if they deem appropriate or do I need to state e.g. he can access money for education etc.? Thank you.
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Comments
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What if you leave it all to your spouse, they remarry and leave everything to their spouse, not a thing to your child?
What if your child is 21, in desperate need of money and the money would help tremendously, but it's like a carrot until they are 25? What if they are ill, have children etc and it would help them?
Forty and fabulous, well that's what my cards say....1 -
DevonJ said:I want to do a simple will. Leaving all to my spouse and if I outlive him, to my only child. My son is currently young so will select an age for him to inherit. If I state my child is to inherit, for example, at 25, will the assets automatically be overseen by the executors of the will until he is that age? Can he access some funds before he is 25 if they deem appropriate or do I need to state e.g. he can access money for education etc.?Beneficiaries can claim their inheritance at 18 even if another age is stated in the will.Your will should also cover what you want to happen if your son dies before you or, say, in the same accident.You should also appoint a trusted person to become your son's guardian - if you want them to be able to access some of your son's inheritance while he's still a minor, that will need to be covered.Then there's the point 74jax has made.It's not going to be a simple will - see a trusted solicitor.
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Also wise to write into the will contingencies for if you have another child.
But a banker, engaged at enormous expense,Had the whole of their cash in his care.
Lewis Carroll1
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