Last will and testament

sevenhills

My thoughts at the moment.

At least 80% of my combined assets should go to my offspring,

£2,000 each should be given to my siblings, both just a little older than myself.

£2,000 each should be given to my niece/nephew

£2,000 to be given to the person or people that have aided me or known me in my later years, at the discretion of the trustee.

£8,000 should go towards local community projects., maybe to include a dog charity.

My thoughts are that roughly 20% of my assets will not go to my offspring. I am just an average 60 year old, not easy to know what assets I will have when I die.

I still have a few more years left to pay on my mortgage, but I am assuming the house will be paid for and I will have some savings upon death.

How much discretion can be given to the will trustee?

74jax

Could you not say 80% to go to offspring and 20% to be split between xyz? 

My husband didn't want a Will and it took a lot to get him inferont of a solicitor. Mainly because he had a similar issue to you and wanted to leave a large chunk to his sister and family but was unsure on listing actual amounts. He settled on 50% to me and then 50% split between xyz. It then doesn't need updating as much as no specific figures are mentioned. 

sevenhills

74jax said:

Could you not say 80% to go to offspring and 20% to be split between xyz? 

It is a possibility, I could leave 100% of the house to my offspring and split the remainder, but not easy to know how much cash there will be, if any.

I am hoping that when I die, my offspring will not want my house.

Keep_pedalling

sevenhills said:

74jax said:

Could you not say 80% to go to offspring and 20% to be split between xyz? 

It is a possibility, I could leave 100% of the house to my offspring and split the remainder, but not easy to know how much cash there will be, if any.

I am hoping that when I die, my offspring will not want my house.

No, that would not be wise it is quite possible that you will no longer own the house on the day you die.

you really should make an appointment with a local solicitor to make your will. They will talk you through al, th3 what if situations and avoid the pitfalls that DIY wills could lead you into.

Mojisola

sevenhills said:

My thoughts at the moment.

At least 80% of my combined assets should go to my offspring,

£2,000 each should be given to my siblings, both just a little older than myself.

£2,000 each should be given to my niece/nephew

£2,000 to be given to the person or people that have aided me or known me in my later years, at the discretion of the trustee.

£8,000 should go towards local community projects., maybe to include a dog charity.

My thoughts are that roughly 20% of my assets will not go to my offspring. I am just an average 60 year old, not easy to know what assets I will have when I die.

I still have a few more years left to pay on my mortgage, but I am assuming the house will be paid for and I will have some savings upon death.

How much discretion can be given to the will trustee?

If you leave set amounts to some people but 80% to your offspring, what happens if the set amounts make up more than 20% of your estate?

If I was the named executor of a will with such a vague clause as the one in bold type, I would probably refuse to act - I wouldn't want to deal with the hassle from people who felt that they should benefit or that someone else shouldn't!

sevenhills

Mojisola said:

If you leave set amounts to some people but 80% to your offspring, what happens if the set amounts make up more than 20% of your estate?

If I was the named executor of a will with such a vague clause as the one in bold type, I would probably refuse to act - I wouldn't want to deal with the hassle from people who felt that they should benefit or that someone else shouldn't!

I need to get things clear in my own mind before I get the will done properly.

theoretica

Have you thought how you might want things to change if your family grows with grandchildren or great nieces/nephews?

sevenhills

theoretica said:

Have you thought how you might want things to change if your family grows with grandchildren or great nieces/nephews?

Not thought of that yet. I guess that is why people do not make wills, because it can be so complex. Nothing on the horizon, but perfectly possible.

Robin9

sevenhills said:

theoretica said:

Have you thought how you might want things to change if your family grows with grandchildren or great nieces/nephews?

Not thought of that yet. I guess that is why people do not make wills, because it can be so complex. Nothing on the horizon, but perfectly possible.

You keep it simple - you don't know the circumstances of your  death - where you might be living. Don't put burdens on your executor  - "£2,000 to be given to the person or people that have aided me or known me in my later years, at the discretion of the trustee." They will have a difficult job without making judgements.

Stick to your children - let them give to grandchildren

Mojisola

sevenhills said:

theoretica said:

Have you thought how you might want things to change if your family grows with grandchildren or great nieces/nephews?

Not thought of that yet. I guess that is why people do not make wills, because it can be so complex. Nothing on the horizon, but perfectly possible.

It's straightforward for a good solicitor to phrase a clause that will include any children born between the writing of the will and the testator's death.

sevenhills

Mojisola said:

It's straightforward for a good solicitor to phrase a clause that will include any children born between the writing of the will and the testator's death.

I will leave it as my daughter to pass it down. It gets complicated when children receive money at 18