Will questions

WestWestley

Hello,

I've decided to get my own will done. Being divorced and having no children, and having elderly relatives who are probably not quite up to it, I didn't have anyone I could pick as an executor, so I decided I wanted to make the solicitors my executor, and also leave my worldly goods and assets to charity.

So I've started the process, and I've been sent a draft of what the solicitors are proposing as the will, and it's not quite what I expected, and I have some concerns about it.

For a start, I've seen a couple of wills before, and this one is far more heavy with "legalese" than I was expecting, to the extent that I find quite a lot of it difficult to understand. I'm really not quite sure what I'm agreeing to.

The other issue is, the solicitors not only seem to making themselves executors, but also trustees of the will (the phrase "ON TRUST" is used a lot)? Does that sound right, given the circumstance of what I'm wanting? Is that needed to sell my various belongings and distribute my money to charity?

The third issue is, this section, which seems slightly more fathomable than the rest (or perhaps not):

I HEREBY DECLARE that my Trustees may retain any investments in which my estate is invested at my death and may invest monies requiring investment in or upon the acquisition or security of any property of any nature as they think fit whether or not producing income (including in particular but without prejudice to the generality of the foregoing insurance policies on the life of any beneficiary or other person and any house or flat and its furnishings as a residence for any beneficiary) and may vary or transpose any investment in all cases without being liable for loss and in all respects as if they were entitled to them beneficially and subject to no restriction with regard to advice or otherwise in relation to the investment.

It would appear to suggest I'm giving permission for the solicitors to not only hold my assets, but also use those assets to buy property? Am I interpreting that right?!

I have a worry that this will will allow my solicitors not only allow hold my estate forever, but also reinvest it, and the charities might never see the money, or am I just being paranoid?

Thanks in advance for any help.

elsien

If you can’t ask your solicitor and trust them to give a sensible answer then maybe you’re using the wrong solicitor? 

WestWestley

elsien said:

If you can’t ask your solicitor and trust them to give a sensible answer then maybe you’re using the wrong solicitor? 

Quite possibly. This is the first experience I've had with this solicitor, and like I say, the will wasn't what I was expecting, especially in how unfathomable most of it is to me.

Keep_pedalling

Looks like standard wording to me. Until the estate assets have been distributed your executors hold your assets in trust so they are the trustee of those assets until handed over to the beneficiaries. The wording would be the same if you had chosen different executors.

Marcon

WestWestley said:

Hello,

I've decided to get my own will done. Being divorced and having no children, and having elderly relatives who are probably not quite up to it, I didn't have anyone I could pick as an executor, so I decided I wanted to make the solicitors my executor, and also leave my worldly goods and assets to charity.

So I've started the process, and I've been sent a draft of what the solicitors are proposing as the will, and it's not quite what I expected, and I have some concerns about it.

For a start, I've seen a couple of wills before, and this one is far more heavy with "legalese" than I was expecting, to the extent that I find quite a lot of it difficult to understand. I'm really not quite sure what I'm agreeing to.

Probably because it has been properly drawn up by a solicitor, rather than a 'will writer' of some description (some are excellent, I hasten to add - others are not) or a DIY job.

You should certainly be entitled to an explanation of anything you don't understand, and shouldn't feel shy about asking. It's part of the solicitor's job to ensure that they are doing what the client wants, which isn't always the same thing as the instructions the client has given!

If you are sure the estate is going to charity, have a word with the charity you expect to benefit most and ask if they can act as executor. That way you ca be sure they'll get on with it and at minimum cost, so that they (and possibly other charities) get maximum benefit in minimum time.

SeniorSam

An excellent suggestion from Macron and one which the solicitors could have mentioned to save the costs to the charity.

warfield

The mirror wills for both my parents and my wife's parents were drawn up by the family solicitors. One pair of mirror wills ran to 9 pages and contained numerous "ON TRUST" references causing the whole document to appear to be gobbledygook to me. The other pair of mirror wills comprised 2 pages written in plain English that I could understand. Both sets of wills effectively achieved similar inheritance outcomes and neither resulted in any subsequent issues. I know which I prefer.

"the Trust Period" shall mean the period commencing with the date of  my death and ending 80 years thereafter and such period of  80  years  shall be the perpetuity period applicable to the disposition made by this clause...

I must admit that when I saw phrases like the above I was wondering if there even was an inheritance.

SeniorSam

WARFIELD - That clause is often inserted as the life of the Trust, but it does not mean that it has to continue for that period of time. The Trustees can end the Trust once distribution has been completed if they wish.

WestWestley

Marcon said:

WestWestley said:

Hello,

I've decided to get my own will done. Being divorced and having no children, and having elderly relatives who are probably not quite up to it, I didn't have anyone I could pick as an executor, so I decided I wanted to make the solicitors my executor, and also leave my worldly goods and assets to charity.

So I've started the process, and I've been sent a draft of what the solicitors are proposing as the will, and it's not quite what I expected, and I have some concerns about it.

For a start, I've seen a couple of wills before, and this one is far more heavy with "legalese" than I was expecting, to the extent that I find quite a lot of it difficult to understand. I'm really not quite sure what I'm agreeing to.

Probably because it has been properly drawn up by a solicitor, rather than a 'will writer' of some description (some are excellent, I hasten to add - others are not) or a DIY job.

You should certainly be entitled to an explanation of anything you don't understand, and shouldn't feel shy about asking. It's part of the solicitor's job to ensure that they are doing what the client wants, which isn't always the same thing as the instructions the client has given!

If you are sure the estate is going to charity, have a word with the charity you expect to benefit most and ask if they can act as executor. That way you ca be sure they'll get on with it and at minimum cost, so that they (and possibly other charities) get maximum benefit in minimum time.

In the case of one, actually, no, it was also a solicitor.

That's an interesting idea, the charity acting as executor.

Thanks for the reply, and thanks for the other replies! Sorry I didn't get back earlier!

WestWestley

Keep_pedalling said:

Looks like standard wording to me. Until the estate assets have been distributed your executors hold your assets in trust so they are the trustee of those assets until handed over to the beneficiaries. The wording would be the same if you had chosen different executors.

Thanks.

What does "may invest monies requiring investment in or upon the acquisition or security of any property" mean, if you don't mind me asking? Does that mean allow them to spend inheritance money to make sure a property I might own is safe until sold? It's the "acquisition" part that concerns me a little.

Just to be on the safe side, could I maybe ask if a clause is inserted that states that all assets be sold and distributed to the charities within 12 months of my death?

WestWestley

So I've been in touch with the charity, as Macron suggested. Not sure they're that keen, though. They're a relatively small charity and are not really set up for such things. They're going to talk to a solicitor to see what he says, but I think they're erring on the side of no, so I might be back to this will.

Anyone any thoughts on my idea of having a clause in the will that states assets would need to be sold and distributed to the charities within 12 months? (or perhaps 18 months or 2 years might be better, if 12 months is too short?)