Can a Will be part typed and part hand written

JGB1955

diystarter7 said:

l.'ve mentioned in our will that our grandson will have a trust set up until he is 21. I dont need to set one up but it would be if we were not here.

thanks

Thank you all for your help

Are you sure about that???? AIUI your grandson can claim his inheritance from the trust at 18 years old (16 in Scotland) WHATEVER you have stipulated....

Mojisola

diystarter7 said:

I've mentioned in our will that our grandson will have a trust set up until he is 21. I dont need to set one up but it would be if we were not here.

Who are the trustees going to be?  Would you be happy with his mother being in control of his money - that's who would be first in line if you don't nominate trustees.

What do you want the terms of the trust to be?  Would you want the trustees to be able to use some of the money before he is 18 for things like expensive school trips or driving lessons?

Keep_pedalling

74jax said:

diystarter7 said:

Robin9 said:

It's all very well saying you will take full responsibility - but, with respect, you won't be there .

Don't ignore the daughter in law and your second son may yet produce an offspring -  I was 35 when I married.

Ps it has to be 18 not 21

Robin9 said:

It's all very well saying you will take full responsibility - but, with respect, you won't be there .

Don't ignore the daughter in law and your second son may yet produce an offspring -  I was 35 when I married.

Ps it has to be 18 not 21

Yes, we've changed it to 21 for grandson
thanks

21 isn't possible. This sounds a right mess........ 

It is possible but that would involve a discretionary trust which would make things far more complex and can have some significant tax implications. There is no way anyone should attempt to DIY a will that involves such a trust.

The OPs DIY job will simply form a bare trust and the GS will be entitled to their inheritance when they are 18 regardless of the wish that they don’t get it until they are 21, so basically no different to dying intestate.

diystarter7

With respect so of the scenarios raised are just that a scenario. Don't forget I'm also dealing with a possible scenario as no one knows what may happen.

Those citing that the DiL will get it anyway if this, that and the other happened, that is not a problem.

Re the trust could be accessed at 18, that is fine but I prefer 21 and if the child is sensible and has sensible people around him it should be ok but as with anything its a risk. A risk I'm happy with


IMO, it's better to have some form of Will than none. We've IE me and Mrs DiY have already gifted substantial amounts to our children about three years ago to help fund their property/mortgage and they did not ask for the help, we just felt it was best.

We intend to downsize soon as we've just got approval of additional property on our land and will sell it with PP.

We are then going to downsize to a small detached bungalow and have seen a couple that cost about xx and based on the info atm, we should be able to buy for cash a rental property as well, hence the thought of the Will.

Thank you all again I really do appreciate the help and even from those that have stated various scenarios almost all of which I had considered.

Mojisola

diystarter7 said:

IMO, it's better to have some form of Will than none.

In most cases, yes, but the intestacy rules achieve what you want without any possibility of confusion.

Marvel1

diystarter7 said:

This is what I intend to add.

Recap: I/we want the 50/50 split of the estate to be passed on to our two children. Both at adults aged just over 30 and one of them is married and has a son ie our grandson aged 3.  If our predeceases us, we want our son's inheritance to be passed on to his son, our grandson aged 3.

The bit I intend to add is as follows: (thanks to all of you that have tried to help and to be clear I take full resposibility)

============

In the event of my child (my son and his name in full)  predeceasing me I direct that (my son's name in full) share shall pass to his son (our grandson's full name)  A Trust to be set up for (our grandson's name in full) benefit until he reaches the age of 21

What do you guys think?

Thanks again.

What happens if the Son with no children dies first?

What happens if your Son (with a child), has another child? Please note the wife could be pregnant at the time?

RAS

OP, your proposals are so short-sighted that they could cause havoc in 10 years time.

What if you married son has more children? You've dis-inherited them.
What if your unmarried son marries (or not) and has children? Their potential inheritance goes to their cousin if their dad dies.

You could end up with half a dozen grandchildren, of whom only one is allowed to inherit based on your will and you wont be there to take responsibility.

diystarter7

The question. Please do not forget a Will is not set in stone. I do appreciate the scenarios you are throwing at me, very helpful but I've got them covered I hope.

RAS

And please understand that those on MSE have seen enough cases where the donor intended to alter their will imminently, and lost capacity or died before they signed on the dotted line. With the inevitable distress that caused. 

And for example, it is not permissible to do a deed of variation if the beneficiary is under 18 years, nor is it permissible for an adult to transfer money to another person if they receive benefits or might receive benefits as a result.

So you could end up with the current grandchild going through the inheritance because they cannot claim benefits, nor can they share the inheritance with another grandchild if there is any chance the current grandchild will need benefits in the future. 

diystarter7

@RAS

Very true and with what I have done I'm very happy as it stands atm.
Thanks.