(Alternate) Residuary Beneficiaries

Just trying to get my head around the wording on this for my will. Any clarification gratefully received ...
There are two children named in the will as (trustees and) equal beneficiaries of the residual estate. Neither child has any children. If one child dies, then my understanding is that all of the estate will go to the surviving child.
If I appoint an alternate residuary beneficiary (e.g., a charity), am I correct in thinking that the charity would only benefit from the estate if BOTH of my children pre-decease me? (In other words, the deceased child's share would not go to the charity).
Many thanks!

Comments

  • poppystar
    poppystar Posts: 1,296 Forumite
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    If you are writing a Will you can specify how you want it to happen. The passing to the other sibling would happen under intestacy or if nothing different is specified. 
  • Keep_pedalling
    Keep_pedalling Posts: 16,607 Forumite
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    edited 1 July 2023 at 4:46PM
    It all depends on the wording it could be either way. What about any grand children that might come along after you write the will? 

    This is not something you should attempt to DIY, use a local solicitor to draft your will.
  • Spendless
    Spendless Posts: 24,144 Forumite
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    We're in the middle of doing our will. There were various things our solicitor asked us about, some of which we hadn't even considered. We have done it as 
    1st to each other
    2nd in equal shares to our 2 children
    3, if either our son or daughter dies before us but have children (our future grandchildren)then their share goes to any children they may have 
    4, if either son or daughter die without children, their share goes to their sibling
    5, this is  the disaster clause, our solicitor called it 'the plane on the woolpack scenario'  and asked us to think about who we wanted to inherit if all our heirs were gone. We eventually decided in varying shares between our future daughter -in-law. nieces, nephew and godchild, with the others inheriting the share equally should any of them fail.

    In your case I would have that the surviving offspring  inherits their siblings share written into your will, not just assuming that would happen and I would also be very clear with the wording that the charity only gets any money if you don't have any children or grandchildren surviving. The last thing you'd want with that scenario is the sabre toothed charity lawyer arguing that the wording is vague and fighting for every penny. 
  • atw_uss
    atw_uss Posts: 170 Forumite
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    edited 1 July 2023 at 5:07PM
    Thanks all - I'm using the Which? will writing service, and my reading of the wording and notes seems that if one of my two children dies then all of the estate will pass to the surviving one (- there won't be any grandchildren), as noted below:
    "Notwithstanding the foregoing, if either of my above named children dies before me then the proportion of my Residuary Estate which the said child would have received had he or she survived me, shall be divided pari passu amongst my remaining named children (if any)."
    In the highly unlikely case that both of my children pre-decease me, then I would want the money to go to charity but the wording in the section Alternate Residuary Beneficiaries is less clear. I think I'll need to call the will-making service, as I agree that this needs to be absolutely clear. Alternatively, I redo the will if this disaster scenario were to happen!

  • Keep_pedalling
    Keep_pedalling Posts: 16,607 Forumite
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    atw_uss said:
    Thanks all - I'm using the Which? will writing service, and my reading of the wording and notes seems that if one of my two children dies then all of the estate will pass to the surviving one (- there won't be any grandchildren), as noted below:
    "Notwithstanding the foregoing, if either of my above named children dies before me then the proportion of my Residuary Estate which the said child would have received had he or she survived me, shall be divided pari passu amongst my remaining named children (if any)."
    In the highly unlikely case that both of my children pre-decease me, then I would want the money to go to charity but the wording in the section Alternate Residuary Beneficiaries is less clear. I think I'll need to call the will-making service, as I agree that this needs to be absolutely clear. Alternatively, I redo the will if this disaster scenario were to happen!

    Please don’t penny pinch on this is too important to get wrong. Saving a few hundred quid now could be very costly to someone after you die. 

    Redoing your will not be possible after that disaster scenario if you no longer have capacity. 

  • badmemory
    badmemory Posts: 7,779 Forumite
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    I will second the need to do this professionally.  The questions my solicitor asked that hadn't even occurred to me made me extremely grateful I had gone to them.  It hasn't made any difference to my original intentions but has meant my will is prepared for things which I had not considered for even a second.
  • atw_uss
    atw_uss Posts: 170 Forumite
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    edited 1 July 2023 at 7:41PM
    Thank you for this. I am actually helping my mum with it (working on it with her) but she has so far refused a local solicitor as 'too expensive'. This gives me grounds to try persuading her to get a solicitor to do it more thoroughly, even if it is a straightforward one (I hope).
  • Mojisola
    Mojisola Posts: 35,557 Forumite
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    atw_uss said:
    Thanks all - I'm using the Which? will writing service, and my reading of the wording and notes seems that if one of my two children dies then all of the estate will pass to the surviving one (- there won't be any grandchildren), as noted below:
    "Notwithstanding the foregoing, if either of my above named children dies before me then the proportion of my Residuary Estate which the said child would have received had he or she survived me, shall be divided pari passu amongst my remaining named children (if any)."
    In the highly unlikely case that both of my children pre-decease me, then I would want the money to go to charity but the wording in the section Alternate Residuary Beneficiaries is less clear. I think I'll need to call the will-making service, as I agree that this needs to be absolutely clear. Alternatively, I redo the will if this disaster scenario were to happen!

    We used a local solicitor and our wills are written in much clear English - so that we and our executor understand them without losing any precision in the wording.
  • Spendless
    Spendless Posts: 24,144 Forumite
    Name Dropper First Post First Anniversary
    atw_uss said:
    Thanks all - I'm using the Which? will writing service, and my reading of the wording and notes seems that if one of my two children dies then all of the estate will pass to the surviving one (- there won't be any grandchildren), as noted below:
    "Notwithstanding the foregoing, if either of my above named children dies before me then the proportion of my Residuary Estate which the said child would have received had he or she survived me, shall be divided pari passu amongst my remaining named children (if any)."
    In the highly unlikely case that both of my children pre-decease me, then I would want the money to go to charity but the wording in the section Alternate Residuary Beneficiaries is less clear. I think I'll need to call the will-making service, as I agree that this needs to be absolutely clear. Alternatively, I redo the will if this disaster scenario were to happen!

    You see I don't think this is  necessarily  highly unlikely. Yes the everyone die all at once in a disaster is an unlikely scenario, but if your Mum should live to a ripe old age and only needs to outlive 2 people, even if they're a couple of decades younger than she is, then  I do think it's important that the wording of what she means is completely clear before intestacy either sends it to someone she doesn't want  to have it or the state claims it.  
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