Mirror Wills or Mutual Wills

Emmia

critchley said:

Well in view of "The Trust Fund" it appears that it would be futile to try and change it and that I don't own anything outright.  Just another blunder we made same as being Tenants in Common on the property instead of beneficial joint tenants.  And not getting married in the first place to give me double the £325K Inheritance Tax deduction.  It just gets worse and worse.

Anyone who just lives together for years and thinks that a Will is enough to secure their entitlement should think again as this has all become a nightmare to me in the few days after his death.  I seem to have lost out so much as well as losing my lovely Partner.  

I'm sorry for your loss, and the reality of what you're left with. I would go and see a solicitor to check the will is doing exactly as you think.

Keep_pedalling

critchley said:

Well in view of "The Trust Fund" it appears that it would be futile to try and change it and that I don't own anything outright.  Just another blunder we made same as being Tenants in Common on the property instead of beneficial joint tenants.  And not getting married in the first place to give me double the £325K Inheritance Tax deduction.  It just gets worse and worse.

Anyone who just lives together for years and thinks that a Will is enough to secure their entitlement should think again as this has all become a nghtmare to me in the few days after his death.  I seem to have lost out so much as well as losing my lovely Partner.  

An immediate post death interest trust (which this sounds like) is not an unusual thing to do as it protects both the surviving partner and the eventual beneficiaries. It’s a shame that whoever drafted the will for you did not point out the advantages of getting married or forming a civil partnership. 

One other thing you will need to do is register the trust with HMRC. 

FlorayG

Was anything left to you? It seems strange that he would not

critchley

It says "I give all my estate both real and personal movable and immovable whatsoever and wheresoever to the said XXX XXXX (me) in Trust for her for her use and enjoyment during her lifetime to keep sell or dispose of in any way she sees fit and after her death the proceeds thereof shall be divided into two equal shares 

One equal share to be divided between my son and grandson and the other to various charities.

I'm not sure what that means so I will have to get it explained to me unless anyone knows what my position is exactly.

Keep_pedalling

critchley said:

It says "I give all my estate both real and personal movable and immovable whatsoever and wheresoever to the said XXX XXXX (me) in Trust for her for her use and enjoyment during her lifetime to keep sell or dispose of in any way she sees fit and after her death the proceeds thereof shall be divided into two equal shares 

One equal share to be divided between my son and grandson and the other to various charities.

I'm not sure what that means so I will have to get it explained to me unless anyone knows what my position is exactly.

That is rather unusual wording, and does not sound like an IPDI trust as it seems you can do what you want with the capital. I would strongly recommend you take professional advice preferably from a STEP solicitor who can advise on family trusts. 

FlorayG

Who are named as the trustees? You are clearly the beneficiary, however, a will can't just say what his does without actually setting up a trust. This looks like you are both trustee and beneficiary which I don't think is allowed. Was this will written by an actual solicitor?
If no trust was set up it looks to me like you inherit everything

RAS

Are you in Scotland?

Keep_pedalling

FlorayG said:

Who are named as the trustees? You are clearly the beneficiary, however, a will can't just say what his does without actually setting up a trust. This looks like you are both trustee and beneficiary which I don't think is allowed. Was this will written by an actual solicitor?
If no trust was set up it looks to me like you inherit everything

Based on the OPs previous thread this was a DIY will which explains the odd wording and the issues involved. I just hope the whole thing is not invalid. Urgent professional advice needs to be taken. 

Emmia

Keep_pedalling said:

FlorayG said:

Who are named as the trustees? You are clearly the beneficiary, however, a will can't just say what his does without actually setting up a trust. This looks like you are both trustee and beneficiary which I don't think is allowed. Was this will written by an actual solicitor?
If no trust was set up it looks to me like you inherit everything

Based on the OPs previous thread this was a DIY will which explains the odd wording and the issues involved. I just hope the whole thing is not invalid. Urgent professional advice needs to be taken. 

I especially hope it's not invalid due the lack of a marriage - if it is invalid, the kids who the deceased didn't want to have the money, are about to enjoy something of a pay day.

OP I really think you need to go and seek the advice of a professional urgently. And if your will was made by the same method (i.e
DIY) I urge you to make a new one, properly with a solicitor.

FlorayG

Keep_pedalling said:

FlorayG said:

Who are named as the trustees? You are clearly the beneficiary, however, a will can't just say what his does without actually setting up a trust. This looks like you are both trustee and beneficiary which I don't think is allowed. Was this will written by an actual solicitor?
If no trust was set up it looks to me like you inherit everything

Based on the OPs previous thread this was a DIY will which explains the odd wording and the issues involved. I just hope the whole thing is not invalid. Urgent professional advice needs to be taken. 

Oh dear. As far as I can make out then, if the will is valid then Critchley gets everything. If it's invalid she gets nothing and her partner's son gets everything. Fingers crossed for you OP. Let us know