Doing a "general power of appointment" will

fizio

As someone single, no kids, I wish to simply leave another trusted/close family member to decide how to distribute my estate between other extended family members based on how things are at the time. There are too many variables and anything I write down will more than likely change over time and I don't fancy continuously having to update the will.

Having looked into it, it seems like I need a "general power of appointment" drawn up as that appears to do  what I need.
The 2 questions I have are 1. Is this a good way to do what I need? and 2. Is it complicated and needs lots of solicitor effort or can it be done online more simply?  

I will most likely use a solicitor but it will be a pretty simple estate - with the property being the main cause of inheritance tax.
Thanks 

Keep_pedalling

Assuming you manage to do this, what happens if this person dies before you or has lost mental capacity when you pop your clogs. Personally I would not dream of taking on the roll. I just would not want the grief of having to deal with the disapointed potential beneficiaries. 

If you can’t decide who should benefit perhaps just leave it to charity instead.

Emmia

I think it sounds like a bit of a cop out by you, and a nightmare for the poor soul left to deal with it - and what if their choice is not the choice you'd make? People have different relationships with one another.

They'll probably just end up splitting your estate equally amongst members of your family to save the arguments. Or renouncing and letting a solicitor do the same thing for a handsome fee. 

If you really can't decide how to split it, just leave the whole lot to charity.

gwynlas

It sounds far to vague. You should be able to identify who might outlive you and what happens to their share should they pre decease you,
Eg to be divided amongst my family equally or excluding x etc.

Savvy_Sue

And a good solicitor would help you future proof your will, allowing for future births and deaths.

danco

If it is a matter of objects, then a simple letter of wishes is best, I think. That can be changed from time to time without any formalities, all that is needed is a request in the will that the executors follow your wishes. This is not binding on them but generally works.

And if there aren't too many people you want to be beneficiaries, and they are on good terms, they have the option to do a deed of variation to change the financial bequests to what suits them at the time.

fizio

The person I am nominating is more than willing to take on the role (thats what family is all about) and obviously, if I outlive them, then I will change the Will so not sure there is an issue on that front. 
I agree it can be seen as a bit of a cop-out so aware of that but not majorly 
There will be some going to charity either way so thats covered 

danco - good suggestions and I will take your comments on board..

Keep_pedalling

fizio said:g

The person I am nominating is more than willing to take on the role (thats what family is all about) and obviously, if I outlive them, then I will change the Will so not sure there is an issue on that front. 

That might not be possible, you could die close together or you may no longer have the mental capacity to change your will. The risk is much higher if your chosen executor is of the same generation as you.