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Will and blended family
aquilaanm
Posts: 2 Newbie
I have a biological daughter and two step children, all adults. My late husband and myself agreed that when one of us died everything would be owned by surviving spouse and they in turn would leave whole estate to be split equally between the three adults kids. This is what I have specified in my will.
My father has recently died and I will be inheriting a sum of money. I feel that this money should be inherited by my biological daughter not my step children. I don't want it just to add to my estate and be split three ways. I will be spending some of it and may put some in bonds or something other than an instant access saving account. How do I specify this money is to go to my daughter and kept separate from main estate?
My father has recently died and I will be inheriting a sum of money. I feel that this money should be inherited by my biological daughter not my step children. I don't want it just to add to my estate and be split three ways. I will be spending some of it and may put some in bonds or something other than an instant access saving account. How do I specify this money is to go to my daughter and kept separate from main estate?
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Comments
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As your children are adults you could avoid some of this inheritance actually ever forming part of your estate by making a deed of variation passing it directly to your children. This would be particularly useful if your estate is likely to be in IHT territory.1
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You need to get it drawn up into the will as a "Pecuniary Legacy" - you specify the amount you want left to your daughter, and then the balance is split 3 ways - however I would suggest you talk this through with your daughter - sometimes things like this can cause issue between siblings whether they are step or not - your daughter may just want a 3 way split to avoid any acrimony at a later date.0
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Your money, so your choice. Either do a deed of variation and give some of your late father’s money straight to your daughter now, which may or may not upset her step siblings if they find out, or alter your will as has been suggested.
Interesting when a parent outlives their son in law. More often than not, you’d expect that parents pass before spouses, so what to do about an inheritance would have been a joint discussion with your spouse. Do you have in-laws alive who may pass an inheritance to your step children?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
So basically you don't want to be bound by quite what you agreed with your late husband? Rather a pity you didn't discuss this possible situation before he died - or maybe you did and that isn't coming through clearly in the way you've worded your question. I'm making the point for anyone else reading the thread, not as a dig at you.aquilaanm said:I have a biological daughter and two step children, all adults. My late husband and myself agreed that when one of us died everything would be owned by surviving spouse and they in turn would leave whole estate to be split equally between the three adults kids. This is what I have specified in my will.
My father has recently died and I will be inheriting a sum of money. I feel that this money should be inherited by my biological daughter not my step children. I don't want it just to add to my estate and be split three ways. I will be spending some of it and may put some in bonds or something other than an instant access saving account. How do I specify this money is to go to my daughter and kept separate from main estate?
As others have already said, you can either do a deed of variation and pass some of the cash on to your daughter now, and rewrite your will leaving the 'remainder' (how will you keep track of it?) specifically to her, of just rewrite your will and include a provision for her to receive the appropriate amount before the rest of your estate is split 3 ways.
Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!2
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