Will, excluding “potential inheritance” from joint assets

pernes

Hi, not sure how to word this! My husband and I ( we have no children) have mirrored wills to pass on our assets, how can I make provision for potential inheritance from my parents to ensure that any part of that goes to my side of the family and not shared as part of our joint assets? I obviously don’t know how much I will inherit and what would be left as I intend to spend the money received throughout my lifetime. And what’s left I would like to pass back to my family. If the money was put in an account in my name can I note in a will that any money left in that account is to go to who I name? Thanks for your help

Keep_pedalling

You can’t really will something that you might receive in the future. If you inherit in the future then amend your will at that time. 

MEM62

You would have to amend you will at the time the inheritance is received.  

pernes

Thanks for your replies. So on the basis of updating my will how do I word it to exclude it. Would having it a separate account be sufficient?

p00hsticks

pernes said:

Thanks for your replies. So on the basis of updating my will how do I word it to exclude it. Would having it a separate account be sufficient?

Your will could simply state that you leave £x (whatever sum you inherit) to your side of the family. It would be dangerous to word it as being the contents of a particular account as if for any reason that changes prior to your death (e.g the bank gets taken over) then the bequest would fail. Bear in mind that if your estate is only worth £x, then no-one else - including your husband - would be left with anything. 

Depending on when you inherit, if you feel at that time you can pass the money directly on to your relatives straight away, you could get a deed of variation done so the inheritance bypasses you completely.