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. 

doodling

Hi,

p00hsticks said:

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. 

I don't think it would be a problem to come up with a wording which would deal with account name changes / banks being taken over but if all that is going to happen is that the money is going to sit there then you might as well pass it straight to whoever you want it to go to.

Of course, if this is going to be a significant sum then you need to consider whether your dependants may have a claim on it and depending on the likelihood that you will need care, whether passing it straight on would be considered deprivation of assets.

Sea_Shell

Could a wording along the lines of

"X% up to a maximum of £££" work?

So you work out what % of your estate the inheritance is, and if that represents, say 10%, they get that, but limited to the £££ amount.

gjcody

pernes said:

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

You should not act yet, you should inherit first, as has been pointed out and then change you Will.  You can act of course it if is playing on your mind by putting a small amount in the chosen account and simply allow it sit there.

You will need to add after whatever wording leaves everything to your husband “with the exception of the follow bequest(s). Then in a sub-paragraph list it/them along the lines of:

I bequest the contents of the of my account (handy to enter the details, sort code, etc) held with the Loads of Money Bank to X or........to be shared equally between X, Y and Z – list them by full names and relationship to you.

The account must  be held solely in your name, as if it were a Joint account matters could get confused. It should be one you are happy not to Switch as that Will just make the Executors role more difficult tracking it down and/or require a new Will or Codicil each time do

One other thing; if you use an account pays interest,  you should monitor this and ensure it does not tip you over the annual £1000 savings allowance across all your accounts.

sew_what

What happens to your share if you pass away before you inherit?

gjcody

sew_what said:

What happens to your share if you pass away before you inherit?

If you are dead you cannot inherit, obviously. It therefore greatly depends on what the Will says; your descendants may have a claim, though the Testator could have a clause that excludes them.  Families are complex.