If our sons predecease us leaving issue

Savvy_Sue

https://forums.moneysavingexpert.com/discussion/comment/81984927#Comment_81984927

Yup, and my reading ATM is that the inheritance must be retained, which is not what I wanted. The boys are all in excellent health, as far as I can see, so I have no reason to anticipate the situation arising, BUT … IF it happened, then there is much more likelihood of both of us popping our clogs before the grandchildren reach 18.

Savvy_Sue

https://forums.moneysavingexpert.com/discussion/comment/81984897#Comment_81984897

I'm not sure the estate will be large enough to make that worthwhile, especially if we end up with more than one grandchild …

https://forums.moneysavingexpert.com/discussion/comment/81984934#Comment_81984934

And I wasn't sure whether this would lead to one of those complicated trusts, which feels like overkill …

Savvy_Sue

https://forums.moneysavingexpert.com/discussion/comment/81984953#Comment_81984953

Indeed. I must ask what contingencies / insurance they've got in place!

Savvy_Sue

Thanks all, that's been helpful. We'll be getting back to our solicitor shortly with other minor amendments (referring to DH as 'she' for example …) and I feel I have a better handle on what I want and why.

Also just checking, does the fact that grandchildren may well be in the Netherlands with dual nationality change any advice?

Spendless

Someone will explain better than me but I think we've had before on here where a will has said the money can only go to the grandchildren if they survive till 18 and there's been a big gap between eldest and youngest grandchild and the older ones have had to wait till youngest has reached 18 before receiving inheritance because a trust has inadvertently been made.

I am probably making a pigs ear of explaining but hopefully someone will step in and say whether a previous post has covered that.

We had our DIL in our disaster fund (if me, husband and adult offspring all went together) for 50% (even if there were no children), so in effect leaving her DS share so she could rebuild her life and then shared the other 50%(DDs share) between niblings and Godchildren. We ended up removing DIL from our will less than a year later but thats a whole other story.

Savvy_Sue

https://forums.moneysavingexpert.com/discussion/comment/81985023#Comment_81985023

No, your memory of potential difficulties aligns with mine.

poseidon1

@Spendless is correct, conditional gifts to minors subject to surviving to a specified age should be avoided since such gifts, unwittingly create accumulation trusts that persist until the youngest attains the survival age.

Sadly such testementary wishes arise with rather depressing frequency on this forum, to the consternation of the unsuspecting executor/trustee burdened with having to navigate how to deal with such trusts.

As far as gifts to minors are concerned, if outright pecuniary legacies are in point they should merely be stated as absolute outright gifts with no survial conditions attached, and for the beneficiary to be absolutely entitled to income of their legacy during minority.

If providing for children of a primary residuary beneficiary in the event the primary beneficiary predeceases the testator, careful thought should be given as to whether in that event the residual share should simply pass to those children outright but subject to bare trusts with income attached, if any are under 18.

If that share of residue likely to be high enough to justify a formal trust ( ie £500k plus), then a more formalised discretionary trust might be worth considering subject to the caveats mentioned.

Ms_Chocaholic

Do you want to leave everything to your spouse when the first of you dies? What if the spouse needs care home fees and all the money is swallowed up by them. Have you thought of researching Tenants in Common and changing your will accordingly?

Savvy_Sue

https://forums.moneysavingexpert.com/discussion/comment/81985058#Comment_81985058

Thank you. I feel equipped to go back to the solicitor and query the wording used in the first draft.

Savvy_Sue

https://forums.moneysavingexpert.com/discussion/comment/81985198#Comment_81985198

Frankly, if either of us needs a care home and lasts any length of time in one, then yes, I want as much money as possible to be available for that purpose. If that leaves a minimal inheritance, that's unfortunate, but it doesn't alter my decision.

It's simply working out the best way of leaving a son's 'share' to their issue which is my concern now, thanks.