Rewriting Will - thoughts

poppystar

It’s getting a new Will drawn up time and I’d like to run a few things past those with experience. And, yes, it will be a solicitor Will.

My current and past Wills have expressed my wishes in the form of gifts to executors, then absolute amounts to charities and to certain beneficiaries then a residual split. I felt this might be easier for executor dealing with charities.

I am now into old and infirm territory and am all too aware that the current wording would cause problems if I have to start spending big time on care and be unable to change my Will again, effectively all money could end up going to the charities. Worse case scenario but feel I should address it.

The ideal outcome I would like is anything below the IHT allowance to go to friends and family and everything over that to charity. Can a Will be worded in that way? I’ve never seen one like that so wanted to get feedback before I go to the solicitor.

Any other ideas to reach that outcome and make life as easy as possible for the executor welcome. Thanks.

Keep_pedalling

I can see no reason why a will cannot be drawn up doing as you have outlined.

Brie

https://forums.moneysavingexpert.com/discussion/comment/82003462#Comment_82003462

Any chance that the charities might be difficult if there isn't a limit on what they receive?

Thinking that if there is a house that might be sold they could squabble about holding out for the very best price thus disadvantaging the friends and family by the delay.

Albermarle

The will would have to contain some caveats about what would happen if IHT rules changed.

poppystar

https://forums.moneysavingexpert.com/discussion/comment/82003536#Comment_82003536

That was my worry about using percentages, however expressed, rather than absolute amounts but I can see no other way of protecting the other beneficiaries against money running down and charities having first dibs to get their allotted amounts should the worst happen and I’m unable to update my Will again..

Keep_pedalling

https://forums.moneysavingexpert.com/discussion/comment/82003582#Comment_82003582

That is a very good point.

poppystar

(this was a reply to Albemarle - for some reason the quote failed)

Yes, I’d wondered about that but considered it an unlikely scenario - although not being able to change my Will again also is! If it was to rise I wouldn’t be too bothered by a small change as I’m happy for the beneficiaries to get £325k split. If it fell that might be another matter, I’ll give it some thought. It’s not really a tax issue more wanting to ensure the non charity beneficiaries don’t lose out if my circumstances change.

This is partly why I wanted others input. I’ve simply not seen a Will which implicitly states ‘anything over IHT allowance’ is what the charities get.

pseudodox

The best person to advise you is the solicitor who draws up the will. He/she will use the correct clear wording which in the long run make it easier for your executors to carry out your wishes

mta999

yes there was talk about if Andy Burnham got in he would look at reducing iht to zero but introducing an annual.property tax

you could say the greater of £325k.or the current iht threshold at the time of my death.

Emmia

Presumably if you've spent down to below the IHT threshold you're content for the charities to get nothing?

poppystar

https://forums.moneysavingexpert.com/discussion/comment/82004016#Comment_82004016

Yes, at that point friends/family would be prioritised.