Do I need a new will?
Comments
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jackieblack wrote: »And yes, as things stand currently, if both parents 'popped their clogs' before me I would inherit half and think that would probably take me over the inheritance tax threshold, but I would cross that bridge if/when that happened (hopefully not for some years yet).
If this happens, you could use the option of a deed of variation of your parents' wills so that money passes directly to other people.0 -
happyandcontented wrote: »We don't have any grandchildren yet but we did have a clause put in to say that if one of our children died before us then if they had children that child would get its parents share rather than the other siblings. That seems a pretty standard clause as the solicitor just said that was the way to do it.
Our solicitor also put that in our wills for the sake of clarity but, unless there is a clause preventing it, the money would pass down the blood line anyway.0 -
If this happens, you could use the option of a deed of variation of your parents' wills so that money passes directly to other people.
That's really useful to know, thanks
So, my Mum has just rung me back and read out what their wills say.
If either my brother or I have died before both our parents, our child/ren get their deceased parent's share provided they are over 21 (parents can't remember why that is in there but I think all grandchildren were quite young when they made their wills) which my daughter is, but my nephews are still teenagers. So, as things stand, if my brother and parents all died before my nephews turn 21, everything comes to me. Knowing I could make a Deed of Variation to ensure they got my brother's share without any implications would be very useful under these (admittedly remote) circumstances.2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter, south facing (-5 deg), 30 degree pitch, no shadingEverything will be alright in the end so, if it’s not yet alright, it means it’s not yet the endMFW #4 OPs (offset): 2018 £866.89, 2019 £1322.33, 2020 £1337.07,
2021 £1250.00, 2022 £1500.00, 2023 £1500Target for 2024 (offset) = £1200, YTD £345
Quidquid Latine dictum sit altum videtur0 -
jackieblack wrote: »So, my Mum has just rung me back and read out what their wills say.
If either my brother or I have died before both our parents, our child/ren get their deceased parent's share provided they are over 21 (parents can't remember why that is in there but I think all grandchildren were quite young when they made their wills) which my daughter is, but my nephews are still teenagers.
So, as things stand, if my brother and parents all died before my nephews turn 21, everything comes to me. Knowing I could make a Deed of Variation to ensure they got my brother's share without any implications would be very useful under these (admittedly remote) circumstances.
This is why wills have to be extremely carefully worded.
Depending on how this clause is written, it may mean that only grandchildren who survive to 21 get an inheritance or it may mean that their share is to be kept in trust until they reach the age of 21.0 -
This is why wills have to be extremely carefully worded.
Depending on how this clause is written, it may mean that only grandchildren who survive to 21 get an inheritance or it may mean that their share is to be kept in trust until they reach the age of 21.
Yes, it reads that the grandchildren only inherit their (deceased) parent's share, if they have reached the age of 21 years, if not the other child (my brother or I) gets the lot.
Of course, if it turned out we'd misread that, nephews would get my brother's share without me needing to arrange that.
Bottom line is, our parents have made fairly simple wills as they both trust my brother and I to 'do the right thing' (although I'm aware that in some families this doesn't happen).2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter, south facing (-5 deg), 30 degree pitch, no shadingEverything will be alright in the end so, if it’s not yet alright, it means it’s not yet the endMFW #4 OPs (offset): 2018 £866.89, 2019 £1322.33, 2020 £1337.07,
2021 £1250.00, 2022 £1500.00, 2023 £1500Target for 2024 (offset) = £1200, YTD £345
Quidquid Latine dictum sit altum videtur0 -
does need clarifying if one niece or nephew had reached the age of 21 and hence inherited but the younger sibling didn't then could cause problems. Appreciate you will probably "do the right thing" but people change.
When my grandmother died, it was found that her will had not been signed .... it was her writing and witnessed (yes I know they should have witnessed her signature) and left her small estate to her youngest son. The other 4 siblings agreed entirely that this is what should happen but another solicitor relative advised that a deed was drawn up to confirm this - he was quite right as everyone knew then it was "all sorted".0 -
Flugelhorn wrote: »does need clarifying if one niece or nephew had reached the age of 21 and hence inherited but the younger sibling didn't then could cause problems. Appreciate you will probably "do the right thing" but people change.
When my grandmother died, it was found that her will had not been signed .... it was her writing and witnessed (yes I know they should have witnessed her signature) and left her small estate to her youngest son. The other 4 siblings agreed entirely that this is what should happen but another solicitor relative advised that a deed was drawn up to confirm this - he was quite right as everyone knew then it was "all sorted".0 -
Yorkshireman99 wrote: »Good to hear of a family "doing the right thing" and the solicitor was wise to advise it be done formally. It bears repeating that inheritance cannot normally be delayed beyond the age of 18 under English law depite what the will might say.
AIUI, if a minor gets an inheritance, they can access it at 18 but if the will says that a beneficiary has to reach a certain age before they inherit, then they don't actually inherit anything until then so can't make a claim at 18.
Happy to be corrected if that's not so.0 -
Flugelhorn wrote: »does need clarifying if one niece or nephew had reached the age of 21 and hence inherited but the younger sibling didn't then could cause problems. Appreciate you will probably "do the right thing" but people change.
They're twins
Either way, I'd ensure they got my brother's share (and that's not going to change). But the likelihood of my brother and both parents dying in the next 5-6 years is remote, so I'm not going to stress about it.2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter, south facing (-5 deg), 30 degree pitch, no shadingEverything will be alright in the end so, if it’s not yet alright, it means it’s not yet the endMFW #4 OPs (offset): 2018 £866.89, 2019 £1322.33, 2020 £1337.07,
2021 £1250.00, 2022 £1500.00, 2023 £1500Target for 2024 (offset) = £1200, YTD £345
Quidquid Latine dictum sit altum videtur0 -
AIUI, if a minor gets an inheritance, they can access it at 18 but if the will says that a beneficiary has to reach a certain age before they inherit, then they don't actually inherit anything until then so can't make a claim at 18.
Happy to be corrected if that's not so.
This is also my understanding.
Also happy to be corrected if wrong2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter, south facing (-5 deg), 30 degree pitch, no shadingEverything will be alright in the end so, if it’s not yet alright, it means it’s not yet the endMFW #4 OPs (offset): 2018 £866.89, 2019 £1322.33, 2020 £1337.07,
2021 £1250.00, 2022 £1500.00, 2023 £1500Target for 2024 (offset) = £1200, YTD £345
Quidquid Latine dictum sit altum videtur0
This discussion has been closed.
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