Wills Question

[SwingsitlikeHogan]

We are doing our Wills and have been asked the question - what to do with our estate if our children predecease us and there are no grandchildren. Through circumstances our estate could be quite significant. I know it’s an outside likelihood…of course it is…but we need to put something. Default would seem to be a favourite charity and we are both good with that…but any other ideas.

 

[D-S]

More distant relations? Friends or acquaintances in need? Children of friends in need? Friends who would use the money well? Institutions you value - schools, golf clubs, universities etc.?

 

[anotherdouble]

Nieces nephews cousins. Friends that have helped you in the past. The list could be endless. Look into trust funds for people

 

[anotherdouble]

DS beat me to it

 

[Imurg]

Always thought you were a good bloke Hugh....

 

[Hobbit]

I’ll send you my details…

I’m all for passing it along to other relatives. I have a fav charity, who’ll get a reasonable donation.

 

[SwingsitlikeHogan]

I’ll send you my details…

I’m all for passing it along to other relatives. I have a fav charity, who’ll get a reasonable donation.

Thing with the relatives option is that we are a fortunate wider family in that most if not all are relatively well off…not loaded, but pretty comfortable. Yes we have friends we could give some to but how much do you give.

 

[Lord Tyrion]

Don't assume that relatives are comfortable. They might scrimp and save to be in that place. Outwardly okay, inwardly careful and worried about money.

Anyway, imo, what you give in a will is less about how much and more about the fact that you gave them something. It shows that you thought something of them, it's symbolic.

Rather than think of a value to give, give a percentage

Ultimately though, it's your money. Do whatever you want with it. You've earned that right.

 

[RichA]

Anyway, imo, what you give in a will is less about how much and more about the fact that you gave them something. It shows that you thought something of them, it's symbolic.

Exactly why my will is going to leave my brother-in-law a wheelbarrow in which he will be required to deliver the entire cash value of my estate to the cat sanctuary.

And I don’t even like cats.

 

[Burnsey]

I wouldn't even think or worry about my kids or grandkids passing before us. I have 4 kids and 5 grandkids currently, so the likelyhood of that happening doesn't exist.

My will is based on now, so distributes £x to my spouse, £y to each living child and £z to each living grandchild in that order. My wife has full control of all my worldly goods and can do what she wants with them. I'll be dead.

My only request is to be buried, not cremated and if my wife wants to be evil and cremate me, she gets nowt.

 

[jim8flog]

Bit late to the party.

It is something to worry about if it happens . If it does just have a new will written rather than committing to something now, you may have other ideas then.

 

[Voyager EMH]

If a child predeceases you, make the decision to alter, or not alter, your wills at that time.
You might find that the surviving spouse or partner of your child to be deserving of inclusion, or perhaps not. Make the decision at that time - not now.

Whatever decision you make right now, you can change it later on anyway. Don't stress too much about it.
It is right for the solicitor to ask the question in order for you to have the option of covering this eventuality, but you don't have to.

 

[Tashyboy]

If a child predeceases you, make the decision to alter, or not alter, your wills at that time.
You might find that the surviving spouse or partner of your child to be deserving of inclusion, or perhaps not. Make the decision at that time - not now.

Whatever decision you make right now, you can change it later on anyway. Don't stress too much about it.
It is right for the solicitor to ask the question in order for you to have the option of covering this eventuality, but you don't have to.

This all day long.My mother decided she was going to alter her will saying if her eldest son and daughter died before my mum and dad, she would not give anything to there spouses as she never saw them so why give them anything.
Me and my younger brother were not impressed. We said “ what if me or my brother pass away first, would you leave anything to Missis T and my brothers wife. Also what about there kids. Do they not get anything”. Reluctantly she changed her mind. As it happened my older brothers wife was killed in a road traffic accident. If my mother had needlessly changed her will and told him it would have caused an almighty row.
Don’t worry about something that may not happen. If it does cross that bridge then.

 

[doublebogey7]

If a child predeceases you, make the decision to alter, or not alter, your wills at that time.
You might find that the surviving spouse or partner of your child to be deserving of inclusion, or perhaps not. Make the decision at that time - not now.

Whatever decision you make right now, you can change it later on anyway. Don't stress too much about it.
It is right for the solicitor to ask the question in order for you to have the option of covering this eventuality, but you don't have to.

That is all well and good, but we don't know what is going to happen to us in the meantime. We may not be in control of our own facalties when that time comes and so may not be able to change a will made now. My advice would be to make provision in the will now, but be prepared to make changes when your thoughts or the world changes.

 

[Hobbit]

Whoever decides what is down to each individual. What I would say is don’t be the cause of an almighty bun fight.

 

[The Squirrel]

I'm with Hobbit/Tash, speaking from experience (not my own - I'm chilled about that sort of thing), but two bits of my family have had irrevocable never-talk-to-them-again breakdowns following the death of a relative and drama associated with wills and estates.

Remember that everyone gets to read your will, so don't put clauses like "if X then Y then Z all happen the part A and part B of the family get nothing (when X then Y then Z happening in that order are exceptionally unlikely). This is because, on reading, at a time when they're already emotional, this clause - and therefore you, despite now being dead, may well cause an almighty s***show within your surviving family.

Unless of course you want to cause that s***show; in which case have at it

 

[SocketRocket]

Are there any relatives or friends who have disabled children that could be better cared for now or later in their lives.

 

[Red devil]

We are doing our Wills and have been asked the question - what to do with our estate if our children predecease us and there are no grandchildren. Through circumstances our estate could be quite significant. I know it’s an outside likelihood…of course it is…but we need to put something. Default would seem to be a favourite charity and we are both good with that…but any other ideas.

I'll DM you my bank details!