Apportioning your will

[ebikeerwidnes]

We have an arrangement - whoever dies first leaves everything to the other
When the other one dies everything goes to her son
if her son has died by then then the grandkids get it split evenly

I have seen situations where people split it differently - it often leads to problems
My ex had (presumably has) a sister with a disabled daughter - who thinks that because of this when their Mum dies she should get a larger share
In fact - she reckoned that it should be based on the number of kids you have - but she changed that view when her brother had a second kid so her formula meant he would get more

so - basically - I would always advise leaving it to the current spouse
if no remaining living spouse - then divide it evenly between the kids and leave it at that - no favourites no 'special circumstances'
unless one of them clearly requires extra help due to disability or something - in which case you REALLY need a solicitor to sort it out properly

 

[Mo1959]

That's me too, but I put off making a will for years because I don't really have anyone I want it to go to, and couldn't make my mind up what to do with it. I finally got round to it this summer and left most of it to various charities, but I've changed my mind which ones already.

I’ve fallen out with my brother and lost contact so really must get my finger out and make a will too as he would no doubt get everything as still being next of kin which I don’t want. Think it’ll be the Scottish Charity Air Ambulance gets most of mine with something to a local dog rescue that I’ve had 2 dogs from.

 

[Ridgeway]

Do nothing which in effect means 100% goes to spouse and there after everything is split equally for children.

We've just been through an unequal will split and all i can say is that it causes rifts that even Doctor Who couldn't repair

 

[DCLane]

I read this as "I am wanting to apportion the contents of my will to the CC collective". Happy to help ...

Otherwise I'd suggest 1 unless your spouse agrees to 2.

 

[classic33]

I read this as "I am wanting to apportion the contents of my will to the CC collective". Happy to help ...

Otherwise I'd suggest 1 unless your spouse agrees to 2.

You're only after his bike(s).

 

[PaulSB]

Spouse and kids. Seeking the wisdom of the CC collective.

Options

1. All to the spouse
2. House to the spouse and half of the remainder to the spouse, the other half divided among the kids

I am leaning towards option 1.

Any hidden challenges?

There are not so much hidden challenges but questions you need to be asked. You shouldn't be basing your thoughts on those of a random bunch of cyclists.

For example:

Is the house protected against being sold to pay for care should your spouse need it? My wife and I own 50% each of our house. On first death the 50% for either spouse goes into trust for the kids. This half cannot be used to pay for care of the surviving spouse. Sale of the house cannot happen as the surviving spouse only owns 50%

Do you have a private pension? Do you want all of this to go to your spouse? Would you like a proportion to go to children/grandchildren?

It's not as simple as your opening post suggests and you need to discuss the subject with a professional who will ask the pertinent questions.

 

[night rider]

I’ve fallen out with my brother and lost contact so really must get my finger out and make a will too as he would no doubt get everything as still being next of kin which I don’t want. Think it’ll be the Scottish Charity Air Ambulance gets most of mine with something to a local dog rescue that I’ve had 2 dogs from.

him, along with the Crown & your blood kin-folk, will get shares in your estate according to this excerpt from a Scots lawyer firm (no connection to them, just quoted to give the google link source). Certainly a wake up call.

"Intestacy Example 2
John dies intestate in 2017. He has no surviving spouse or civil partner and no children. The law dictates that his estate be divided as follows:

• to his parents – equally if both living
• to his brothers and sisters of the whole blood – equally and their children
• to his brothers and sisters of half blood – equally and their children
• to his grandparents – equally if more than one living
• to his uncles and aunts of the whole blood – equally and their children
• to uncles and aunts of half blood – equally and their issue
• to The Crown (IHTM12126), Duchy of Lancaster or Duchy of Cornwall."

 

[Seevio]

I reckon that you should just round up all the potential beneficiaries and involve them in some kind of winner-takes-all battle royale type scenario.

 

[ebikeerwidnes]

Y

I reckon that you should just round up all the potential beneficiaries and involve them in some kind of winner-takes-all battle royale type scenario.

Yeah - but are we talking pillow fight
or nerf guns
or edged weapons??

 

[Seevio]

Y

Yeah - but are we talking pillow fight
or nerf guns
or edged weapons??

I would say the more pointy/sharp implements the better.

They either make peace or there's one winner. Either way there's no argument.

 

[Arrowfoot]

There are not so much hidden challenges but questions you need to be asked. You shouldn't be basing your thoughts on those of a random bunch of cyclists.

For example:

Is the house protected against being sold to pay for care should your spouse need it? My wife and I own 50% each of our house. On first death the 50% for either spouse goes into trust for the kids. This half cannot be used to pay for care of the surviving spouse. Sale of the house cannot happen as the surviving spouse only owns 50%

Do you have a private pension? Do you want all of this to go to your spouse? Would you like a proportion to go to children/grandchildren?

It's not as simple as your opening post suggests and you need to discuss the subject with a professional who will ask the pertinent questions.

There are 2 aspects to this. The legal aspect including tax, pensions, estate duties, liabilities and various statutory concerns are all covered by my lawyers. My Bank also provides estate planning which I have long used. I however am not going to ask the lawyer on how I distribute it and to whom.

I am more interested in the human aspects and the dynamics. CC with its numbers has a fair representation of society to some extent. In my 10 years here, I have a decent reading of the active membership and can reasonably guess their background.

 

[Arrowfoot]

We have an arrangement - whoever dies first leaves everything to the other
When the other one dies everything goes to her son
if her son has died by then then the grandkids get it split evenly

I have seen situations where people split it differently - it often leads to problems
My ex had (presumably has) a sister with a disabled daughter - who thinks that because of this when their Mum dies she should get a larger share
In fact - she reckoned that it should be based on the number of kids you have - but she changed that view when her brother had a second kid so her formula meant he would get more

so - basically - I would always advise leaving it to the current spouse
if no remaining living spouse - then divide it evenly between the kids and leave it at that - no favourites no 'special circumstances'
unless one of them clearly requires extra help due to disability or something - in which case you REALLY need a solicitor to sort it out properly

I share similar sentiments.

 

[Arrowfoot]

Do nothing which in effect means 100% goes to spouse and there after everything is split equally for children.

We've just been through an unequal will split and all i can say is that it causes rifts that even Doctor Who couldn't repair

I did note anecdotally splitting causes rifts which is not a legacy to leave. Sometimes I think the State has more sense than us humans.

 

[PaulSB]

There are 2 aspects to this. The legal aspect including tax, pensions, estate duties, liabilities and various statutory concerns are all covered by my lawyers. My Bank also provides estate planning which I have long used. I however am not going to ask the lawyer on how I distribute it and to whom.

I am more interested in the human aspects and the dynamics. CC with its numbers has a fair representation of society to some extent. In my 10 years here, I have a decent reading of the active membership and can reasonably guess their background.

Possibly I worded my thoughts poorly. I'm not suggesting you ask a lawyer or other professional how or to whom you distribute your estate.

The point I'm trying to make is a professional should/will put forward suggestions on the lines of "IF you wanted to do something for grandchildren you could do X,Y,Z etc."

My experience is such suggestions/questions stimulate thoughts and discussion one might otherwise not have considered. Professionals will have already encounters most scenarios as laymen we may not.

 

[Lozz360]

if no remaining living spouse - then divide it evenly between the kids and leave it at that - no favourites no 'special circumstances'
unless one of them clearly requires extra help due to disability or something - in which case you REALLY need a solicitor to sort it out properly

The thing to consider if you intend to leave money to someone who is disabled, is whether they are receiving any benefits due to the disability. If those benefits are means tested then by you leaving the disabled offspring money, will destroy their entitlement to state benefits. So you may as well leave your money to the state as it will not benefit the beneficiary in the way you intend. One solution is to set up a trust for the disabled beneficiary which is then managed by other beneficiaries and/or solicitor so that the disabled person doesn’t lose out on state benefits. Professional advice is essential in this situation.