Any solicitors that deal with wills here?
Discussion
Is there too much of a problem in creating this sort of will? (or two wills in fact - both to be drawn up by the same solicitor).
'A' dies first and leaves everything to 'B' on the understanding (written into A and B's will) that on the death of B all of B's estate will go to 6 designated charities.
'B' dies first and leaves everything to 'A' on the understanding that on the death of A all of A's estate will go to the same named charities.
No kids, parents or siblings exist.
One other complication, B will earn royalties for 70 years after their death, and that money should also go to the named charities for all of those 70 years.
The solicitor would be executor/get power of attorney for both A and B
TIA
'A' dies first and leaves everything to 'B' on the understanding (written into A and B's will) that on the death of B all of B's estate will go to 6 designated charities.
'B' dies first and leaves everything to 'A' on the understanding that on the death of A all of A's estate will go to the same named charities.
No kids, parents or siblings exist.
One other complication, B will earn royalties for 70 years after their death, and that money should also go to the named charities for all of those 70 years.
The solicitor would be executor/get power of attorney for both A and B
TIA
GetCarter said:
'A' dies first and leaves everything to 'B' on the understanding (written into A and B's will) that on the death of B all of B's estate will go to 6 designated charities.
The other partner can change their own will at any later stage, so it's effectively useless to try to impose future conditions. The deceased's will stands as of the date of distribution. The bequest becomes the other person's property to do with as they will.GetCarter said:
One other complication, B will earn royalties for 70 years after their death, and that money should also go to the named charities for all of those 70 years.
Why not just leave the rights directly to the charities? If B wants to ensure even distribution, then some form of trust distributing the income equally.What happens if one of the charities ceases to exist (or even simply rebrands...) during that 70 years?
TooMany2cvs said:
Why not just leave the rights directly to the charities? If B wants to ensure even distribution, then some form of trust distributing the income equally.
What happens if one of the charities ceases to exist (or even simply rebrands...) during that 70 years?
Ta for that. It helps.What happens if one of the charities ceases to exist (or even simply rebrands...) during that 70 years?
GetCarter said:
Is there too much of a problem in creating this sort of will? (or two wills in fact - both to be drawn up by the same solicitor).
'A' dies first and leaves everything to 'B' on the understanding (written into A and B's will) that on the death of B all of B's estate will go to 6 designated charities.
'B' dies first and leaves everything to 'A' on the understanding that on the death of A all of A's estate will go to the same named charities.
No kids, parents or siblings exist.
One other complication, B will earn royalties for 70 years after their death, and that money should also go to the named charities for all of those 70 years.
The solicitor would be executor/get power of attorney for both A and B
TIA
The tech name for what you’ve described is “mutual wills”. They work. But best to get specialist advice on exactly what they do/prevent being done. IAALBIANYL, etc...'A' dies first and leaves everything to 'B' on the understanding (written into A and B's will) that on the death of B all of B's estate will go to 6 designated charities.
'B' dies first and leaves everything to 'A' on the understanding that on the death of A all of A's estate will go to the same named charities.
No kids, parents or siblings exist.
One other complication, B will earn royalties for 70 years after their death, and that money should also go to the named charities for all of those 70 years.
The solicitor would be executor/get power of attorney for both A and B
TIA
Edited by anonymous-user on Sunday 21st October 17:18
Simpo Two hit the nail on the head.
It needs underlying legally enforceable (and therefore reasonable - see sections 3 & 4) caveats though. These are very simple and can be achieved with a codicil (attached to each will) along the following lines:
i. Upon the acceptance of any assets or income vested by either party to the other party both parties accept to be legally bound by the
terms of this will
ii. Each party agrees and warrants to undertake and ensure that any and all assets and income vested by one party and accepted by the other shall be held under trust for the lifetime of the surviving party in order to provide the charitable benefit intended by the other party
iii. Each party shall be able to draw down from the inherited income or assets vested to them providing such draw down is reasonable at the time
OR (I DON'T KNOW HOW YOU WANT TO DO THIS!)
iii. The serious financial hardship of one party that is not brought about by speculation, gambling, financial recklessness or the serious need for healthcare, palliative care or nursing care are to be treated outside of the terms of this codicil
iv. In the event of either surviving party remarrying both parties agree and undertake to be bound by the instructions of the other party regarding any assets or income vested by the deceased and accepted by the surviving party under the wills attached. For the avoidance of doubt this clause requires the surviving party to pass on any vested assets or income (after consideration to clause 3 above) to the nominated charities set out in the original Will of the first deceased party and not to be able to pass on any such assets or income to any other beneficiary.
v. For clarity it is not intended that any clause in this codicil should prevent either party from changing or modifying their future instructions nor modifying any instruction regarding any asset or income owned by oner party prior to death of the the other party
vi. This codicil is designed to ensure the wishes of each individual are acted upon after the death of each participant. It is not intended to cause hardship to either party and nothing within this codicil removes any rights or remedies available to each party under English Law.
Edited for a typo!
It needs underlying legally enforceable (and therefore reasonable - see sections 3 & 4) caveats though. These are very simple and can be achieved with a codicil (attached to each will) along the following lines:
i. Upon the acceptance of any assets or income vested by either party to the other party both parties accept to be legally bound by the
terms of this will
ii. Each party agrees and warrants to undertake and ensure that any and all assets and income vested by one party and accepted by the other shall be held under trust for the lifetime of the surviving party in order to provide the charitable benefit intended by the other party
iii. Each party shall be able to draw down from the inherited income or assets vested to them providing such draw down is reasonable at the time
OR (I DON'T KNOW HOW YOU WANT TO DO THIS!)
iii. The serious financial hardship of one party that is not brought about by speculation, gambling, financial recklessness or the serious need for healthcare, palliative care or nursing care are to be treated outside of the terms of this codicil
iv. In the event of either surviving party remarrying both parties agree and undertake to be bound by the instructions of the other party regarding any assets or income vested by the deceased and accepted by the surviving party under the wills attached. For the avoidance of doubt this clause requires the surviving party to pass on any vested assets or income (after consideration to clause 3 above) to the nominated charities set out in the original Will of the first deceased party and not to be able to pass on any such assets or income to any other beneficiary.
v. For clarity it is not intended that any clause in this codicil should prevent either party from changing or modifying their future instructions nor modifying any instruction regarding any asset or income owned by oner party prior to death of the the other party
vi. This codicil is designed to ensure the wishes of each individual are acted upon after the death of each participant. It is not intended to cause hardship to either party and nothing within this codicil removes any rights or remedies available to each party under English Law.
Edited for a typo!
Edited by JulianPH on Sunday 21st October 17:40
JulianPH said:
Simpo Two hit the nail on the head.
It needs underlying legally enforceable (and therefore reasonable - see sections 3 & 4) caveats though. These are very simple and can be achieved with a codicil (attached to each will) along the following lines:
i. Upon the acceptance of any assets or income vested by either party to the other party both parties accept to be legally bound by the
terms of this will
ii. Each party agrees and warrants to undertake and ensure that any and all assets and income vested by one party and accepted by the other shall be held under trust for the lifetime of the surviving party in order to provide the charitable benefit intended by the other party
iii. Each party shall be able to draw down from the inherited income or assets vested to them providing such draw down is reasonable at the time
OR (I DON'T KNOW HOW YOU WANT TO DO THIS!)
iii. The serious financial hardship of one party that is not brought about by speculation, gambling or financial recklessness or the serious need for healthcare, palliative care or nursing care are to be treated outside of the terms of this codicil
iv. In the event of either surviving party remarrying both parties agree and undertake to be bound by the instructions of the other party regarding any assets or income vested by and the deceased and accepted by the surviving party. For the avoidance of doubt this clause requires the surviving party to pass on any vested assets or income (after consideration to clause 3 above) to the nominated charities set out in the original Will of the first deceased party and not to be able to pass on any such assets or income to another beneficary.
v. For clarity it is not intended that any clause in this codicil should prevent either party from changing or modifying their future instructions nor modify any instruction regarding and asset or income owned by either party prior to death
Excellent advice. Thanks. :0)It needs underlying legally enforceable (and therefore reasonable - see sections 3 & 4) caveats though. These are very simple and can be achieved with a codicil (attached to each will) along the following lines:
i. Upon the acceptance of any assets or income vested by either party to the other party both parties accept to be legally bound by the
terms of this will
ii. Each party agrees and warrants to undertake and ensure that any and all assets and income vested by one party and accepted by the other shall be held under trust for the lifetime of the surviving party in order to provide the charitable benefit intended by the other party
iii. Each party shall be able to draw down from the inherited income or assets vested to them providing such draw down is reasonable at the time
OR (I DON'T KNOW HOW YOU WANT TO DO THIS!)
iii. The serious financial hardship of one party that is not brought about by speculation, gambling or financial recklessness or the serious need for healthcare, palliative care or nursing care are to be treated outside of the terms of this codicil
iv. In the event of either surviving party remarrying both parties agree and undertake to be bound by the instructions of the other party regarding any assets or income vested by and the deceased and accepted by the surviving party. For the avoidance of doubt this clause requires the surviving party to pass on any vested assets or income (after consideration to clause 3 above) to the nominated charities set out in the original Will of the first deceased party and not to be able to pass on any such assets or income to another beneficary.
v. For clarity it is not intended that any clause in this codicil should prevent either party from changing or modifying their future instructions nor modify any instruction regarding and asset or income owned by either party prior to death
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