Wills and unknown beneficiaries
Discussion
I received some tragic news recently that my cousin, who was only in her very early 40's has died. Even worse, she's left a 5 year old daughter. We hadn't seen each other for probably over twenty years, through no bad blood between us both, more a falling out of our parents and the inevitable drifting between extended family members over time.
Long story short, there is some property and land that would've eventually trickled its way down to us two as we were the only heirs from my fathers side of the family. It only seems right that as I don't have any children (at the moment, and there is another question) that those inheritances that would've been for me and my cousin, now go solely to her daughter if anything were to happen to me. At the moment thankfully my Father is still with us, so realistically if anything happens to me before him, it should still be his decision what happens to his/my share. But my questions really are:-
1. How can I name someone in my will who I have no knowledge of? I don't even know my cousins daughters name, and due to family arguments & fallings out, I can't really find out easily. Can I just name "My Cousin X's Daughter" in a will?
2. Can I write in that if my circumstances change and I have children, that my share would default to them, or would that require a rewrite at the time that were to happen?
3. Also its only the inheritances that would've been mine and my cousins, my personal wealth (house, car, cash, etc) I would want to do something different with.
Long story short, there is some property and land that would've eventually trickled its way down to us two as we were the only heirs from my fathers side of the family. It only seems right that as I don't have any children (at the moment, and there is another question) that those inheritances that would've been for me and my cousin, now go solely to her daughter if anything were to happen to me. At the moment thankfully my Father is still with us, so realistically if anything happens to me before him, it should still be his decision what happens to his/my share. But my questions really are:-
1. How can I name someone in my will who I have no knowledge of? I don't even know my cousins daughters name, and due to family arguments & fallings out, I can't really find out easily. Can I just name "My Cousin X's Daughter" in a will?
2. Can I write in that if my circumstances change and I have children, that my share would default to them, or would that require a rewrite at the time that were to happen?
3. Also its only the inheritances that would've been mine and my cousins, my personal wealth (house, car, cash, etc) I would want to do something different with.
yes - you can do all of that - just get a competent wills lawyer...
it is quite normal to have generic beneficiaries (e.g. leaving your wealth to your siblings and any offspring they may have) - you can also put in clauses in case your cousin's child pre-deceases you, so that rather than your land going into the child's 'pot' it only goes there if still alive etc.
basically, the more complex the logic the more you need someone good - but none of what you are wanting sounds overly complicated
it is quite normal to have generic beneficiaries (e.g. leaving your wealth to your siblings and any offspring they may have) - you can also put in clauses in case your cousin's child pre-deceases you, so that rather than your land going into the child's 'pot' it only goes there if still alive etc.
basically, the more complex the logic the more you need someone good - but none of what you are wanting sounds overly complicated
I think there are a fair few scenarios you need to think about & decide what you want to happen in each case; some of them might be better handled by the wording of your father's will rather than your own.
Your father dies first & you don't have children
Your father dies first & you do have children
You die first & you don't have children
You die first & you do have children
Your cousin dies first, she has no children nor do you
Your cousin dies first, she has children & so do you
There are probably a couple of others as well (you & your father die in the same car crash for instance). You might also need advice on tax issues, especially if you are thinking half the assets would come to you & you'd pass them on to your cousin - stamp duty might be due for instance.
Your father dies first & you don't have children
Your father dies first & you do have children
You die first & you don't have children
You die first & you do have children
Your cousin dies first, she has no children nor do you
Your cousin dies first, she has children & so do you
There are probably a couple of others as well (you & your father die in the same car crash for instance). You might also need advice on tax issues, especially if you are thinking half the assets would come to you & you'd pass them on to your cousin - stamp duty might be due for instance.
Unfortunately as is usually the way with families, I don’t think it can be that straight forward! As it stands at the moment, it currently sits with my father and his two sisters. Although one sister has passed, my cousins mother, so I don’t know where her share sits,
I’m guessing with my cousins father. (Keeping up!) my fathers other sister is childless hence why it logically seemed that eventually it would’ve ended up 50/50 with me & my cousin. It ‘may’ well end up with the surviving sister passing her share completely to the other sisters side of the family purely to spite my father, meaning I’d end up as 1/3 share with 2/3 with my cousins father/ daughter (phew!)
I think the easiest thing to do by the sounds of it is say something like:
“At the point of my untimely death, whatever share I have (if any at all) in ‘123 fake street’ goes to my children. If I have no children it goes to cousins daughter x, to be kept in trust until 18”
Sound ok? Maybe a mention of my wishes, if at the time I have no control over it, but that’s what I would like to happen if possible?
And thanks to cheib for the kind words! Although it doesn’t seem an extraordinary thing to do. I assume it would be what my grandfather would’ve wanted, being his legacy really, I feel it should stay on his family branch as much as possible.
I’m guessing with my cousins father. (Keeping up!) my fathers other sister is childless hence why it logically seemed that eventually it would’ve ended up 50/50 with me & my cousin. It ‘may’ well end up with the surviving sister passing her share completely to the other sisters side of the family purely to spite my father, meaning I’d end up as 1/3 share with 2/3 with my cousins father/ daughter (phew!)
I think the easiest thing to do by the sounds of it is say something like:
“At the point of my untimely death, whatever share I have (if any at all) in ‘123 fake street’ goes to my children. If I have no children it goes to cousins daughter x, to be kept in trust until 18”
Sound ok? Maybe a mention of my wishes, if at the time I have no control over it, but that’s what I would like to happen if possible?
And thanks to cheib for the kind words! Although it doesn’t seem an extraordinary thing to do. I assume it would be what my grandfather would’ve wanted, being his legacy really, I feel it should stay on his family branch as much as possible.
better make sure you get a decent solicitor then from experience.Gassing Station | Finance | Top of Page | What's New | My Stuff