Will Signer/Beneficiary?

allenlondon | 08:55 Fri 30th Apr 2021 | Law

32 Answers

Our wills total about £300K. Can a minor beneficiary (£10K) be a signatory to our signatures?

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allenlondon

Question Author

Our wills are simple mirrors.

My sister, her sister, both executors.

One other main bene ficiary. Each gets one third of estate, equally.

Now we want to include a FOURTH person who cops just £5k

Trying NOT to have to redo our wills, which would inthink be complicated, more than £5k complicated!

calmck

Can you not just add a codicil with different witness?

Peter Pedant

er it is because the contents of the current will is known within the fambly and the 'losers' will go ape-shoot when they find out.(*)...
so why not do it ..... so they dont find out ?

I have a similar family and I have made it clear that it is my moolah and I will leave it as I will ( multiple puns intended) - I have even had an early - "what is my share?"

(*) that Barry has given away some of 'their' money that they have worked hard...... honestly I have heard it all before

Barmaid

Yes, the answer is quite clearly a codicil with different witnesses (assuming the £5k is going to a witness of your Wills)?

You cant just write in the change to your existing will.

Peter Pedant

does missy ever think - why do I even bother ?

allenlondon

Question Author

Lummy, gets complicated.

Barry's suggestion,or nearly-so, works best for me.

Once one of us dies, the OTHER one draws out £5K and gives it to neighbour, cash in envelope.

Everything else stays the same.

And don't you dare come round telling me that's subject to inheritance tax or keeping-lawers-fat-tax or whatever!

A

Jackdaw33

It's only complicated because you make it deliberately so. Barmaid's solution is the best - make a codicil with different witnesses. If your estate is £300,000 it is below the Inheritance Tax threshold.

allenlondon

Question Author

Codicils, more witnesses, more lawyers. Nah.

Bank / cash / give = easy.

Barmaid

And what if the survivor of you has lost mental capacity by then and is unable to operate the bank account?

Peter Pedant

no done that
you said estate less than 300 000
so IHT not payable ( er prima facie)

Peter Pedant

search for codicil on this site
Chris has given a template for a codicil that would work
( somewhere)

Peter Pedant

memo to self: look at wills this week

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