WWYD - Inheritance

[inheritancedilemma]

NC just in case.

I have 3 DC. Eldest has 2 DC, middle has 1 DC, youngest has no DC.

Currently DCs 2 & 3 are set to inherit 1/3 each and DC1's children 1/6 each. DC1 asked for this to happen so no hard feelings. DCs 2 & 3 were single and childless when this was decided so it wasn't discussed with them. My question is, now that DC2 has a child, what should I do? Options are to give them DC2's whole share (allowing for future siblings in this, but as it stands they get the same as DC3), giving them half DC2's share (meaning that all DGC are equal), or giving them nothing (meaning that cousins will have something and they won't). DC2 will just tell me to do what I want if I ask so no point doing that. WWYD?

I'd give a third each to of your children, and let them dole it out to their children as they see fit.

Split equally between your children no matter how many children they have. One of your children has asked that you bypass them and give to their children which is fair enough. Unless expressly asked by your other child then I don’t think you should do it.
I’d also write into the will that you have discussed it will your child and they wish for their inheritance to go to their children.

Have you worked out the tax implications? There’ll be possibly more to give to the tax man by omitting your children and giving to your grandchildren

You are making this too confusing.
Just split it equally between your children.
They could go on to have more children - you never know and cannot plan for that!

DH have recently done wills, our children are still young so no grandchildren yet, or indeed for a long while. We’ve decided to split everything equally between our DC, if grandchildren come along we won’t be changing our will, instead we will leave our DC to decide if they want to gift or put aside some that money for their own children. Like you we have 3DC and they may all have children, or some do and some don’t so writing grandchildren in a way that’s fair to everyone seemed as though it could get complicated and lead to fall outs. Fairest option seemed to just split it between the DC equally, the lady thing I would want is for our children to be falling out over money/inheritance especially when they will be grieving and need each other.

To make the maths easy

£90

DC 1 £15
GC 1&2 £7.50 each
Total £30

DC 2 £22.50
GC 3 £7.50
Total £30

DC 3 £30
Total £30

You don't know what children your children may have in the future. I would give each "family unit" equal amounts as above.

Also if there is more tax to pay will that come out of the entire estate of jyst the grandchildren’s share?

Mention to your middle DC that your eldest has asked to be bypassed to her children and ask if they want the same.

If yes give their shared to the GC, if not leave it as it is.

I would make clear in your will why you have split it as it is so there can be no comeback about DC1 being "left out".

Split between the three with instructions to leave a proportion of their share to their children

I was school age when my grandad passed, and the fact he thought of me and named me in the will made me feel incredibly special.

Why don't you give a certain % equally to all grandchildren, so 10% for eg split between however many grandkids there end up being, then the remaining 90% split equally between your 3 DC.

It doesn't matter who the parent is, the grandkids are relatives in their own right

The usual thing is to split it between your kids evenly, then it's up to them to do what they want. Maybe the DC that want's the inheritance to go directly to her kids was worried about her OH claiming if they split? It's your will, your choice, keep it as simple as possible.

The reason I say to explain it is so that years later when a Grandchild who didn't inherit gets curious and looks it up they see why some Grandkids inherited and they didn't. Keeps everything clear and simple (my siblings and I inherited my father's share and this made it clear to my cousins why we inherited directly and they didn't).

Yes equal between your children and let them pass it on in turn. Or leave a specific gift of say £5k to each grandchild and rest split between your children.

Why are people suggesting the OP completely ignore the conversation she's had with her DC1? There's obviously a reason they want to be bypassed.

It's no more complicated to have a will that splits the way hers is than just splitting between the children. The other DC's can have the option to inherit direct or pass onto their children if they wish.

It doesn't have to be remotely complicated.

Bloody hell, yet another inheritance thread. Is there someone with a project to finish, perhaps?

Wouldn't the simplest thing to do is split it 3 ways between your 3 dcs and ask them to each give a portion to their children?

Can you trust your DC's to do that?

@ivykaty44

Have you worked out the tax implications? There’ll be possibly more to give to the tax man by omitting your children and giving to your grandchildren

No there won't.

Divide equally between the 3 kids, then a token amount to grandkids, but only a token amount. It’s up to the parents whether to pass it down

I think it would be unfair to end up directly giving GC being given different amounts.

Depending on how much you are leaving I would give all your GC the same fixed amount, like 5-10k. The rest of your estate should be shared out equally between your 3 children.

Why did your child want their inheritance to go directly to the grandchildren?

The only time I have heard of this was in cases of pending bankruptcy.

The cleanest way is to leave to children, a theirs each, not skip generations.

VanGoghsDog How do you know?

Just spllitvequally between your DC. They can sort it out based on their situations at the time. You never know, one of your DC may divorce and need money, or have care needs so don't bypass them

I had a very small inheritance left to me by my grandmother - I used it to buy something specific and it was a very special legacy to me. Can you word the will in a way to say x amount to each issue of DCs, remainder divided by 3.

Why all the angst?
You’re splitting it 3 ways evenly between your children. 1 child prefers it to go to her children.

Either: just leave it to the her anyway, and let her split it (though is there a reason you do or don’t know about? Is she on benefits that would be affected, debt that would swallow it up, a husband she may divorce...)

Leave it as described, including the 2 kids - and in an “expression of wishes” filed with the will, write a remember that that was what you did - so there’s no fighting afterwards about some grandchildren benefiting and not others.

Don’t really see what you’re worrying about?

@newstart1337

I think it would be unfair to end up directly giving GC being given different amounts. Depending on how much you are leaving I would give all your GC the same fixed amount, like 5-10k. The rest of your estate should be shared out equally between your 3 children.

It’s not remotely unfair. The parents can hand over all of their share if they want. Doing it directly doesn’t make it any more or less fair than it being done the week after it’s divvied out.

There’s a myriad of reasons the DC1 may want it to go direct (marriage problems, complicated will of their own, gambling/drink probs, tax organisation etc etc).