Not sure how to write my new will

[bruceh1973]

My wife passed away recently and I think I need to do a new will. I will inherit all of her estate but don't then want everything to go to my 2 daughters equally. This is because I took out equity release for about £20,000 15 or so years ago and gave the money to my eldest daughter who was having some serious problems.

The equity release loan is now over £40,000 and it doesn't seem fair that my yougest will get less over all if that makes sense.

Is it possible to say something in a new will to make it more equal overall?

There are loads of will-writing services and solicitors who will help you make sure you get it right, but yes of course you can leave what you want to whoever you want. So for example you could leave the first £40,000 to your younger daughter and then split the remainder between them equally - or whatever. Your choice.

Another option would be to leave it a bit more flexible, as the equity release debt is only going to increase, so giving the younger daughter less all the time (however that may not be so much of an issue of the value of the house is increasing faster than the debt is incurring interest).

So the options are, for example;

1. I give to my daughter x free of tax a sum equivalent to that outstanding at my death under [insert details] in recognition of [insert brief history]

1. I give to my daughter x the sum of £40,000 free of tax

and then go on to say that the residuary estate will be divided equally between the two daughters.

It would be a good idea to record, separately from the will, the reasoning behind the apparent disparity if you go for option 2.

You need to be a bit careful though, what happens if for some reason you help out daughter number 2?

Sometimes (I'm a will writer), I write in a Hotchpotch clause which is a way of recognising all relevant sums (over a certain figure, such as £2k) which all need to be taken into the reckoning but not everyone is very good at documenting gifts like that.

Another option of course if you have funds available would be to give the second daughter a cash gift now but I appreciate that may not be possible.

Did your wife have any life insurance?

Mumble wrote my wills so she is good. I am a great believer in seeing the joy your money brings if you can possibly give daughter 2 the money now.

Thank you Superram, I'm really pleased we could help!

Thank you all.

Mumblechum 1, it looks as though you may be able to help? What do you charge usually (ball park figure is fine)

Hi Bruce - sure, I have a paid for ad on Classifieds, (fees are on there) or feel free to PM me for further details.

Have answered your PM

Mumblechum is great. She did my will too. Terrific value for money in my view and very clear drafting.

cupcakes thank you so much!