I’m going to make an appointment to get my will drawn up next week, and wondered if the following is achievable.
My estate is relatively small: a house (mortgage free) worth approx. £500k and a few grand in the bank. I have no other significant assets. There could also be a death in service benefit of approx. £20k and a few grand in a pension if I die before I leave my p/t job and retire properly.
I have no children. My late DP’s son (31) inherited a trust fund from his GM at 21, bought a house and is well set up financially. His DM is worth a couple of million and that will all go to him in time (only child). His relationship with his DS was strained and DP only wanted him to have a token bequest.
DP and I always intended to leave the bulk of our estate in trust for his DGD (6) and this is still my wish. We wanted to enable her and her mother, to whom I am close, to buy a home so DGD has somewhere nice to grow up (they currently rent). However, I also don’t want DGD’s mother to be in a position where DGD, when adult, could chuck her out if their relationship were to break down.
I’m thinking of some sort of discretionary trust, with both as beneficiaries. DGD’s mother’s earnings are low, rent is high and so she claims Universal Credit. A discretionary trust would mean her benefits are unaffected. I have 3 people in mind to act as trustees and they are all agreeable and aware of the responsibilities involved.
There would be a couple of minor bequests in addition to the one to DP’s son.
I’d welcome any advice, especially if anyone can think of something easier than a trust that will have the same effect.