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Original poster

Will dillemma. Trust fund?

57 replies

ComeSailAway · 20/03/2022 14:24

Hi all,

I am about to write a will having received a terminal diagnosis.

I want to leave the majority of my modest estate (I have a house and some money from a recent inheritance) to my long-term partner. We are not married. I have other family, including siblings and nieces/nephews who would also benefit from the money but partner is my first priority.

He is financially destitute and has several siblings/nieces/nephews. His siblings are comparitavely well-off (second homes, rental properties etc).

So here is my problem: I would like partner to also make a will, stating that upon his death the remainder of my estate (if there is anything left) will revert to my family. He agrees in principle but won't actually do anything about it. Time is ticking on and I am due to have surgery soon.

Is there any other way of putting my wishes into effect? If I leave my estate in a "Trust fund" for example? I don't want to restrict what he can do with the property/money but I don't see why his brothers should inherit my parents' money if something happens to him.

Any advice will be gratefully received.

OP posts:
Bushkin · 20/03/2022 14:27

You could leave the house to your family with a clause that he gets to live in it ? Would that work?

CavernousScream · 20/03/2022 14:30

He could change that will at any point anyway, it wouldn’t be worth anything even if he did write it. Leave him a lifetime interest in your house and leave the inheritance directly to family.

LizDoingTheCanCan · 20/03/2022 14:32

That's complicated. You can't dictate how someone else leaves their estate, that would make the consequent will void for undue influence.

You can leave him a life interest in your property, so he can live there for the rest of his life, then it reverts back to your estate/ your beneficiaries. You can't do this with money though, as it would be impossible to decide what was yours and what he might have received by other means. Even if you left the money in a trust, it would be his asset.

I appreciate that you're trying to do your best for him, during such a horrible time for yourself. However I would take care not to come across as controlling.

HollowTalk · 20/03/2022 14:32

I'm so sorry you've had such bad news.

Yes, that's what I'd do - leave it to your siblings or nephews/nieces on condition he can live in it until he dies or remarries or lives with someone else. That's going to be difficult to keep an eye on, though.

What you could do is say it has to be sold and the first £20,000 or whatever should go to him and the rest should go to your family. What if he remarried and then his wife got it in a divorce?

Are you sure you want to favour him over your siblings?

HollowTalk · 20/03/2022 14:32

What age is he?

Fangdango · 20/03/2022 14:41

Very sorry to hear your news and hope you are being looked after.

Unless he is much older than anyone you'd like to see inherit later, I'd make any arrangements directly through your will. The house alone will be a life-changing legacy for him but less so if he's trapped unable to sell it. You can always divide the money now to give others a share. I can imagine you want your will to reflect your ties with more than just him. Don't underestimate the power of a message or token gift either.

Original poster
ComeSailAway · 20/03/2022 14:45

Thank you for all your comments. I am almost 20 years from initial diagnosis of my condition so I have been very lucky, all things considered.

He is 62. I completely trust him as far as intentions go (i.e., he wouldn't change his will after I died); the problem is he doesn't want to face the situation. I think it's a mental block or some kind of admission that he's mortal!

I would want him to be able to sell the house if he wants to live elsewhere. He is very slow to adjust to changes so wouldn't want him to be turfed out as soon as I die.

Thanks again for all the input. Food for thought.

OP posts:
Original poster
ComeSailAway · 20/03/2022 14:46

Nieces and nephews are in their 20s/early 30s, so I'd say he is considerably older.

OP posts:
Original poster
ComeSailAway · 20/03/2022 14:49

I would be quite happy leaving everything in a trust and if he blows the lot before he dies that would be fine with me too (he hasn't had an easy life, bless him). I'm not sure these things work.

OP posts:
Burghwallis · 20/03/2022 14:52

It’s not the man you leave it to, it’s the woman he meets next that will affect his future will. He will likely want her to be taken care of should he die. It’s human nature and not a criticism. If he is left with the benefit of house but unable to sell it Etc, he still bears the costs of maintaining it even if your other relations get it on your death so it may be kinder to have it sold and he can have a lump sum to enable him to put down a deposit and the rest goes to relations.

FairyCakeWings · 20/03/2022 14:59

If you don’t mind him blowing the lot or nothing being left to revert back to your family, then just leave everything to him and carry on trusting his intentions. He probably is genuine in his intentions right now, the problem is that they might change. His life is going to change drastically and it may be that his intentions do, too even if he is a good person that wants to do the right thing.

ColdSeptember · 20/03/2022 14:59

Give him a life interest. He can live in the property (or a replacement) for life. After he dies the house goes to your family. Any decent private client solicitor will be able to draft this for you.

ColdSeptember · 20/03/2022 15:01

@LizDoingTheCanCan

That's complicated. You can't dictate how someone else leaves their estate, that would make the consequent will void for undue influence.

You can leave him a life interest in your property, so he can live there for the rest of his life, then it reverts back to your estate/ your beneficiaries. You can't do this with money though, as it would be impossible to decide what was yours and what he might have received by other means. Even if you left the money in a trust, it would be his asset.

I appreciate that you're trying to do your best for him, during such a horrible time for yourself. However I would take care not to come across as controlling.

Of course you can do it with money. It's perfectly possible and quite common. Please don't make such definitive comments as though they're fact when you're clearly wrong.
Magnoliasblur · 20/03/2022 15:03

@ColdSeptember

Give him a life interest. He can live in the property (or a replacement) for life. After he dies the house goes to your family. Any decent private client solicitor will be able to draft this for you.
This. Get a solicitor firm to write up your will. Put your property in a trust so that it goes to him, but then it reverts to your family.

They do this every day. It will be a fair amount of money but will give you peace of mind.

Do you have power of attorney set up too? They can do that, you can do it yourself but it is painful!

Justkeeppedaling · 20/03/2022 15:10

It could be even worse.
If he were to remarry to a woman with children, and he predeceases her, it would go to her children ultimately - so to people not even related to him.

You need a solicitor.

UnbeatenMum · 20/03/2022 15:11

Sorry to hear about your diagnosis. I was actually looking into this recently for one of my parents. If you leave someone a life interest in your property you can also give them the right to sell it and buy another one. You could then either put any cash into some kind of trust or just divide it up however you see fit.

viques · 20/03/2022 15:19

Cash , investments and personal effects directly to him ( with itemised personal bequests to your siblings and family as you see fit).

Property to him with a life interest , reverting to your siblings or their descendants on his death.

FinallyHere · 20/03/2022 15:24

I'm very sorry about your diagnosis.

The situation you describe about your will is really very simple. Any solicitor or will writer can do your will to exactly what works for you.

We used Mumnsnet's own https://www.marlowwills.co.uk It was really straightforward.

We started by describing our current family situation, what we each wanted to have happen and discussed the implications. We agreed what we would have in our wills, read a draft, confirmed a few minor points and then received the final version which we signed.

Very straightforward with help from someone who understands this area very well.

The key thing is not to rely on your partner making a will to execute your wishes. Write your will to ensure you get the outcome you want.

It will be a weight off your mind once you have it all in place. All the best.

londonmummy1966 · 20/03/2022 16:20

In the circumstances I think it might be best to leave the entirety of your estate (less anything you want to give to nephews nieces etc now) in trust for your partner. He would have a life interest allowing him to live in the house or a replacement for it and the income from any capital (which could also be spent on maintaining the property). On his death the capital value of the trust would pass to your nieces and nephews. It is not a document to be scrimped on as it is really important that a full range of powers are given to the trustees to handle the property and assets and sell/purchase etc when necessary. I would suggest that you get a solicitor who is a trust and estates specialist to draft it - you can find someone suitable by using the search tool on the Society of Trust and Estate Practitioners website.

AtillatheHun · 20/03/2022 16:29

marry him asap so that you're not giving up the IHT benefit. Then do a will leaving everything to husband for life, nieces/ nephews thereafter (if any remaining)

KateTheEighth · 20/03/2022 16:32

A life interest is probably what you want

I cannot emphasise however how important it is for you to take proper legal advice and have the will drawn up properly

Best wishes

GeneLovesJezebel · 20/03/2022 16:32

I would leave the house to your family, with him being allowed to live in it until he cohabitates/remarries/is unable to maintain the house.
And leave the money to him .

Tidlo · 20/03/2022 16:41

Life interest trusts for property aren't advised if you are not married due to the fact you can't pass on your inheritance tax limit to him, which then causes problems once he dies. You'll need a nil rate band discretionary trust instead. A good will writer should be able to help you in this basic estate planning.

FairyCakeWings · 20/03/2022 16:44

@AtillatheHun

marry him asap so that you're not giving up the IHT benefit. Then do a will leaving everything to husband for life, nieces/ nephews thereafter (if any remaining)
This is a good point. Think about whether you should get married, presumably you don’t want him to end up in a situation where he has to sell the home you’re sharing just so that he can pay tax.
Tidlo · 20/03/2022 16:45

www.fjg.co.uk/blog/the-residence-nil-rate-band-a-common-misunderstanding/ (why unmarried couples shouldn't use a life interest trust)

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