Can surviving parent change a will that would cause issues for children?

[ohyesohyesoh]

Parents have mirror wills. Stating that whoever does survive ,the partner that dies first , can stay in house but that 50% of the house is to go to ‘trust ‘ for adult children.

no problems with adult children needing /wanting the house atm but how can adult children guard against the surviving parent selling property and not divvying up proceeds?
I know we can’t stop surviving parent changing their will should they want to but can we protect our share of the house ?
TIA

I am not a lawyer, but isn't that what the trust clause does? I would assume that means that if the house is sold 50% of the proceeds have to be handed over to the children. You might be best talking to a solicitor, tbh.

Thanks -that’s what I thought but surviving parent is capable of some shitty behaviour. 2 of the adult children have POA already in place
yes, I agree we need to double check things with a solicitor.

@Gasp0deTheW0nderD0g is correct. If the will has set up a life interest trust with 50% of the house, which is what it sounds like, the children's share of the house is already protected. The surviving parent can sell the property if they wish and doesn't have to give the children their share at that stage, but they cannot spend the children's share on themselves, nor can it be spent on care home fees. The capital must be preserved for the children.

"...how can adult children guard against the surviving parent selling property and not divvying up proceeds?"

There will be a statement on the Land Registry form for the property that reads something like this:

"No disposition by a sole proprietor of the registered estate (except a trust
corporation) under which capital money arises is to be registered unless authorised by an order of the court"

This stops the surviving spouse from selling the property by themselves.
.

"...no problems with adult children needing /wanting the house atm"

However, if the house is sold then the trust's share of the money cannot be divvied up among the children until the surviving parent passes away.

The trustees can choose to use the money towards helping the surviving parent buy a new home and the trust will then own 50% (or whatever share it is) of that new home under the same terms.

If the trustees choose not to do that then they must invest the money until the surviving parent dies. The surviving parent gets the income but cannot touch the capital Only after the death of the surviving parent can the children get their hands on the money.

If that happens then I would strongly suggest speaking to a qualified advisor.

Any capital growth is retained by the Trust, but any income (such as interest or dividends) is paid to the surviving parent.

For example, if you put £100k in a savings account. According to Moneysavingexpert, the top rates at the moment are around 4.5%. So £100k in a savings account could earn £4,500 per year in interest and that must all be paid to the surviving spouse.

That's great for them but not so great for the children.

Alternatively you could invest in things that go for capital growth and don't provide any dividends at all. Great for the children, not so great for the surviving spouse.

However, as Trustees, you are required to take the interests of both parties into account (unless the will says otherwise) when deciding what to invest in.

This would normally be done by selecting a mix of investments, some of which concentrate on capital growth (good for the children) and some which concentrate on providing income (good for the surviving spouse).

I really would recommend that you speak to a qualified advisor about this.

Then, when the surviving spouse finally passes away, the assets of the Trust can then be passed out according to the will.

Thank you. So in reality the parent legally shouldn’t be able to spend “our half”
but I guess mortally that’s another question

The surviving parent should not be able to spend it full stop. The trustees must not allow the surviving parent to spend it.