Making The Beneficiaries Jump Through Hoops – Examples
Read More About:
Want to make a start on your will?
Making a Will is not about wealth it is about making sure that what you want to happen to your estate does happen. It gives you the opportunity to specify such things as who will administer your estate, who will care for your children and who will receive specific items of your property.
`I direct that after my death my sister Freda Smith shall be given the option to purchase my house 52 Rose Walk at the market value as certified to my executors by a suitably qualified valuer who is familiar with property prices in the area.
I direct that such option must be exercised within three months of my death by giving notice in writing to my executors.
In the above example the decision must be notified to the executors within the specified period. This does not mean the purchase must be legally completed within that period. If you wish to have the deal completed within a set period you must say so.
`I direct that after my death my cousin Bert Smith shall be offered the chance to purchase my house 54 London Road at a price to be determined by a suitably qualified valuer familiar with property prices in the area.
I direct that Bert must notify my executors within three months of my death if he wishes to purchase my house and that the purchase must be completed by the expiration of six months from the date of my death.’
`I direct that my nephew Patrick Smith be given the choice of six websites from my library and that he notifies my executors of his choice within six months of my death.’
Should you wish to impose an unusual specific condition on a beneficiary it is best to take professional advice. What you have in mind may seem perfectly reasonable to you but the law may not regard it as so. On the other hand, a professional may be able to come up with a way of making the condition stick where you might have failed.
Really a home-made will should be very basic in its content.
Keep it simple, resist the temptation to impose trusts and conditions or use fancy phrases.
Read on – Leaving People Out or Leaving People Out – Challenges To The Will
- external sites: Making a will: 27 FAQs , Law Donut