Postby Jason123456 » Wed Mar 06, 2019 3:43 pm
Thank you for your response...I am hoping to get a second opinion on what i have been advised is the result of a revision recently made to a mirror Will.
Rightly or wrongly?,...I have called it a will Trust because it makes the spouse both ‘Trustee’ /Executor and Beneficiary , and as previously stated the Will is worded to avoid Care Home fees being siphoned off from the deceased estate, by virtue of the surviving spouse inheriting as Trustee,thus protecting the deceased estate.
A recent revision was made to include our two sons as additional Trustees/Executors, and this was done by means of a Codicil,however we were prepared to re-write the Will to accommodate this,but also because wanted to ensure the surviving spouse was able to inherit estate in own right, and if this meant eliminating the Care Home provision,this would be acceptable to us.We were looking for something simple that ensured the estate was ‘fully’ inherited by surviving spouse, including retaining ISA status of investments, and having no IHT issues. (Joint estate value >£1m,equally divided)
Rather than rewrite a new mirror Will we were advised that our needs could be met by retaining existing Will and simply adding the Codicil to include two sons as mentioned,and in respect to the original Will, the surviving spouse in the role as Trustee would write a ‘loan note’,loaning the estate to the surviving spouse in role as beneficiary to manage as he/she wished and by doing this our needs would be met!
We are looking for a second opinion that this is correct.
I hope there is sufficient information here to receive your comments?