Grandparent wills.Have you done this?

I don't understand what you are asking more information needed.

Check out the rules and regs around trust funds. It's a complicated area with some costs to consider.

That isn't the case in England. You are, more or less, entitled to leave your money as you please. Intestacy rules only kick in if you haven't made a will or the one you have made is judged to be invalid. The most common reason for this is that people forget to make a new will after they remarry.

You need advice from a solicitor who specialises in will writing.

I agree that more information is needed, I don't think there is such a thing as a 'grandparent will'. I will however share what we have done (through a solicitor):

After we both die, our 'estate' is split in 2 - half goes to our children (if any die before us, then to their partner)
Half goes to our grandchildren, this is set up as a very simple trust:
The trustees are our own children - this keeps costs down, they can charge expenses (including legal if needed to the Trust).
The Trust ends when the youngest grandchild turns 25. Although there is a theoretical possibility of more arriving, this is a simple way of allowing the money to be available to the grandchildren without making it too complicated.

The trustees, knowing what money is available (approximately) release each grandchild their share (minus a bit) when they turn 25. Some can be released before they are 25, for purposes the Trustees agree on - we gave examples of education, buying tools for a trade, a house deposit etc.
When the youngest is 25, the Trust ends, and a final distribution is made.

In our family, where some of our children are parents and some are unlikely to be, it seemed fair. It also means that the grandchildren get their money directly. Grandchildren mean full or adopted grandchildren, we would amend our will if a any 'steps' needed to be considered.

It does need tying up legally, but for such a simple trust it is neither too expensive nor complicated.

My will is very simple. All my estate to be divided five ways between my five children. I have put in a caveat, that forty grand be held back to be given to each of my eight g.children on reaching their 25th birthdays. This money to be look after by my two eldest children. If any of my g.children have turned that age before I die, then they would receive that money immediately.
I do hope that I may be around to see the older four g.,children approach this age, but no way will I with the four youngest. Just be nice for them to have something to remember me by as they reach proper adulthood.

I don't know much about trusts but my aunt died recently and my cousin had a dreadful, very expensive time sorting out the trust that my aunt and uncle had arranged.
She reckons the only people who benefitted from the trust were the solicitor and the bank.

I have good reason to agree with your cousin Liz46!

I know trusts can be difficult, but the more you try to simplify them, the more you risk unintended outcomes.
I am not sure if Franbern is leaving £40k to each of 8 grandchildren, or between them. But for example (hope you don't mind Franbern):
If £40k is invested for them, does the first get £5k, or 1/8 of what granny left? Does the last get £5k, in which case, is the interest accumulated then shared between the 8? And does the last get £5k + accumulated interest? It may buy a lot less than the eldest grandchild's £5k!
Are there caveats around investing? Our children who will be the administrators, know our views on ethical investments.

My lovely grandfather made a will in the 50s and left me enough money to buy 50% of a small house in the village we lived in. By the time he died it bought me a nice print to hang on the wall and remind me of him. I didn't mind - his love and support helped me to have a good job and not need his money.

Our trust is simple, and can be administered by people we trust (and I can hear solicitors laughing!) but it is really the only way to leave money directly to grandchildren who are under 18. Also, I'm sure that Franbern and I were on the same page when we hit on 25 as the date to get the money! If left directly, they can get it at 18.

Also, I know that I am fortunate in having money to leave (if care costs don't eat it up!)

We have a trust. Both of us are tenants in common with the house which means we can leave our share of the house, (half) to whoever we like when we die. We have left it to our son and should he not be around then to be divided between the three gc. That share of the house will be held in trust but still allows the survivor to live in for their life time or sell it and move. This means that eventually when both of us have gone the house is with my son or gc and the Council have not been able to snatchaway the whole value of the house for care fees.

Why should everyone else's local rates subsidise your care costs? I'm happy to pay my way while I can.

Try not to make a will complicated, if you want to leave money to the GC give them a modest sum each outright, then leave the bulk of the estate to their parents to use as they think fit. If you don’t trust the parents you might set up a trust

Aveline,, when this government sorts out and caps social care then I will have a change of mind. Also you could argue why do MPs expenses include things we have to pay for, why can’t they be happy to pay their way. And then we have tax evasion, so if you are happy that’s ok but I am. Not

I’m finding this very difficult as one of my grandchildren is diagnosed as autistic and has limited planning ability whilst the youngest has been born with severe physical and mental handicap (rare genetic disorder) feel stuck. Should I just leave extra money for my son their father? Should the one other granddaughter not affected only get an inheritance directly? Any experience gratefully received.

This is where trust funds work. Any money I give my disabled niece goes into a trust fund and the trustees decide how it should be used to benefit her.

I haven't got a will, because it will depend when I die.
If my grandson is an adult, obviously it would be different than if I popped off now.

I will add that I think it immoral to have a house that can be used to finance your long-term care and then expect poorer people who cannot even afford to buy a house to pay for your care instead.

I have always paid all the tax I am due to pay and I will willingly pay for my care. My sticking point is being expected to subsidise the fees of SS financed residents in the same home through my care fees ad I have told my DC that should I need care I am to go into a home which only takes full fee paying residents. There are plenty of them about.

Granny granbe, Mencap have a great scheme that I have used for my daughter. The money goes into a trust with Mencap and the will and then they will manage for daughter, they will work with her and help her to budget etc. Worth a try. And Monica as I have always done paid and still paying my taxes. Y ou might not be happy about subsidising those on SS and so have taken steps to avoid it it, I on the other hand object to subsidising the Governments expenses, subsidised food and housing that is immoral especially when people are using food banks.. each to their own.

MissAdventure, it is a good idea to have a will anyway, and then change it. Occasionally difficulties arrive if you make a will, then become incapacitated, so you can't alter it, but more difficulties arrive is you don't make a will.

I know that DiY wills get a bad press, but if they are simple, they really are OK. I find that if folk have paid a lot for a solicitor's will, they may then be unwilling to pay to change it.

I have made 2 DiY wills at points in my life when they were simple. I have made 2 wills with solicitors when the situation was more complicated.
I have been involved in probate with a simple DiY will that was kept up-to-date and was easy to administer. The other probate I was involved in was drawn up by a solicitor, but was left to get very old and took a lot of untangling!

Nannarose
That is my issue, really.
The thought of having to pay several times to update a will.
Perhaps I could get a DIY one and update it myself, until I find out if I'm dead before my boy's 18th?

We used these:
www.lawpack.co.uk/

I thought them very good, as they take you through every point and tell you if you should stop and consult a solicitor.

Money Saving Expert site has a lot of information on this as well.

Of course, you shouldn't take advice from me! I am simply putting a personal view based on my own experience. The usual advice is that you can DiY a simple will such as 'everything to my spouse' or 'everything divided equally between my children Flopsy, Mopsy and Cottontail'.

You do have to keep on top of it, for example, if Flopsy dies before you, you need to alter your will so her share is divided out between Mopsy and Cottontail, or goes to her spouse, partner or children.
But whilst you are fit and healthy, you can stay on top of this.
Every January when we clear out old receipts and bank statements, we review our wills as well.

You can and should make provision in a will for what is to happen to a beneficiary’s share if he/she dies before receiving their inheritance. You should also stipulate the age at which a child is to receive his/her inheritance. The will can appoint trustees to hold the inheritance until then, who can also be given power to release some of the money before the child comes of age, e.g. for uni costs. But do ask a solicitor to prepare the will and do it soon. Solicitors make far more from sorting out diy wills than from writing them and many a distant relation has benefitted from the intestacy of someone who put off making a will then died unexpectedly or for instance suffered a sudden massive stroke which robbed them of the capacity to make a will.

Thank you.
You've spurred me on to have a look about.

My recent will cost £180 plus vat. Not a lot to ensure everything is legal and not open to question.
It covers what should happen if anyone dies before me and simply specifies a sum to be divided between my grandchildren so any new babies will be covered.

The issue is that the more you prepare for any eventual scenario, the more the will costs.
That's why I think it sensible to be aware of the issues, but not pay too much until necessary.
I am not advocating DiY wills in anything but the simplest circumstances. I do take the point about DiY wills, but I have also ended up doing the bulk of the work in sorting out 2 wills prepared by solicitors.