Daughter's divorce

I’m sure I saw an advert this week for a charity will writing offer by Air Ambulance - £40 and you don’t have to leave them anything if you don’t want to although obviously they would like you to!

I was in an identical situation last year when I made a new will, my eldest son was going through a toxic divorce in the US and also potential bankruptcy. My solicitor advised me to set up a Trust so that when I die, my whole estate goes into a Trust administered by my other two children who live in the UK. They have the choice of leaving the money in the Trust and following my requests in my letter of intent or closing the Trust and dividing the inheritance three ways ( it’s a very simple will!). I’ve discussed everything with all three of them so there will be no surprises.

This means that should my eldest son still be negotiating, he will not get an inheritance so it is not part of the marital assets. The executors are instructed to give him a small sum to help with any legal fees or allow him a small monthly income but not to pay him his full third until two years after the financial settlement. My other children can do what they like with their own share but I understand they like the idea of drawing income from the Trust rather than having a lump sum.

This also protects my eldest sons inheritance if his ex wife manages to succeed in her desire to make him bankrupt as he actually has no inheritance while the Trust is still active.

Obviously I did have to pay my solicitor for this advice and Trust paperwork but I did not think it was very expensive and well worth it for my peace of mind. I appreciate you do not have the funds to do this but I hope you do follow Monica's advice and consider equity release, you might appreciate some cash at this moment for house repairs or even some treats for yourself.