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Inheritance....to leave or not to leave

(32 Posts)
vampirequeen Wed 20-May-15 07:35:40

www.dailymail.co.uk/news/article-3088628/Don-t-leave-money-children-says-Lenny-Actor-praises-wealthy-stars-said-cut-offspring-inheritance.html

Apparently the rich are no longer leaving money to their children to make them work. I can't understand it. I will leave my children every penny...mind you in my case it will be pennies but the principle still stands. If I win the lottery then I'd leave them millions.

Ana Thu 21-May-15 14:28:37

Sugarpufffairy I'm not sure you're right about there being laws to protect the 'rights' of disinherited children.

The could challenge the will, but if unless they were dependent on the deceased person financially I don't think they'd automatically be given a share of the estate.

Elegran Thu 21-May-15 15:34:55

If someone dies without a will, then there are rules about how the eatate is distributed, but in general the provisions of a properly drawn-up one will hold.

However it seems that contesting wills is on the up. With the best will in the world ...

There are five reasons for contesting a will -
Forgery or fraud.
Undue influence by someone on the testator
Testamentary incapacity of the testator
Testator's lack of knowledge and approval of what the terms in the will mean.
Due execution not being carried out.The witnesses must actually witness the signing - and they should not be beneficiaries.

vampirequeen Thu 21-May-15 15:41:44

I googled it. Apparently you can disinherit them but they could dispute the will. However my understanding is that you can leave them a little then leave the rest to whoever you choose.

I don't know how much you have but you should take advice. It might be harder to contest a will made when you're a relatively young oldie as they won't be about to argue that you weren't capable of making and informed decision.

As to spending the money ...you don't have to simply shop. Do you like to travel? Any hobbies? Any dreams?

Bez Thu 21-May-15 16:34:19

When I wrote my will a few years ago I was asked if there was anyone else who was in the same category as others I had included in sharing the spoils. I said yes - explained the relationship and why I did not want them to benefit when I died. I had to sign a statement to say that this person was not homeless and was married and able to pay for themselves.
When we both subsequently needed to make a new will neither OH or myself were asked the question - only who we wished anything left to go to - we did equal shares and they all know this.

FlicketyB Thu 21-May-15 22:15:53

Suggpufffairy put your assets in a discretionary trust with your children as beneficiaries. This will mean that only your daughters can receive money from it and if they and their husbands split up it cannot be included in any divorce settlement

Children excluded from their parents wills can only claim against it if they can prove they were dependent on their parents in some way. So, if a parent died leaving a young dependent child whose keep they had been contributing to and then left no provision for them in the will, then the child can appeal to the court for proper provision. If a parent cuts a grown-up child out of a will and that adult child is not dependent on them in any way, then they have to do without and have no right to demand a share of their parent's estate - unless of course they think they had been excluded for one of the reasons mentioned in elegran's post.

Sugarpufffairy Fri 22-May-15 12:22:01

Perhaps the fact that I am in Scotland makes it different from me. I have just been through a claim from a person who was not seen for 15 years had been caught fiddling money from my elderly mother prior to her death many years ago. I spent 20 year being carer to my parents mostly my dad. This "unpleasant person" has a full time job in NHS and a husband in work, they own 3 properties and their children are grown up and were "not allowed" to visit their grandparents or aunt or cousins but against my parents' wishes she was entitled to make a claim. This is why I am so again Legal Rights. Surely the person who owns the money house etc should decide who gets what and not the law. There are ways round this and those ways will be used in my estate.