Wills--specifying beneficiaries

[suzer]

If anyone is will saavy, query: am doing my own and thinking that if something were to happen to both hubs and I, would want the estate to go to the nieces and nephew, but only to be used for university costs. I'm not wanting it to go into a trust with public trustee (they have a terrible record here) but wondering how to word it/go about it. Anyone have any knowledge in this area?

[Guest Jo&Phil]

I don't think you can specify what your beneficiaries use the money for if you simply leave it to them .... difficult to monitor/control once you're not there!

You'd need an executor - same as UK - and can appoint your lawyer for this but they generally divvy up the spoils.

Would some sort of trust fund suit your needs?

I'd avoid the public trustee like the plague and see a lawyer - they will charge a bit to draw up the will and would also charge to administer it ........ but worth it have your money going where and how you want.

Good luck

Jo

 

If anyone is will saavy, query: am doing my own and thinking that if something were to happen to both hubs and I, would want the estate to go to the nieces and nephew, but only to be used for university costs. I'm not wanting it to go into a trust with public trustee (they have a terrible record here) but wondering how to word it/go about it. Anyone have any knowledge in this area?

[Guest David Brown]

I agree with Jo. There are ways you can achieve some control after you've passed on but only through some sort of trust written into the will, but even then it would be hard to confine the trustees to only paying out the money for university costs, as opposed to other benefits or costs. This is especially true once the nephews and nieces become adults.

 

Once you start involving trusts like this you also get tax issues and for both those reasons, you need a lawyer I'm afraid. Its a false economy to try to draft your own will. My dad tried it a couple of years ago and ended up doing something with a trust that he never intended.

 

I wonder whether another way of doing it is some sort of saving product aimed at saving for university fees? I know they have them for schools. Maybe there are products where you can nominate the nieces/nephew as beneficiary under the savings plan, but I know nothing about saving products at all though!

 

I don't think you can specify what your beneficiaries use the money for if you simply leave it to them .... difficult to monitor/control once you're not there!

You'd need an executor - same as UK - and can appoint your lawyer for this but they generally divvy up the spoils.

Would some sort of trust fund suit your needs?

I'd avoid the public trustee like the plague and see a lawyer - they will charge a bit to draw up the will and would also charge to administer it ........ but worth it have your money going where and how you want.

Good luck

Jo