I am often asked if you should reveal the content of your Will to your adult children. In a perfect world my answer would be absolutely not. This will allow you to change your will for petty reasons, e.g. that they did not ask you to lunch, without upsetting them or appearing senile. If the reason for changing your Will is a good one, inform them after the Will has been changed that they have lost out. The more money that they think you have the more satisfying you may find this. You can always change it back later. However, as clients get older and their fortunes greater, they come under increasing pressure from their adult children to reveal “Who to?”, “How much?” and in some families “How Long?”. Trying to reason with an adult child that their “utterly useless” sibling is more deserving, is not usually accepted as a valid reason for the loss or reduction of their rightful inheritance. Where a step mother or step child is involved such explanations will fall on deaf ears. If you tell...

When elderly people make wills, I encourage a frank discussion about their children to see if there are any particular problems. Some people avoid the subject and say that they have normal children, which I suspect means that they have been traumatized by the experience and cannot speak about it. Adult children seem to range from “competent and never call”, to attentive, to “having trouble sitting the right way round on a toilet seat”. Some have already received more money than the other children, there are spendthrifts married to unreliable spouses, drunken womanizing sons etc. I usually advise against “ruling from the grave” unless there are medical reasons or there is a really serious issue. I feel it is better to spend it before you go (an increasingly popular option) or to divide it between the children equally and let them get on with it. Extract from "A LEGAL GUIDE TO DYING-baby boomer edition" © Paul Brennan 2008-2016. All Rights Reserved.     © Paul.Brennan 2008-2016...

Do you have a few bob?  If not, this is not for you. If so, read on. With wills, as in some other situations in life, size matters. Compare the size of your will with your friends. You will find some will have a whopping 19 pages which you may feel puts your small three pager to shame. “But why bother?”, a client asked me the other day. He has one wife and one child. He plans to leave his wealth to her and if she is dead to his son. His son is capable, not a spend thrift, does not have a drug problem and is happy, hard working, mentally and physically sound.  At that stage of the interview, I began to doubt that it was his son but that is by the by.  Whereas some people get divorced they have decided to fight it out to the bitter end as many of us do. A standard will seemed to fit his situation exactly. However, things change.  He could die, for instance. With such an attractive wife, no doubt someone else would snap her up.  Could this new man set about spendin...

Why did Walt Disney not have something cheesy to say about Step Mothers? Answer: they are a thoroughly bad lot, that’s why. Luckily you decided not to marry again (yet) and although suspicious of the new lady in your life, your adult children have not been too hostile (yet). After three years or so, your minds will turn to making wills. She has no children and is prepared lovingly to give everything to you. You want to see her right but to look after your own children too. You decide to consider carefully what your children will want. Within seconds you guess, “everything”. She will want your home. You give it to her for the duration of her life and then it will go to your children. On your death your children will do the “math” and decide that “your lady” has at least 30 years to go and may see them out. She may make a court claim for full ownership of the house. This is either because she is, understandably, fearful about her future security or a bit of an old bag depending on who yo...

They may not be up there on Disney’s hit list with Stepmoms but Stepdads can be just as villainous. Your dear old Dad dies unexpectedly at the age of 53 years. He is immediately elevated from the dog house to pride of place on the mantelpiece. Framed photographs appear like mushrooms on every flat surface in the house. Your mother is devastated, and hopefully a little guilty, as she fights with the Insurance Company over a generous insurance payout, which they do not want to let go of. They inspect old medical reports and look for loopholes. Your mother begins to think that your Dad's mates may have told the Insurance Company that she nagged him to death. However, her lawyer assures her that with insurance companies, this is not unusual, despite what their advertisements say. Just about the same time as the insurer finally pays up, your mother’s loneliness is mercifully cut short as she meets a male companion. Your relief at your mother becoming less reliant on you is quickly repla...