Conditional Gifts In Wills
Making a Will is a big and vital thing to do – after all, choosing how to distribute your estate, everything you own, is hugely important.
Deciding who will inherit, how much and what exactly, are difficult decisions to make. These decisions are made all the harder if you have any concerns about a beneficiary.
Why Put A Condition On A Gift In Your Will?
There are a number of different reasons for putting conditions on gifts in a Will, which may include:
- Family relations
- The age of the beneficiary
- The circumstances of the beneficiary
- Second marriages
Individuals usually use conditional gifts to keep control over their assets after they die, to allow for greater flexibility over when and how a beneficiary receives their inheritance.
Examples Of Conditional Gifts
Examples of conditional gifts include:
- Putting a condition on the money left to a beneficiary that they can only receive the money once they turn 18 or 21 or a stated age
- Putting a condition on an asset left to a grandchild that they graduate from university before they receive their inheritance
- Including a life interest trust in the Will to ensure the assets only pass once certain conditions are met – this is usually used for couples with children from previous relationships, so the assets only go to their children once the new partner dies
Should You Put A Condition On A Gift In Your Will?
With careful consideration, putting a condition on a gift gives you greater control of your assets after you die. By doing so, the asset is passed to the beneficiary according to your wishes.
However, if a conditional gift is added to your Will that is unlikely to happen then the beneficiary may end up with no inheritance. The conditional gift must be included in your Will in the clearest way to avoid any misunderstanding or complications with the administration of your estate.
Our specialist solicitors are here to help and advise you with the planning of conditional gifts and their inclusion in your Will, to make sure the conditions on a gift are appropriate, sensible and legally valid. Furthermore, we will ensure any conditional gifts in your Will fully reflect your wishes, for now and for the future.
