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Payment to beneficiary by installments.

Payment to beneficiary by installments.

Postby mowerman » Fri Jan 06, 2017 9:30 pm

A husband’s will leaves everything – property and savings- to his wife. However his wife is a spendthrift and upon the husband’s demise and the wife’s receipt of the cash savings she will blow the lot very quickly.
Can the husband change his will whereby the cash assets are only released to his wife in installments, say £50,000 by £5,000 over ten years?
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Re: Payment to beneficiary by installments.

Postby atticus » Fri Jan 06, 2017 9:32 pm

I am sure a suitable trust can be devised.
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Re: Payment to beneficiary by installments.

Postby dls » Sat Jan 07, 2017 10:24 am

He can always change his willbefore he dies unless it is expressed to be a mutual will.

The sort of trust you describe is called a precatory trust. It might be cheaper, wiser and friendlier just to spit in her face.

It is dangerous ground. Such an arrangement invites an expensive challenge by the widow under the Inheritance (provision for Family and Dependants) Act 1975. If there is an awful lot of money it might be worth it. If not, it is an invitation to provide a few pensions for lawyers.

It is a golden rule for those who wish to be remembered well. that if you have money to leave you do not try to extend your controlling instincts beyond the grave without exceptionally strong reason.
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