Testamentary freedom

[UnclePhilip]

This very interesting case recently found that testamentary freedom can be restricted not just by the Inheritance (Provision for Family and Dependants) Act 1975, but by a lifetime Deed:

https://www.step.org/industry-news/deed ... ry-freedom

https://www.charlesrussellspeechlys.com ... ke-a-will/

[stewamax]

Thanks for that. Very interesting.
Colicci ignored some sensible legal advice and presumably hadn't intended to die quite so soon.
Just emphasises that some things are everlasting and not automatically revoked on re-marriage!

[UnclePhilip]

Yes, it is interesting.

Rather like mutual wills (as opposed to mirror wills) which create an enforceable constructive trust at first death.

In this case, though, the deed was found to be enforceable, and took precedence over the later will.

I have no idea how novel this is, but it's a new one for me!

[stewamax]

Rather like mutual wills (as opposed to mirror wills) which create an enforceable constructive trust at first death.

Mutual Wills - dreadful things! Far better to put things in a straightforward trust while you are both still alive and then write your Wills.

[UnclePhilip]

Rather like mutual wills (as opposed to mirror wills) which create an enforceable constructive trust at first death.

Mutual Wills - dreadful things! Far better to put things in a straightforward trust while you are both still alive and then write your Wills.

Well yes, but then....

We recently put a property in a discretionary trust to set the 7 year IHT clock ticking. We can afford to forego any benefit (rent), but the problem arises when you feel you need to keep assets to live off, and then want your estate(s) to go to your children.

With all these 'blended families' and stories such as that in the court case, I can understand the case for mutual wills, in some circumstances. We chose mirror over mutual, because our trust in each other (such that the survivor can apportion legacies as need arises) was strong enough. But it's complicated, and I think it's fortunate that there's a choice....