that you can't cut your children out of your Will? But McClure's has a way of doing so. (Scotland)
The law says that you can’t cut your children out of your Will. When you die, your children are entitled by law to a share of your estate on the first death and a larger share on the second death. They can’t just be ignored. The executors must locate them and advise them exactly how much they are due including interest from the date of death until payment. So what might happen?
Firstly the child perhaps can’t be found. In that case his or her share must be held back until they are found. Secondly the child might be found but give up their claim. This is very rare. Thirdly, they might be found and take their payment. This is not what you wanted and it may even be bad for them. And lastly they might be found but not give up their claim but neither discharge it. That is probably the worst of all outcomes as it means their share is frozen until either they make their claim or a 20 year period expires. That’s correct, they have 20 years to make up their mind and their share must be frozen until that happens.
The good news is that McClure have a solution. You simply set up a Trust and protect your assets in the Trust. There is no qualifying time period but obviously is makes sense to do it sooner rather than later. Your children have no legal rights claim on anything which is in the Trust. Their claim is restricted to anything that you keep outside the Trust. By using a Trust your wishes will be implemented. It also means that via the Trust, the Trustees, can if appropriate, provide an income for the child cut out of the Will without paying out large sums of money.
In other words if you want cut a child out of your Will or give a child less than they are legally due, a Will is not enough. You need a Trust to reinforce the Will.
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