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Joshua
Joshua, Lawyer
Category: Family Law
Satisfied Customers: 26070
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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I have two sons. One has a child , the other has two children

Customer Question

I have two sons. One has a child , the other has two children and a grandchild. How do I divide up my assets fairly?
Submitted: 3 years ago.
Category: Family Law
Expert:  Joshua replied 3 years ago.

Joshua :

Hello and thank you for your question. I will be very pleased to assist you. I'm a practicing lawyer in England with over 10 years experience.

Joshua :

May I clarify would this be in your will or during your life please?

JACUSTOMER-l2nou8zq- : In my will
Joshua :

Thanks. The starting point is it must and can only be entirely your decision how you decide to divide your assets and I nor indeed should any other solicitor lead you in this respect. I can however given you some examples of ways you could consider but as above the final choice must be entirely your own and one with which you are happy.

Joshua :

May I outline some of the typical options you might choose from?

Joshua :

Could you confirm if you have a partner or spouse?

JACUSTOMER-l2nou8zq- : When I say I have two sons I should have said my wife and I. Heir hunters must have some formula under these circumstances to distribute the assets of deceased persons and such guide lines leading to fairness would be appreciated
JACUSTOMER-l2nou8zq- : When I say I have two sons I should have said my wife and I. Heir hunters must have some formula under these circumstances to distribute the assets of deceased persons fairly and these guide lines would be appreciated.
Joshua :

Thanks. Would you wish to provide for your sons and grandchildren only after the second of your deaths or would you wish to make an advance to them on the first of your deaths?

JACUSTOMER-l2nou8zq- : Only wish to provide for family after the second of our deaths
Joshua :

thank you. On the basis you have a spouse, the first decision to make therefore is how you wish to leave things to your spouse. You can either leave everything to your spouse absolutely which means that your spouse would then be able to decide how to leave their assets and would be free to change their will. Alternatively, you could leave some or all of your assets in a life interest trust to your spouse which provides that your spouse has the right to benefits and enjoy those assets for their life but after their death, the assets passed to individuals of your choosing which you can specify in your will. The benefits of a life trust is that it allows you to retain control of the ultimate destination of the assets and can protect those assets from any claims from third parties during your spouse is life such as care fee claims from councils and so on

Joshua :

in respect of your children, there are a number of options to consider. The simplest may simply be to divide your assets between your children equally. You can provide that in the event that one of your children dies before you, their share goes to their children or alternatively you can provide that should one of your children die before you, their share accrues to the surviving children. This latter option of course has the potential to disinherit grandchildren who lose their parent before you and the more common approach is the former but there is no right or wrong decision

Joshua :

from there, you can also decide whether to leaving legacies to your grandchildren on the second of your deaths. The reason for doing so is that this would give your grandchildren a specific gift on the second of your deaths rather than just leaving everything to your children

Joshua :

the above does not represent every possible decision you can make as there are too many potential permutations to possibly cover every single option available to you however the above are some of the most popular and common decisions individuals make our trust they are of some assistance in helping you to form your wishes

Joshua :

is there anything above I can clarify for you?

Joshua :

Does the above answer all your questions or is there anything I can help you with any further?