Ruth and Allan were born in the 50’s and started working in the early 70’s, Allan worked in a factory his whole career and Ruth was worked in a bank. They managed between the two of them to buy a home and save a nice amount.
They had two kids Mark and Alice. Both Ruth and Allan spent long hours at work, and subsequently they left their children to the education system to teach them about life and unfortunately that caused Alice to get a great career and move to Australia where it was a bit warmer away from her parents and Mark developed a drinking and gambling problem.
Mark bounced from relationship to relationship and from two of his ex-girlfriends can the two most adorable little children, or at least Ruth thought so. Having gotten a little bit older, Ruth and Allan slowed their work rate right down. Allan’s body was sore, and Ruth had a feeling that she lost out a bit on her kids and wanted to make up for it with her grandkids.
Mark never quite got it together and despite all the help his family offered he tended to jump from one get rich quick scheme to the next. As such he was always poor, and a lot of his two children’s education and food money came from Ruth and Allan.
When they retired Ruth and Allan sat down and had a talk about their estate and their passing on, and such drafted a will. In the will they set Alice as the executor of the will and gave her 25% of their estate excluding the house, they wanted to give her more but after talking to her they changed their mind because she said that she has enough money and wouldn’t need more. They then gave Mark 25% of their estate excluding the house because even though he was not as successful as they would like he was still their son. They assumed he would spend it or gamble it, but they decided it was worth the risk. They then opened a trust and put the house and 50% of their estates value into the trust and made Mark’s two children the beneficiaries of that trust. With Alice instructed to use the money and the house to help the kids get educated and give them stability in this world.
They sort professional will writing help and had a document drafted for £100 and took it home with them and stored it in the office drawer. Allan filed it away and moved on with his life feeling secure in his and his family’s future. They invited Mark around and told him of how their succession would take place. Mark secretly was not impressed by his parents and thought he was entitled to more of the inheritance. He asked a few innocent questions like, “where is the will kept?”, and “how do we claim when the time comes?”, but secretly he had a plan.
A few years later Ruth and Allan passed away and true to the form of love they went close to each other. Mark was prepared and early on he snuck into their house, found the will and destroyed it. Mark had done some research and realised that the laws of intestacy were more on his side than what the will apportioned to him.
A few weeks later Alice arrived to help settled her parent estate and bury Ruth who passed away after Allan who had already been buried. Alice who was aware of her parents wishes and had a copy of their will, could not find the original in the house. She had been told in an email where it was, and it was not there. Her and Mark went to the lawyers with the copy of the will at which point the lawyer told them that without the original the laws of intestate would divide the estate up.
Once Ruth knew how the intestate laws would split up the estate and knew how much bigger Mark’s cut was going to be, she started to suspect foul play by Mark. She cornered Mark and while he never gave anything up his behaviour confirmed Alice’s suspicions. Alice was furious and she insisted mark honour the agreement and split the estate up as per their parents wishes but Mark could feel he had won.
Unfortunately Alice had to go home to Australia as her life was beckoning, she instructed a lawyer to keep fighting it and she flew home. With Alice being so far away from England her capacity to help honour her parents wishes were limited and in the end the laws of intestacy held firm and mark got his 50%.
Mark lived a great life for 6 months, he insisted on the sale of the house and with the rest of the inheritance, he drank the finest liquor, and had a new woman on his arm every other week and had the loudest voice at the bookies. After 6 months he was flat broke and had to return to his old ways of just getting by.
Alice distraught by how the system worked used her half of the property value and the rest of her inheritance into a trust similar to what her parents had wanted in the first place. The trust was untouchable by Mark and gave the two children a right to a good education and an easier start to their adult life.
Had Ruth and Allan thought about where they stored their will all of this could have been avoided. At MyPaperVault we specialise in will storage both online and physical, with a fully ensured physical storage system we offer peace of mind. All our systems are automated and fully guarantee you peace of mind for when you pass on. No more lost wills or nefarious activities, we are here to give you peace of mind that is fully insured for your benefit.
The My Paper Vault team.