Control a Modern-Day wastrel by writing a will

It’s a potential 70-plus board game score, but the word “wastrel” could be worth a great deal more if it’s dropped into a will.

“It’s one of the English language’s delightfully quirky words, but incorporating it into the text of a will is a very tactful way of preventing wayward young offspring from blowing the entire inheritance on fast cars, brash holidays and a few nights out,” said Carl Marston of SAS Daniels LLP, Cheshire’s biggest law firm, with offices in Stockport, Macclesfield, Chester, Congleton and Bramhall.

“People are always surprised at the level of control and management, plus the benefits, a correctly considered will can provide – and one of those elements is ‘controlling a wastrel’, or, in other words, preventing the family flash boy from buying a Ferrari the instant granny passes away.

“Reference to ‘controlling a wastrel’ dates back centuries to the days when rich landowners or brewery barons felt the need to ensure the spending habits of their playboy offspring could be controlled by putting the inheritance in trust until they reach a responsible age.

“It’s equally relevant in 2009 – particularly so as the workshy will quite possibly have the economy on their side.

“If the will in trust is drawn up correctly it is very difficult, if not impossible, to break the trust, and the person making the will can thereby ensure that the inheritance is there for the next generation who are more prudent – and not frittered away by a reckless spender.”

In the 1800s it was used primarily by the gentry to ensure the eldest was “a fit person to carry on the estate”. All sorts of conditions can be introduced, but typically in the 21st century it might be that the money is not paid out until the beneficiary is past a certain age, is married, has attained a certain standard of education and so on.

Carl says there are a number of good reasons to ensure a will is drawn up:

• You decide how your estate is to be distributed not the law of intestacy.
• You can ensure that if you are living with your partner – and this includes same sex relationships – they will be provided for.
• A former spouse can be a beneficiary, as can nephews, nieces and grandchildren, charities and friends who may not benefit if no will was made.
• Tax planning: there are processes to ensure that you pay as little inheritance tax as is necessary .
• If you have a physically or mentally disabled child or spouse a will can ensure that their needs are provided for in the most efficient manner and how you would wish .
• The appointment of guardians for your children will avoid the need for the involvement of the authorities who may appoint someone you would not have chosen, being distressing for the children concerned, or, if unmarried, the natural father who may not be granted guardianship automatically.
• By setting up a trust in the will this allows some control over the estate to protect the assets from youthful irresponsibility – “controlling a wastrel”.
• Making a will gives you the opportunity to sit down and discuss your wishes with a highly experienced solicitor and to ensure that any potential problems or scenarios are considered and resolved

For more information contact Carl Marston