Legal News | 20.07.23
It’s holiday season! Going anywhere nice?
Ellen Stiles writes that the staycation trend continues to boom, with many people again choosing to holiday in the UK this year. Ellen notes that this has led unsurprisingly to a boom in caravan and motorhome sales.
For many the excitement and joy of choosing a new caravan or motorhome and enjoying it hopefully for many years to come, takes priority as it should! However, Ellen points out that some thought does need to be given as to what is to happen to your beloved ‘home on wheels’ on death.
In most cases these can be quite valuable assets, however they are often overlooked when it comes to will writing and estate planning.
A caravan or motorhome falls under the legal definition of a ‘personal chattel’*. When it comes to dealing with personal chattels in your will there are a few options available:
- Personal chattels could be left as part of the residue of your estate to be distributed in the same way, though this may cause disputes between family members if they have to agree between themselves on that division.
- Any chattels could be the subject of a specific gift in your will. However, once specific gifts have been written into the will then any changes need to be made by way of a new will or codicil, meaning a loss of flexibility. In addition, detailing gifts of all and any chattels may result in the will being lengthy and the administration costs of dealing with them a lot more expensive and time consuming for your estate and executors.
- Your will could include a specific legacy leaving all your chattels to e.g. your executors, with a request that they distribute the chattels in accordance with any wishes you might have left for them. This third option is the most flexible as it can evolve as your possessions and wishes change over time but, at the same time, the fact that any wishes are not legally binding (and could be ignored) is important to note.
For more help and assistance please get in touch with your usual contact at Wansbroughs or email email@example.com.
*as defined by s55(1)(x) of the Administration of Estates 1925 (as amended by the Inheritance and Trustees’ Powers Act 2014).