Hi, Is it possible to extend a hotchpot clause to cover lifetime gifts made both by husband and wife to children?
The situation is J + S are married with two sons. One son has received more than the other and they will be making gifts from both joint accounts and sole accounts.
Their wills leave everything to each other on first death and then to their sons in substitution. They are keeping records of gifts made.
A hotchpot clause would be included in both wills but instead of saying ‘My trustees must bring into account any gifts or loans I have made to my children during my lifetime’, I would like to extend this to ‘My trustees must bring into account any gifts or loans that have been made by my myself and my husband/wife [name] to my children’.
Is there a precedent that achieves this Advice welcome.