Money bequest query

[wephi]

I am the executor of the will of my late father-in-law who has left the same sum of money to each of his 4 grandsons. The will has the following wording for each grandson:

"...I give my grandson (name) free of all taxes and death duties the sum of (amount) pounds or such larger sum as my Trustees shall assess so that its value at my death shall be the same value as at the date of this Will."

My query relates to the words in bold. Is there a standard method to calculate the "larger sum" in this instance? I don't think this is an unusual wording but I've not found any guidance in my online searches. I've looked at the Bank of England inflation calculator https://www.bankofengland.co.uk/mone...ion-calculator. Is that the sort of thing I should use?

Any guidance would be appreciated.

Thank you.

[Sam101]

It would be helpful to know the date of the Will and date of death? You may then obtain a figure to calculate by.

For example the Bank of England may calculate growth of £1000 in 1990 growing at 2.3% to 2021 to be worth £1996.98, as in this https://www.bankofengland.co.uk/mone...ion-calculator

Others may calculate at a different rate,

[wephi]

It would be helpful to know the date of the Will and date of death? You may then obtain a figure to calculate by.
For example the Bank of England may calculate growth of £1000 in 1990 growing at 2.3% to 2021 to be worth £1996.98, as in this https://www.bankofengland.co.uk/mone...ion-calculator
Others may calculate at a different rate,

Thanks SAM101.

The URL you quote is the same as I included in my initial post and I will probably use that. The reason for my post was that I wondered if there was a defined method of ensuring same value over time, especially as the wording is precise that the bequest sum at the time of death shall be the same value as at the date of this Will. However my guess is, at the end of the day, it's down to each executor to arrive at an amount that is justifiable?

Many thanks again.

[atticus]

There is no one determining measure. There are a variety of indices: Retail Prices Index, Consumer Prices Index etc.

Using Sam's example, is there a reason not to round it up to £2,000? Will an approach of erring on the side of generosity cause problems elsewhere?

[dslippy]

Read the will in full, and see what protections are given to the trustees. It is an unusual provision.