Free and Cheap Wills discussion area

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  • John_Pierpoint
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    I don't see a lot of assets ?!?

    Best to leave the creditors to pay for the legal tussle over anything left behind.

    Body could be left for free to "medical science" - the bits can be returned if required (I am told).
  • msph321
    msph321 Posts: 58 Forumite
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    Ahhhh, yes... I forgot about organ donation. I'd do that, then cremate me. Would that have to be added to a will too?
    Listing debts to help keep my eyes on the prize
    Discover - $0 (!!!) :T
    AMEX - [STRIKE]$500.00[/STRIKE] $200.00 | BofA - [STRIKE]$3000.00[/STRIKE] $2000.00 | Capital One - [STRIKE]$2079.60[/STRIKE] $1745.00 | HSBC - $800.00 | Chase - $4000.00 (estimate) | Student loans (federal & private) - will likely be paying for life :mad:
  • sarahemmm
    sarahemmm Posts: 116 Forumite
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    Writing to the address of the deceased after the house has been sold in reply to a letter from the executor is a clever trick too.

    As for your write off:
    I'm going to write to my MP. How dare they be so cavalier with tax payer's money:mad:

    :D
    Reminder to self for thre future: set up forwarding with Royal Mail!

    Thanks for the warning, John.
  • John_Pierpoint
    John_Pierpoint Posts: 8,391 Forumite
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    edited 19 October 2012 at 6:58AM
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    Good luck - but I guess there is no other option if, like me, the return trip to the former home of the deceased is over 100 miles. (As the deceased had been dead for more than a year, one would have thought that everyone, especially HMRC had managed to update their records).

    In the good old days, I would have simply left the new owner with a pile of sticky labels and hoped for a bit of good will, reinforced by a bribe, to get the new owner to bung the envelopes back in the post. However I think the Royal Mail is now unwilling to play ball.

    I have a relative who has recently moved and agreed to pay Royal Mail for redirection.

    Now he has complaints from a new neighbour about half a mile away, because the forwarded mail is arriving at the wrong address.

    The sticky label appears to be correct - perhaps it is something to do with trying to put an envelope already sprayed with sorting codes, back through the machinery?

    Perhaps they have forgotten the skills of manual sorting?
  • evosy1978
    evosy1978 Posts: 636 Forumite
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    Hello,

    Were thinking of getting a Will made up in November.

    We have about £30,000 no house but a house full of possessions. We want everything to go to our kids, failing that, then split between siblings and nephew.

    We planning on buying a house next year with the money.

    My question is would we then need to pay an amendment fee to change the will after we bought the house?

    Thanks
  • John_Pierpoint
    John_Pierpoint Posts: 8,391 Forumite
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    edited 20 October 2012 at 3:29PM
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    evosy1978 wrote: »
    Hello,

    We are thinking of getting two [STRIKE]a[/STRIKE] Wills made up in November.

    We have about £30,000 no house but a house full of possessions. We want everything to go to our kids, failing that, then split between siblings and nephew.

    We planning on buying a house next year with the money.

    My question is would we then need to pay an amendment fee to change the will after we bought the house?

    Thanks

    Have I corrected your posting correctly.

    If so you might want to leave your half of the combined wealth to your partner for his/her lifetime and then to the children.
    To do this with the house, you have to own it as tenants in common, not joint tenants.
    If any child has died then the grandchild (if any) would get the former parent's share.; other wise it goes back in the pot. If both of you eventually die without children or grandchildren then the interest in possession trust (That is the legal name for leaving your individual inheritance to your partner for life and then to the children) should say who gets the asset(s).

    As there probably won't be much money left you might want to leave that absolutley to your surviving partner.

    If you simply leave your half of everything to your partner, there is a risk of it ending up in the possession of a gold digger or the local care home.

    Tough choices.
  • evosy1978
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    Thanks, lots to ponder on, and very confusing if I may say so.

    Before I try and unscramble it in my mind, could you answer my original question....

    If we did 2 wills now with regards to splitting the money and our possessions, would we have to re-do the wills next year if we bought a house with the money?

    I don't want to do a will now and have to pay extra next year to change the paperwork.

    With regards to your useful information, whats the difference between tenants in common and joint tenants. I'm thinking, in common means when the owners of the house are in a legally binding relationship, and joint tenants means when your just business partners?

    p.s were not married, we have 2 kids.

    Thanks
  • Mojisola
    Mojisola Posts: 35,557 Forumite
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    https://www.landregistry.gov.uk/public/guides/public-guide-18

    Whether the wills will need to be redone, that depends on the wording.

    If your will leaves all your estate to each other, that will include the house and shouldn't need changing.

    If you are going to be tenants in common and plan to leave your share of the house to the children, a new will will have to be written after the house purchase.
  • Savvy_Sue
    Savvy_Sue Posts: 46,024 Forumite
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    evosy1978 wrote: »
    Before I try and unscramble it in my mind, could you answer my original question....

    If we did 2 wills now with regards to splitting the money and our possessions, would we have to re-do the wills next year if we bought a house with the money?

    I don't want to do a will now and have to pay extra next year to change the paperwork.
    then I would instruct the solicitor in those terms: "we do not own a house now, but intend to buy one, is it possible to frame the will so that we do not immediately have to update it." I cannot see why that would not be possible as long as you don't over complicate things - leaving 'everything' to each other would include any property, even if it's not named; leaving 'some of it' to each other and 'some of it' in trust for the children (either as % or 'some of it' and 'the residue') should have the same effect.
    evosy1978 wrote: »
    With regards to your useful information, whats the difference between tenants in common and joint tenants. I'm thinking, in common means when the owners of the house are in a legally binding relationship, and joint tenants means when your just business partners?
    I found a good explanation here.
    evosy1978 wrote: »
    p.s were not married, we have 2 kids.
    I wouldn't wait: if you're not married, and you haven't written wills, then the laws of intestacy kick in. Neither of you has any automatic right to inherit from the other. If that £30,000 is in a joint account, that's OK as it will (almost certainly) pass automatically to the survivor. Anything NOT in a joint account will go to your children. That's not going to be fun to sort out.
    Signature removed for peace of mind
  • John_Pierpoint
    John_Pierpoint Posts: 8,391 Forumite
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    edited 22 October 2012 at 2:05AM
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    evosy1978 wrote: »
    were not married, we have 2 kids.
    How old are they ?
    Are they blood relatives of both of you (or adopted by both of you?)

    All the more reason for making two water tight wills or getting married. In the latter case owner ships would go automatically to the survivor then the intestacy rules would give the first £250k of wealth to the surviving spouse; then half of the remainder as an interest in possession trust for the life of the survivor, with the other half going immediately to the children (who would need trustees until the age of 18 and then could buy a motorbike and kill themselves).

    The kids need you to make a will.
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