does dad really need a will ?

gele
gele Posts: 274 Forumite
First Anniversary First Post Combo Breaker
in Over 50s MoneySaving
My dad lives with me so has no house. My mum died 9 years ago.
I am an only child. Dads income is his state pension plus attendance allowance. He has no other pension. His assets are savings only approx. £50k. His intention is to pass his money onto me. Does he really need a will ? His circumstances couldn't be simpler.:)
«134

Comments

  • dzug1
    dzug1 Posts: 13,535 Forumite
    First Post Combo Breaker
    The answer is YES


    Firstly his estate will be a bit easier to manage with a will


    More importantly he needs to cover what happens should you predecease him
  • missbiggles1
    missbiggles1 Posts: 17,481 Forumite
    First Post Combo Breaker
    It's actually very easy to manage a simple estate when someone dies intestate but the question of your predeceasing your father is the reason you need a will.

    I was an only child and in a similar situation to you and it was because of this issue that we had my father make a will, otherwise his small flat would have passed to ahis sister rather than to my husband, despite the fact that we'd given him the deposit for it.
  • gele
    gele Posts: 274 Forumite
    First Anniversary First Post Combo Breaker
    OMG I hadn't thought of that :eek:
    He;s 40 years older than me but I know that has nothing to do with it. Your times up when its up whatever your age.

    Thanks for reminding me!

    Seriously Thank you. Its made me think I need to sort myself one too so I will mention to him Im making one and I expect he'll say I'll do one too.
  • shopaholicz
    shopaholicz Posts: 756 Forumite
    First Anniversary
    Hi Gele,

    If your dad has more than £200 in a bank account, you'll find that the bank won't release any money without a will. Also, you'll need to provide a will to show that you are the executor of the estate before insurance companies etc will even talk to you.
    I love a bargain. Now mortgage and debt free. hurray!!:smileyhea
  • PennyForThem_2
    PennyForThem_2 Posts: 1,036 Forumite
    Name Dropper First Anniversary Combo Breaker First Post
    shopaholicz wrote: »
    Hi Gele,

    If your dad has more than £200 in a bank account, you'll find that the bank won't release any money without a will. Also, you'll need to provide a will to show that you are the executor of the estate before insurance companies etc will even talk to you.

    And if dies intestate the bank keeps the money - I don't think so!
  • Savvy_Sue
    Savvy_Sue Posts: 46,018 Forumite
    Name Dropper First Post First Anniversary
    PennyForThem wrote: »
    And if dies intestate the bank keeps the money - I don't think so!
    I'm not sure if you're suggesting that this is or is not the case, so just to be clear...

    The bank can't just keep the money if someone dies intestate: even if no-one applies for letters of administration, the money would be kept safe before being passed onto the govt's dormant account scheme to fund Big Society projects and the like.

    I'm not sure whether it's better or worse for the govt to get the money, but either way, it's not easy for anyone to lay hands on bank accounts without a will or letters of admistration, so advice remains 'make a will'.
    Signature removed for peace of mind
  • luvchocolate
    luvchocolate Posts: 3,254 Forumite
    First Anniversary Name Dropper First Post Home Insurance Hacker!
    make a will week is next month.....I believe charities benefit from wills made during this time
  • Biggles
    Biggles Posts: 8,209 Forumite
    Combo Breaker First Post
    shopaholicz wrote: »
    If your dad has more than £200 in a bank account, you'll find that the bank won't release any money without a will. Also, you'll need to provide a will to show that you are the executor of the estate before insurance companies etc will even talk to you.
    As PFT says, that is just not true. Up to a certain level (often seemed to be £5k but may now be higher) they will just require ID and a death certificate, plus completion of an indemnity form. Above that level, they will need a grant of representation.

    But a will is still the best idea.
  • firefox1956
    firefox1956 Posts: 1,548 Forumite
    It WILL be the best £300 you WILL ever spend..................
  • Biggles
    Biggles Posts: 8,209 Forumite
    Combo Breaker First Post
    firefox1956 wrote: »
    It WILL be the best £300 you WILL ever spend..................
    That would be a solicitor's price, and they aren't all willwriting experts. With the Institute of Professional Willwriters (www.ipw.org.uk) a few years ago it was £80 (or £140 for husband & wife).
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.2K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards