Writing a will

matohak · 15 March 2017 at 3:46PM

I'm buying a house with a mortgage and a large gift deposit from my parents. I'm also going to get life insurance that'll pay off the mortgage if I die and pass the property to my parents.

How does everyone get their will written? Do you employ someone else to write it for you for a fee or do you write your own will?

foxy-stoat · 15 March 2017 at 3:54PM

Pay a solicitor or buy a Will pack from WH Smiths or similar.

You can write your own as well but best read up on the bare minimum you need to do, ie witnesses etc.

Keep_pedalling · 15 March 2017 at 3:58PM

You should get it done properly through a solicitor, who will talk you though all the what if scenarios to make sure everything is covered. Chances are you will not predecease your parents, so what do you want to happen to your estate then?

Also leaving everything to an older generation can land their estate with a large IHT bill when they die so that needs consideration as wel, especially as their gift to you was part of their IHT planning.

kingstreet · 15 March 2017 at 4:20PM

Write the life cover in trust.

The benefit is paid quickly and directly to your named beneficiaries without the need for probate and outside your estate so it doesn't increase any inheritance tax liability.

matohak · 15 March 2017 at 5:40PM

Thank you all for your suggestions. I am currently single with no children, but have siblings. With further thoughts, I think I should include future beneficences in my will and include all thinkable scenarios in it.

Are there any disadvantages of setting up a trust? Why do so few people use a trust?

kingstreet · 15 March 2017 at 5:56PM

matohak wrote: »

Are there any disadvantages of setting up a trust? Why do so few people use a trust?

Because a lot of brokers can't be bothered to do them when they sell life cover.

All you need to know are the trustees (settlor - you) and a couple of others you trust who will handle the legal side, authorising the insurer to pay out the benefit if you die.

G_M · 15 March 2017 at 5:56PM

1) if you will is simple, you can DIY. There are will kits at Staples and Smiths, and/or books at the library telling you how.

2) You can pay a solicitor who specialises in wills trusts and estates, of w 'will writer' (if you must). Advisable if any tax or trust issues are invi=olved or your will is comples.

3) many solicitors have arrangements with charities. They'll write your will for free (the charity pays) but you are expected to leave something in your will to the charity. Check your favorite charity's website.

getmore4less · 16 March 2017 at 8:07AM

be careful with the idea of giving to parents it can be a IHT mess for them.

You are converting an asset base of very little to a lot with the life cover.

They are probably at the later stages of their debts so already have assets and you dies and they get a load more.

Ask yourself why you even need the life cover.
Check your parents want the hassle of the assets if they are already well on their way the IHT limits.

davidmcn · 16 March 2017 at 10:08AM

As above, really - your parents aren't expecting to see the money again, if you did predecease them then they could sell the house, pay off the mortgage and they'll keep what's left (i.e. including their gift). Life cover is only useful if you want to leave a mortgage-free house to dependents (and I'm assuming there's no plan for your parents to live in the house).

Hedgehog99 · 16 March 2017 at 11:21AM

If you died while still single and not in negative equity, your house could be sold, mortgage paid off and balance after estate agent & solicitors fees returned to your parents.

You don't need life insurance.

If you marry and/or have children, that's the time to reconsider.

TBagpuss · 16 March 2017 at 11:25AM

G_M wrote: »

1) if you will is simple, you can DIY. There are will kits at Staples and Smiths, and/or books at the library telling you how.

2) You can pay a solicitor who specialises in wills trusts and estates, of w 'will writer' (if you must). Advisable if any tax or trust issues are invi=olved or your will is comples.

3) many solicitors have arrangements with charities. They'll write your will for free (the charity pays) but you are expected to leave something in your will to the charity. Check your favorite charity's website.

Just to say, with 'free wills' the charity doesn't pay, The solicitor does. Basically they donate their time and expertise for free on the basis that you make a donation to the charity instead of paying for the legal work. in some cass the donation to the charity is upfront, e.f. you donate a minimum of £100 and get a free will, in others you don't pay at the time but include a gift to charity in your will.

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Writing a will

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