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  • FIRST POST
    • matohak
    • By matohak 15th Mar 17, 2:46 PM
    • 6Posts
    • 2Thanks
    matohak
    Writing a will
    • #1
    • 15th Mar 17, 2:46 PM
    Writing a will 15th Mar 17 at 2:46 PM
    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?
Page 1
    • foxy-stoat
    • By foxy-stoat 15th Mar 17, 2:54 PM
    • 1,563 Posts
    • 859 Thanks
    foxy-stoat
    • #2
    • 15th Mar 17, 2:54 PM
    • #2
    • 15th Mar 17, 2:54 PM
    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
    • By Keep pedalling 15th Mar 17, 2:58 PM
    • 3,157 Posts
    • 3,366 Thanks
    Keep pedalling
    • #3
    • 15th Mar 17, 2:58 PM
    • #3
    • 15th Mar 17, 2:58 PM
    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
    • By kingstreet 15th Mar 17, 3:20 PM
    • 31,472 Posts
    • 16,815 Thanks
    kingstreet
    • #4
    • 15th Mar 17, 3:20 PM
    • #4
    • 15th Mar 17, 3:20 PM
    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.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • matohak
    • By matohak 15th Mar 17, 4:40 PM
    • 6 Posts
    • 2 Thanks
    matohak
    • #5
    • 15th Mar 17, 4:40 PM
    • #5
    • 15th Mar 17, 4:40 PM
    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
    • By kingstreet 15th Mar 17, 4:56 PM
    • 31,472 Posts
    • 16,815 Thanks
    kingstreet
    • #6
    • 15th Mar 17, 4:56 PM
    • #6
    • 15th Mar 17, 4:56 PM
    Are there any disadvantages of setting up a trust? Why do so few people use a trust?
    Originally posted by matohak
    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.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • G_M
    • By G_M 15th Mar 17, 4:56 PM
    • 39,705 Posts
    • 45,221 Thanks
    G_M
    • #7
    • 15th Mar 17, 4:56 PM
    • #7
    • 15th Mar 17, 4:56 PM
    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
    • By getmore4less 16th Mar 17, 7:07 AM
    • 28,838 Posts
    • 17,251 Thanks
    getmore4less
    • #8
    • 16th Mar 17, 7:07 AM
    • #8
    • 16th Mar 17, 7:07 AM
    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
    • By davidmcn 16th Mar 17, 9:08 AM
    • 5,294 Posts
    • 4,957 Thanks
    davidmcn
    • #9
    • 16th Mar 17, 9:08 AM
    • #9
    • 16th Mar 17, 9:08 AM
    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
    • By Hedgehog99 16th Mar 17, 10:21 AM
    • 1,194 Posts
    • 2,484 Thanks
    Hedgehog99
    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
    • By TBagpuss 16th Mar 17, 10:25 AM
    • 5,550 Posts
    • 7,271 Thanks
    TBagpuss
    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.
    Originally posted by G_M
    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.
    • seashore22
    • By seashore22 16th Mar 17, 10:37 AM
    • 441 Posts
    • 742 Thanks
    seashore22
    It's also worth noting that any wills made before marriage are made null and void on marriage. You would need to right a new will and I don't think any will you write now can take into account marriage to an unknown person.

    It's one of the many reasons that I wouldn't do a diy will and would recommend using a professional.
    • MEM62
    • By MEM62 16th Mar 17, 10:57 AM
    • 1,221 Posts
    • 869 Thanks
    MEM62
    The cost of having a will written properly is usually modest. Go to a solicitor and get it done.
    • Niv
    • By Niv 16th Mar 17, 11:27 AM
    • 1,478 Posts
    • 1,299 Thanks
    Niv
    In your situation I do not know why you bother with life insurance. Each to their own though.
    YNWA

    Mortgage free by 58.
    • MEM62
    • By MEM62 16th Mar 17, 11:47 AM
    • 1,221 Posts
    • 869 Thanks
    MEM62
    In your situation I do not know why you bother with life insurance. Each to their own though.
    Originally posted by Niv

    It could be a condition of the mortgage.
    • Keep pedalling
    • By Keep pedalling 16th Mar 17, 12:37 PM
    • 3,157 Posts
    • 3,366 Thanks
    Keep pedalling
    Agree in your situation you don't need life insurance, but you might to wise to look at critical illness cover so you dont find yourself being in the position of being unable to work and unable to pay the mortgage.
    • Niv
    • By Niv 16th Mar 17, 3:55 PM
    • 1,478 Posts
    • 1,299 Thanks
    Niv
    It could be a condition of the mortgage.
    Originally posted by MEM62

    Oh right, I have had 3 or 4 mortgages and it has never been a condition so that didn't cross my mind.
    YNWA

    Mortgage free by 58.
    • getmore4less
    • By getmore4less 16th Mar 17, 5:20 PM
    • 28,838 Posts
    • 17,251 Thanks
    getmore4less
    It could be a condition of the mortgage.
    Originally posted by MEM62
    Thought that had been banned.
    • DigForVictory
    • By DigForVictory 16th Mar 17, 6:24 PM
    • 6,774 Posts
    • 17,954 Thanks
    DigForVictory
    You'll have a solicitor to buy the house (congratulations, by the way!) - ask them what the additional fee for a will would be. Simpler to get it done in one place?
    • G_M
    • By G_M 16th Mar 17, 8:07 PM
    • 39,705 Posts
    • 45,221 Thanks
    G_M
    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.
    Originally posted by TBagpuss
    Strange!

    Then why did my CancerUK recommended solicitor ask me to sign an invoice confirming to CancerUK that I had had a will satisfactorily drawn up......?

    You may be thinking of solicitors participating in 'Free Wills Month' which is a different arrangement I believe.

    http://www.cancerresearchuk.org/support-us/donate/leave-a-legacy-gift-in-your-will/free-will-service
    Last edited by G_M; 16-03-2017 at 8:10 PM.
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