Making a Will

wizard5353

Okay before anyone starts with the replies I have done a search on the Forum and read through most of the many posts on this subject.

I know getting a solicitor to do this is the best option but at this time I have very few assets which means the cost of getting a lawyer to do it means it would be foolish. I'm hopping this will change in years to come but in case the worst happens between then and now then I want my current partner and daughter from a previous relationship taken care of with what limited assets I currently own.

So for now all I need is the most basic from of DIY Will and some details on how to get it witnessed and where to store it, who to tell where to find it and what to do if the reaper comes knocking early.

Can anyone help?

arealbasketcase

You might already have found this site: http://www.adviceguide.org.uk/index/family_parent/family/wills.htm

I used it last year (1st year law student, studying by distance learning from the states) and my tutor was well impressed with the results!

Should say though, in theory I know enough to do a will for both me and my OH but I'm not sure I would. The peace of mind of knowing it's right is worth the fee, shop around and they don't cost much.

sturll

arealbasketcase wrote: »

You might already have found this site: http://www.adviceguide.org.uk/index/family_parent/family/wills.htm

I used it last year (1st year law student, studying by distance learning from the states) and my tutor was well impressed with the results!

Should say though, in theory I know enough to do a will for both me and my OH but I'm not sure I would. The peace of mind of knowing it's right is worth the fee, shop around and they don't cost much.

You did Equity and Trusts in your first year?

Was a third year subject when i did mine.

berts_mrs

Hi Wizard

I'm not sure about the diy bit as our wills were done by a solicitor (cost of £100.00 for me and oh).

But as far as the other bits go you will need to name an executor (friend or relation) who in theory makes sure your wishes are carried out. It has to be witnessed by 2 people who are unconnected with the will. When we did ours the solicitor kept the originals and gave us copies to keep in the house. As you are going to make your own maybe you should keep the original and give a copy to the executor or at least tell them where to find it in case anything happens.

I would seriously recommend getting a solicitor to make sure everything is taken care of properly especially as there is a child involved. You can cover it for every eventuallity so you will only have to do it once eg if you get married etc (please note that if you're not married and do get married the will is void), have more children, also you should note your wishes for a funeral etc.

Hope this helps

localhero

arealbasketcase wrote:

You might already have found this site:http://www.adviceguide.org.uk/index/...mily/wills.htm

I am not impressed with that site at all. It is actually very misleading in saying this:

"Will writing services are available. However, will writing firms are not regulated by the Law Society so there are few safeguards if things go wrong."

That's what professional indemnity insurance is for.

The Institute of Professional willwriters is a nationwide body of over 250 members who have all passed an entrance exam to join, must undertake continuing professional development each year, are properly insured and must abide by a strict code of conduct that has received stage 1 approval from the OFT.

I would argue that there are more safeguards for the consumer than with the Law Society.

Most members will visit the client at their home at a convenient time and all offer fixed fees without any hidden extras. Not many solicitors can boast that.

Most willwriters don't take the time and trouble to abide by such rigorous standards however, so that advice should read: "If you employ the services of a willwriter, choose carefully."

paddy's_mum

I understand your concerns about the fees to get a fully qualified solicitor to write your will. However, have you thought about how much it might cost those you love, at a time when they may be emotionally devastated by the loss of you, if you get it wrong and they have to pay to sort out the unwitting errors you may so easily make?

My grandfather, normally very sensible, decided to save a few bucks by writing his own will. He left an estate which, in the very early 70's, was many, many thousands of pounds. To get an idea of how much this self made man had, an average terraced house in Surrey at that time could be bought for under £3000. He could have bought 25 outright and still have money left over for cruises, golf or any other fun thing.

He made such a simple error (based upon the fact that he had a very rare surname) and in the end, the estate was reduced to a few hundred pounds. None of his grandchildren (of which there were 30) have ever received so much as a single penny. The only ones who got the money were the lawyers!

It is my view, after many years of being a wife, mother, amateur law student and property owner, that most people can't afford not to use a solicitor. They, at least, carry malpractice insurance.

localhero

paddy's_mum wrote:

...an average terraced house in Surrey at that time could be bought for under £3000. He could have bought 25 outright...and in the end, the estate was reduced to a few hundred pounds. None of his grandchildren (of which there were 30) have ever received so much as a single penny. The only ones who got the money were the lawyers!

Not exactly a great advert for solicitors!

Wizard5353,

You do have an alternative to being fleeced by solicitors. Visit www.ipw.org.uk to find an ethical, competent professional in your area. All have 'malpractice insurance' otherwise known as professional indemnity insurance.

wizard5353

Okay thanks for the advise people. I found a very useful document from Age Concern regarding Wills and it stated to contact your trade union as they might offer these services and yes I did contact my union and they do via their own solicitors free of charge. So that's the option I have gone with.

I have looked at the cost of a Will done by a solicitor and no it's not worth while with my current assets. A DIY Will is still better than no Will even if my union did not offer it's own Will writing service I would of gone with a DIY one over a Solicitors one. Once I have assets that are of any value then I will look at getting a professional to look at my Will fully.

If anyone wants to take a look at the Age Concern document;
http://www.ageconcern.org.uk/AgeConcern/fs7.asp
I must say I never even thought about talking to my union about a Will, they don't advertise this service.