Free and Cheap Wills discussion area

Savvy_Sue

bigpappa wrote: »

Need to sort out a will for my parents within the next week. What are my options?

Parents are both retired and own their own home outright in fathers name. They both own investments. No debts. Been married for over 40 years.

So what is the best way to proceed?

Is it best to go for a will whoever passes away first the estate goes in full to the other or to pass it to children if either passes away.

Estate is less than £350k.

Just to add a bit to what I said previously (which still stands).

YOU don't need to sort out a will for your parents. Your parents need to sort out a will, although you may be able to help them with the practicalities.

Having said that, if either of them dies without a will, the laws of intestacy kick in, which may not be far off what they want to happen. The drawback is that if your father dies first, your mother doesn't inherit the whole estate, and may need to sell the house in order to pay the other beneficiaries what they are due. (This is in England and Wales). The other beneficiaries can change this through a Deed of Variation, but it can get tricky, especially if any of them are claiming means-tested benefits.

Plus, a will enables them to think about what they actually want to happen - do they want their grandchildren to receive anything, for example? What do they want to happen if any of their children die before them? And other 'what if' situations.

finally, sorting it out within a week may be tricky, because a) you need to make an appointment and b) the solicitor then draws up the wills and sends them out for approval and c) your parents have to read the wills, check for errors and return them and d) there's usually another appointment at which the wills are signed and witnessed.

It would probably be advisable to sort out LPAs at the same time, if not already done. This would enable someone to act on behalf of either parent should they lose capacity to do so.

Mojisola

bigpappa wrote: »

Need to sort out a will for my parents within the next week. What are my options?

Parents are both retired and own their own home outright in fathers name. They both own investments. No debts. Been married for over 40 years.

So what is the best way to proceed?

Is it best to go for a will whoever passes away first the estate goes in full to the other or to pass it to children if either passes away.

Estate is less than £350k.

Savvy_Sue wrote: »

Having said that, if either of them dies without a will, the laws of intestacy kick in, which may not be far off what they want to happen. The drawback is that if your father dies first, your mother doesn't inherit the whole estate, and may need to sell the house in order to pay the other beneficiaries what they are due. (This is in England and Wales).

If the house ownership was changed to 'joint tenants' your mother would have the security of knowing that her home would be hers if her husband died before her, whether there was a will or not.

bigpappa

Savvy_Sue wrote: »

Best option, phone a few local solicitors and get quotes. Make an appointment for your parents.

Why within a week?

They are off on a 7 week long holiday and cruise and my father hasn't been too well and I was left to help him sort it out.

He's still going on the cruise as why delay - it's all paid up.

The only time I have dealt with Solicitors is buying a house and it was me informing him what to do.

Savvy_Sue

I'd follow Mojisola's advice because getting the house into a joint tenancy is probably achievable.

I hope they have very good travel insurance with all conditions declared and no question of him travelling against medical advice. And that they return safely from a wonderful trip!

Keep_pedalling

Savvy_Sue wrote: »

I'd follow Mojisola's advice because getting the house into a joint tenancy is probably achievable.

I hope they have very good travel insurance with all conditions declared and no question of him travelling against medical advice. And that they return safely from a wonderful trip!

If that proves difficult to do in the time frame, then as a last resort get him to draw up a simple DIY will leaving everything to his wife. They can then both sort out new wills and house ownership on their return, plus LPAs assuming they don’t already have them.

bigpappa

Keep_pedalling wrote: »

If that proves difficult to do in the time frame, then as a last resort get him to draw up a simple DIY will leaving everything to his wife. They can then both sort out new wills and house ownership on their return, plus LPAs assuming they don’t already have them.

Will be calling around tom.

So will a simple DIY will just in case leaving everyting to my mum be better than a DIY mirrow will? Where either half gets it all if either passes away.

I may have that as backup.

Savvy_Sue

There's no harm in doing diy mirror wills for each of them, BUT it's your mother most at risk from intestacy, and from what you say she's more likely to be the survivor. Also it would be sensible if they were not quite mirror, because your Dad is (presumably) leaving the house to your mother, whereas she doesn't have a house to leave.

I'm very serious about the travel insurance, btw. If your dad needs to consult a doctor on the cruise, there will be a charge, even if they are in UK waters with a UK registered GP on board. If he has to be taken off the ship for medical treatment, that also needs to be covered, plus your mum's costs in (presumably) leaving the ship to stay near him. I hope they can have some serious conversations about the 'what if' questions relating to this trip.

bigpappa

What is a trustee as compared to an executor?

I don't understand the followimg.

I GIVE the residue of my estate both real and personal of whatsoever nature and wheresoever situated to my Trustees to hold on trust either to sell or if they think fit without being liable for any loss to retain all or any part of it and to pay my debts testamentary expenses and inheritance tax payable on or by reason of my death in respect of my estate and invest or apply what is left for the benefit of my wife

But in the Will only the executors are listed. So where do these trustees come from and who appoints them?

pbrian75

Hi Guys

I've been looking to help my mum and dad sort out their wills. Well, they have not got one.

A work colleague recommended these guys, but wanted to see if any of you guys have used them

willstrustslpa.co.uk

Thanks in advance guys really appreciate it.

Browntoa

They are a will writer company , not solicitors.

Get a proper solicitor written will from a local company

And do any LPA yourself as it's cheaper.