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Making A Will - Or Not

edited 30 November -1 at 1:00AM in Over 50s Money Saving
6 replies 1.1K views
WooflesWoofles Forumite
1.2K Posts
edited 30 November -1 at 1:00AM in Over 50s Money Saving
Apologies if this has been asked before, I've been googling and confused myself regarding The Order of Distribution for Intestate Estates.

Basically, I am single with no children, my closest living relatives are two cousins, one I have neither seen nor spoken to for about fifteen years, the other I am in regular contact with as we both live in the same town. This cousin is the one I would like my estate to go to if I should drop dead tomorrow.

Without a will would my cousin find it difficult or even impossible to administer my estate.

You may ask why I am dilly-dallying, I retire next January and will receive a small lump sum, but have not yet got the complete final amounts, two pension companies are involved, I own my house outright and have a small sum invested.

We are not talking mega bucks here and certainly will not come near the inheritance tax threshold.

Should I hang on till I know the exact values, or should I make at least a basic will giving my cousin full administration rights.

I should add she is married, with two children and two grandchildren and I have discussed casually with her some of my wishes, small charity donations etc. but not amounts.

Sorry I seem to have rambled a bit there.:rotfl:
Woofles you need to get out of that house. You are going insane:eek: - colinw

apologises for spelling mistakes - google toolbar and I have had a hissy fit and I've lost me spell checker.

Replies

  • ErrataErrata Forumite
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    If you make a will you can name your cousin as executor and sole beneficiary if that's what you want.
    If you don't make a will your cousin could apply for letters of administration which will allow them to dispose of your estate which will be split according to intestacy rules, so if your two cousins are your legal closest relatives it will be split 50/50 between them.
    Amounts don't need to be specified in a will, eg value of house, but where the amounts are to be obtained from - house, savings account etc - do and who is to benefit from them.
    This means you can make a will now without knowing the amounts involved. Your estate is not insignificant and it would be worth getting a solicitor or willwriter to draw one up now.
    .................:)....I'm smiling because I have no idea what's going on ...:)
  • WooflesWoofles Forumite
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    Thank you for that, I hadn't considered the other cousin could have an interest, sometimes you can't see the wood for the trees.

    I don't dislike my other cousin, but he is a bit of a philanderer, on his third liaison at the last count and who knows how many children he has now.
    Woofles you need to get out of that house. You are going insane:eek: - colinw

    apologises for spelling mistakes - google toolbar and I have had a hissy fit and I've lost me spell checker.
  • Norman-BNorman-B Forumite
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    Without a shadow of doubt, make a will out asap! I've seen the problems from not leaving a will. By making a will, you get your estate to where you want it to go.
  • HellsGrannyHellsGranny Forumite
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    Definitely make a will, otherwise you will have no control over who gets what.

    Cheers, Hg
  • googlergoogler Forumite
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    Make a will now.

    It'll make things a LOT easier for your executor/sole beneficiary.
  • anamenottakenanamenottaken Forumite
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    Woofles wrote: »
    . . . I retire next January and will receive a small lump sum, but have not yet got the complete final amounts, two pension companies are involved, I own my house outright and have a small sum invested.
    /QUOTE]

    Have the two pension companies asked you about who you would like to nominate to receive a payment in the event of your death? Mine certainly have. I've nominated my husband but it could have been anyone I chose - though the pension company has discretion on who actually would receive the funds (this reservation is basically tax-related because it then doesn't form part of your estate and they would almost certainly go with what one wished).
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