DIY Will

doelani

Sorry if this is on wrong board but was not sure where to post it.

We are now 14 months into IVA and have decided we had better update our wills. Our current wills made provision for our 6 kids to get 10k each and then all other going to the other person. (me and hubby)

My problem is do we go back to solicitor, he charged us £50.00 7 years ago to make wills, or can we do them ourselves?

Obviously our circumstances have changed and if one of us does we would need to give insurance money to IP to pay of IVA, I think!!Our IVA was amended to read the following....


"Should the debtor die during the term of the arrangement property constituting an asset of the arrangement in the possession, custody or control of the debtor or Supervisor shall be held upon trust for the purpose of the arnagement until realisation thereof."

I take it that mean that until IVA is paid the house could not be sold or passed to the other person? I will add we are not intending to die, and if either of us do we have enough insurance to pay off the house and probally pay the IVA off. Does this statement mean the IP would take control of the house and make the other person sell it.

Can anyone advise?

nearlyrich

BG Note

I will leave it here for now as it relates to IVA as well as wills if you don't get any response here it may be an idea to move it to the anything else board to give it a wider audience.

bluezone

I did mine online due to getting divorced about 3 months ago on tenminutewill.co.uk (I think thats the address) and it only cost about £15-£20

CLAPTON

about the will

you can easily make your own wills at no cost ..get a book from the library about how to do it. If i've got this wrong then disregard it, but leaving 60k to your children before your hubby (and vice versa him to you) is most unwise unless you really can be absolutely sure that this money will be spare money (which it obviously isn't at the moment). it could force the surviving spouse to sell the house just to give 60k to the children (or maybe the spouse of one of your children if they predecessed you). best make simple reciprocol wills leaving everything to each other...if there is spare money then the surviving spouse can always choose to give the money away to the children.

doelani

CLAPTON wrote:

about the will

but leaving 60k to your children before your hubby (and vice versa him to you) is most unwise unless you really can be absolutely sure that this money will be spare money (which it obviously isn't at the moment). it could force the surviving spouse to sell the house just to give 60k to the children (or maybe the spouse of one of your children if they predecessed you). best make simple reciprocol wills leaving everything to each other...if there is spare money then the surviving spouse can always choose to give the money away to the children.

At te time of making the wills we could afford this through insuance and payments form work pensions etc. Obviously this has now changes greatly.

We have had to rethink this because if anything happened to one of us teh IVA would have to be paid or it could effect our home. We have enough insurance to pay off house and pay IVA in teh vent of a death but cannot afford to leave anything to kids. If we did not change our wills this would obviously become common knowledge within the family. We are going to change wills to leave everything to the other partner and then IVA can be paid and house paid off and hopefully will not lose house. I guess it is something we have been meaning to do since starting IVA but jsut never got around to it.

I would add I hope this is not an issue as we are not intending to die for a LONG time lol

tyllwyd

You can do your own will - there are forms on sale in places like WHSmiths which are pretty cheap BUT none of them will have been drafted on the assumption that the person making the will is subject to an IVA. My feeling (as someone who is totally non-legally qualified, of course) is that if you want to be sure that your will is OK and will operate to the best benefit of your family, you are going to have to get proper advice from a solicitor.

Having said that, we are currently getting our wills redrafted by a high street solicitor and he is charging £155 plus VAT per hour. We probably could have got it done more cheaply if we'd shopped around, but I think it is going to cost you a lot more than £50.

Is the IVA in your name or your partner's name, and is the house in both your names as beneficial joint tenants or as tenants in common? I'd have read the clause you quote as saying that if the person who has the IVA dies, that person's assets are held in trust for the IVA until it is realised - so the effect is going to depend on how things are set up.

doelani

I made appointment for solicitors for tomorrow, going to just get them to do it, do not need to emntion IVA as it will just be seen as a debt and we have enough insurance to cover it without the house having to be sold. We own house jointly and upon teh death of one the property passes to other. Obviously if anything happened the house would be paid off as it is covered on seperate insurance.

I think for peace of mind better to get it done right. Our solicitor wanted £100 plus VAT!!! but phoned round and got another to for it for £50 as long as we paid cash lol . Even solicitors must cook their books lol

tyllwyd

If you are going to get a solicitor to do your will, I would DEFINITELY tell them about the IVA - it might make a huge difference to the way that they draft the will. Why would you not tell them? They won't judge you for it, because they must have seen all kinds of different people in different circumstances. If you don't tell them your full circumstances, they can't give you their best advice and you are chucking your money away.