Leaving a will

missile

bundly wrote: »

Re paying out over a ton for a solicitor to draw up a will, surely as moneysaving experts we ought to make our own wills?

What is wrong with me simply writing it in MS Word, printing it out then getting two people to witness my signature?

Thanks!

It need not cost much and for most of us having a proper will is worth the investment. There are many sad cases where people have been poorly advised and drawn up wills incorrectly.

Savvy_Sue

Nothing at all, as long as you do it perfectly correctly, right down to the way in which it is witnessed, and the people you use as witnesses. However if you don't word it correctly, don't get it signed and witnessed correctly, or miss some obvious-to-a-solicitor point, someone will make a mint out of the disputes which could follow - and it won't be your nearest and dearest!

bundly

Missile:

I guess the "friend" you wanted to leave money to in post #1 is not your bf?

Absolutely not.

I would suggest you spend your money whilst you can.

The only problem with this is, when will I die? If only we KNEW the date of our death, we could budget accordingly. Most of the money I will leave when I die is in the form of my home, worth about £200k and I have currently £60k savings. If I knew I'd be dead in a year I'd be blowing some of the £60k on a cruise, spending a month in the Carribean and hiring a jetski by the hour.

But being only 51, I have to budget for the (worst?) (best?) case scenario -- have to eke out my savings to last me perhaps the next 30 years.

I will check my undersides for a "Die by" date.


Equity release is not very MSE. There may be very little value left in your property when you die. In your case that may not be bad thing?[/QUOTE]

bundly

Savvy_Sue wrote: »

Nothing at all, as long as you do it perfectly correctly, right down to the way in which it is witnessed, and the people you use as witnesses.

I did my own property conveyancing recently, using info entirely from the internet. I reckon I can do the same with a will. Must be a thread on here somewhere that tells you the protocols.

missile

bundly wrote: »

The only problem with this is, when will I die? If only we KNEW the date of our death, we could budget accordingly. Most of the money I will leave when I die is in the form of my home, worth about £200k and I have currently £60k savings. If I knew I'd be dead in a year I'd be blowing some of the £60k on a cruise, spending a month in the Carribean and hiring a jetski by the hour.

But being only 51, I have to budget for the (worst?) (best?) case scenario -- have to eke out my savings to last me perhaps the next 30 years.

I will check my undersides for a "Die by" date.

It seems to me you are property rich / cash poor. Far too young to be retired and thinking of eking out savings until you die I believe most companies limit equity release to over 55?

Savvy_Sue

bundly wrote: »

I did my own property conveyancing recently, using info entirely from the internet. I reckon I can do the same with a will. Must be a thread on here somewhere that tells you the protocols.

The difference being that if your conveyancing goes t1ts up you're there to sort it out, and if your will is a shambles your nearest and dearest may not be so near and dear to each other as you might hope by the time it's all sorted out. Especially as you are NOT wanting to leave anything to your blood relations - they might feel they are 'entitled', or that your friend you want to benefit put pressure on you, or all sorts of things like that.

In the grand scheme of things, it's not so much money, IMO.

bundly

missle - I don't think of myself as "cash poor", because I have enough week by week to keep me comfortably, have frugal holidays etc. I think it is a case of, I can have anything I want, as long as I don't want much, and luckily that is the case.

hardpressed

I think getting a properly drawn up will is the best investment you can make, unless when you pop your clogs, you want your rellies coming out of the woodwork to contest a home made will that may just have one word wrong, meaning your assets don't go where you want them too.

dzug1

NAR wrote: »

Even if Inheritance Tax was payable it would come from your estate (not any beneficiary) and they would receive the nett amount.

If there is only one beneficiary it amounts to the same thing.

missile

bundly wrote: »

missle - I don't think of myself as "cash poor", because I have enough week by week to keep me comfortably, have frugal holidays etc. I think it is a case of, I can have anything I want, as long as I don't want much, and luckily that is the case.

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just a lot of sex. :rotfl: