Savings help

pennyshahin_2

Hi Please feel free to move this post-didn't know where else to put it - I Want to make a will I've got a will form from WH smith -are these forms legal or would you go to a solicitor

Reaper

A WH Smith will is prefectly legal, though be very careful with your wording.

eg "I leave £1000 to Mr & Mrs Smith" - is that £1000 between them or £1000 each?

Why not start with Martin's will article. There are even 700 will making sessions going free if you are quick:
http://www.moneysavingexpert.com/family/free-cheap-wills

lisyloo

It really depends on your circumstances.

If your circumstances are simple e.g. no dependents from previous relationships and you aren't looKing at IHT (inhertiance tax) then I think it's find.

If you have a lot of assets (including home, pension pay outs, death in service benefits, life insurance) then you need to think about inheritance tax issues.
If you have any dependents possibly from previous relationships then that needs to be considered.

It's not just your savings BTW.
Do you have a home, car, jewelry?
pension funds, death benefits at work, life insurance?
What about any treasured personal possessions? - I have special arrangements for my wedding dress, jewelry (certain family pieces), wedding/engagement rings, wedding photos etc.
This is not particualrly important to me but could be to my mum/sister etc.

You can certainly list thouse things on your WHSmith form and don't need a soilcitor to do that.
But make sure you consider everything.
If you have any private pensions and die before retirement then most liekly they will provide a lump sum and/or pension.
Have you nominated someone with your pension schemes on an "expression of wish" form?

lisyloo

One of the reasons for using a solicitor is that they know how to express things so that they are not confusing and are legally unambiguous (as per the example given by reaper).
The problem with you doing it is that you could quite easily make it legally ambiguous.

There are a number of chairties that do wills for free.
So if you really can't afford it now then you could leave a small legacy to your favourite charity in return for this service. (I'm sure some people cynically use it for free).

Alternatively you might consdier it important enough to get it right and pay a solicitor. It's pretty mcuh a one-off, until you get married/divorced.

Jake'sGran

pennyshahin wrote: »

Hi Please feel free to move this post-didn't know where else to put it -I've got about 12,000 in savings -Want to make a will I've got a will form from WH smith 11,000 of my money is in the same place -are these forms legal or would you go to a solicitor

The form will be legal but I think they are only suitable for a very basic will. I was going to use one of these forms but then decided to have a local solicitor draw up the will to make sure everything was right. My OH and I don't have mirror wills. If left to his own devices he still would not have a will which was another reason to get them done by a solicitor. I think the price was good - seem to remember it was about £140.

Don't understand why you mentioned the £11k.

fairtrade

You may also wish to appoint an executor, or more than one, to distibute your possessions and investments, which are not directly identified in the will, in accordance with their understanding of your wishes. I would suggest if this is a choice you make that a will drawn up with a solicitor could be less easily contested.