Making a will?

probbins2000

This is my first post so please forgive me if i have put it in the wrong section or something

Anyway my question is MAKING A WILL. In the past we used a company that draws a will up for you and stores it. This was many years ago and the company we used has slipped in to oblivion may be 6 years ago and have not heard from them. We are looking to making a new will as our situation has changed significantly with children etc. However, the last time we did this it was very expensive. What's the best way to make a will, is it a trip to WH smiths and buy one off the shelf and do it yourself or is it best and financially sensible to do it through a professional.

What are the best deals out there?

Your thoughts would be gratefully received

sebastianj

Hi PRobinson2000, I am also in the process of doing something similar, no one responded to my post perhaps they may respond to yours. What I believe is that there are a few crucial words that may need to be used and if you have a copy of your expensive WILL then it could be extracted from there.

I don't believe in storing the Will with the professionals as it becomes too complicated if you are not streetwise. Of course Banks will do that but at a cost.

rgd
Sebastian

Harloshred

Did mine through solicitor via recommendation.
Cost around £50 but worthwhile for peace of mind it was drawn up professionally ( I hope).

mountainofdebt

don't make a home made will.

One ambiguous phrase and solicitors made a fortune in deciding what you meant.

Personally I think if you don't spend the money now on getting the wording right, it will only come out of your estate at a later date.

I think November is will-aid month so you can get a will made cheaper but don't quote me on that!

If you have young children it may be an idea to put in your will who you would like to be guardian, what age they could receive their inheritance and whether any 'withdrawals' could be made for educational purposes.

I would also refrain from getting the solicitors to act as executors, espeically if the will is straight forward, as they charge a ruddy fortune for doing the most simplest of things.

bristol_pilot

I agree with everything mountainofdebt has said. A proper will drawn up by a professional will only cost you £50 or so. It could cost your kids tens of thousands if you get it wrong.

sebastianj

dear all,
What is the inheretance tax situation now, what can one do wuth the 'Nill rate band' exemption'? I believe the TRUSTS are going to be taxed? Planning the IHT in one's Will is an absolute pain. It does not effect me as I will not be the recepient but letting the Tax man have it will make me turn in my grave.
sebastian

umami

Please see thread on either freebie board or silversavers' board on free will for 55yrs. or over.On one of the replies someone has posted the website for will written for charity donation in Nov.

probbins2000

I could not find the link about free "Wills" Quote"(see thread on either freebie board or silversavers' board on free will for 55yrs. or over).

I went to one of these internet sites and they quoted me £99 for a couple (which is what i need) and £66 for a single!!

There must be a cheaper way????????

Rikki

There is a scheme called Will Aid. You can make your will for a donation and your money goes to charity. Have a read I'm doing it this way.

www.willaid.org.uk

probbins2000

just to let you all know I am getting my will draw up by a solictor who is participating in Novembers will aid http://www.willaid.org.uk/index_public.cfm.

thanks for the tips

dewmass

Quite interested in this, we have 2 young children and are very particular about which grandparents should have them if the worst happenned. Will Aid minimum donation is £75 though, which is more than the £50 people here have quoted