An idea for a never-changing will

John_Gray

Solicitors make (even more of) their money by making minor modifications to wills and writing new ones when you want to make changes to the beneficiaries to a will.

Is there any obvious problem with the following idea (other than the really obvious one)? Assume a single person with no dependants.

Leave everything to someone trustworthy, together with a frequently-updated schedule of wishes, so that they could rewrite the will at the death (via a Deed of Variation) to incorporate all the people and charities on the latest list. This would involve writing a single will once, and having it updated upon death, avoiding expense on a yearly/two-yearly/whenever basis.

slopemaster

John_Gray wrote: »

Is there any obvious problem with the following idea (other than the really obvious one)?

Assuming that by the really obvious one you mean them keeping the money, there is also the problem that they could die before you or, worse, just after - then your money would go to their beneficiaries.

Errata

John_Gray wrote: »

Solicitors make (even more of) their money by making minor modifications to wills and writing new ones when you want to make changes to the beneficiaries to a will.

Is there any obvious problem with the following idea (other than the really obvious one)? Assume a single person with no dependants.

Leave everything to someone trustworthy, together with a frequently-updated schedule of wishes, so that they could rewrite the will at the death (via a Deed of Variation) to incorporate all the people and charities on the latest list. This would involve writing a single will once, and having it updated upon death, avoiding expense on a yearly/two-yearly/whenever basis.

I wouldn't even trust a member of family this far, nor anyone else for that matter. :eek:

devildog

The other alternative is to find a solicitor who doesn't charge for making minor modifications to wills(they do exist) I must have struck lucky

John_Gray

Hmmm. Interesting responses, for which thanks! Without much effort I can think of at least three people whom I would be entirely happy to leave my estate in the certainty that they would then distribute it according to my wishes.

Of course I would have to have the usual "[FONT=&quot]I APPOINT xxxx as my sole executor but if he predeceases me or if he is unable or unwilling to act then I APPOINT in his place yyyy but if she shall also predecease me or be unable or unwilling to act then I APPOINT in her place zzzz" stuff, together with something to do with their living for a period of time.

I can see why one would wish to be pretty certain about this, which is presumably why we have the motto, "Let the Die-er beware"... :j
[/FONT]

Errata

TBH - I think you're overthinking something which is pretty straightforward and inexpensive in relation to the value of an estate.

Annisele

I'd agree with the others - if you have enough assets that it's worth leaving a will, then you have enough assets that it's worth paying somebody to draw up the will properly and then paying them again as often as necessary.

I'd hate to be put in the position of your 'trustworthy friend' - if there's a dispute about what you 'would have wanted', I think it's unfair to expect anyone to referee that.

getmore4less

John_Gray wrote: »

Leave everything to someone trustworthy and willing to take on the task, together with a frequently-updated schedule of wishes, so that they could rewrite the will at the death (via a Deed of Variation) to incorporate all the people and charities on the latest list. This would involve writing a single will once, and having it updated upon death, avoiding expense on a yearly/two-yearly/whenever basis.

No pun intended, but finding someone willing to take on the task may be a problem, if they do there is a chance they do not realy understand what they are taking on.

How will they be rewarded?

THey are probably going to need to employ solicitors to carry out some of the work and this could cost more than changes every few years making a will hat is easy to administor.

Become non single and the situation would change anyway

MotownFox

You don't need to make matters so complicated and expensive a Deed of Variation does NOT come cheap at Solicitors.

Also the person inheriting may become incapable and thus no Deed would be done. The monies would eventually go under that person's estate or their will. They can also have IHT implications themselves if they didn't do such a Deed and "gave" the monies away.

If you were my client I would recommend a Discretionary Trust appointing at least 2 and possibly 3 Trustees.

The beneficiaries of such a trust are NOT named in the Will but a letter of Wishes which you can update from time to time. The only snag is if your estate is over the IHT theshold or if there is a long time over the distribution as there are income tax implications and possible additional rate tax due.

missile

I do not understand why you feel the need to make frequent modifications?

hellene

Even if you already have a will drawn up by a solicitor you are perfectly entitled to make any changes you like, whenever you like as long as it it done correctly. Simply copy out the original will (for which you paid to be drawn up) yourself on PC, make any changes (assuming these are minor & do not require new specific & precise legal jargon) & print it out & as long as this new document is properly signed, dated & witnessed it becomes your Last Will & Testament & replaces in law any will you might already have lodged with your solicitor. Using this method you can easily amend your PC-stored document as often as you like - with the proviso that the latest version MUST be printed, signed, dated & witnessed to be effective. Just make sure someone knows of it's existence!

If you have a last minute change of heart you can scribble your final will whilst on your deathbed on the back of an envelope as long as it is signed, dated & witnessed! It will revoke all previous wills.