DIY Wills

Mojisola

ZZaffy wrote: »

When I die, I would like to leave all my wordly goods, right down to my cotton socks, to my one and only adult child, also appoint them executor.

It's your choice to go with a home-made will and, as your circumstances are very straightforward, your executor may not have any problems.

One of the common reasons home-made wills fail is because the signing and witnessing aren't done correctly. Read up on that and made sure you get it right.

It would be worth also saying what you want to happen if you both go together which does happen in car accidents.

Most wills have a clause to say that the beneficiary has to survive you for a set time, eg 28 days. For example, if you are both in an accident and you die immediately and your adult child dies two days later, your will would be processed, your child would inherit everything and that could push his/her estate into the inheritance tax bracket. If your estate is small, this is won't be a problem.

Do some research on potential problems and good luck with the will.

ZZaffy

Great save and learn website, glad I found it.

Savvy_Sue

And remember, you're not just paying for the writing of the will, you're also paying for the advice behind it.

So even if you plan to leave your collection of cotton socks and everything else to your only child, and make them executor, a solicitor should ask the "What if?" questions:

• what if your only child dies before you, or at the same time as you?
• what if your only child has some children before you die, and more after you've died, do you want to put a sum in trust to be shared between all of them, or should the younger ones miss out?
• or would you rather specifically exclude your grandchildren from your will?
• what if your only child marries a complete waste of space and then divorces him, do you want to take steps to hinder their partner from claiming what you wanted your child to inherit?

THAT'S what you're paying for!

Farway

Savvy_Sue wrote: »

And remember, you're not just paying for the writing of the will, you're also paying for the advice behind it.

So even if you plan to leave your collection of cotton socks and everything else to your only child, and make them executor, a solicitor should ask the "What if?" questions:

• what if your only child dies before you, or at the same time as you?
• what if your only child has some children before you die, and more after you've died, do you want to put a sum in trust to be shared between all of them, or should the younger ones miss out?
• or would you rather specifically exclude your grandchildren from your will?
• what if your only child marries a complete waste of space and then divorces him, do you want to take steps to hinder their partner from claiming what you wanted your child to inherit?

THAT'S what you're paying for!

I suppose the other "what if" is you don't care because you are dead anyway? :rotfl:

Savvy_Sue

Farway wrote: »

I suppose the other "what if" is you don't care because you are dead anyway? :rotfl:

Very true, but I guess most of us would rather be remembered fondly rather than as a PITA because of the way we left our affairs! :rotfl:

scotsbob

Savvy_Sue wrote: »

Very true, but I guess most of us would rather be remembered fondly rather than as a PITA because of the way we left our affairs! :rotfl:

What is a PITA?

I can decode all the D stuff, like DH seems to be dear husband etc but PITA is a new one.

alanq

Pain In The Arse

scotsbob

Farway wrote: »

I suppose the other "what if" is you don't care because you are dead anyway? :rotfl:

I'm with you on this one.

Once I'm out of it I will be passed caring.

Simple Will, job done.

If I go to a solicitor I know he will use it as an opportunity to try to sell me insurances, investments and goodness knows what else.

scotsbob

alanq wrote: »

Pain In The Arse

There must be another meaning, a Board Guide wouldn't use that language.

ZZaffy

Pain in the afterlife, maybe.