Making a Will - advice?

JohnB47

OK, OK, I know we should have done this long ago (the missus and I are in our 50s), so now I'm thinking it's really time to do it.

We're probably talking about mirror wills - just one offspring, no complicated possessions or investments.

I've seen 'do it yourself' jobs mentioned here and there but we're not poor enough to need to take the risk with that.

So, any advice? Do's and don'ts etc.

Oh, and I'm wise to the fact that some will making services will try to convince you that you really need them to be the executor of the will, without mentioning how much this will cost your beneficiaries.

Thanks.

Hawkeye4aneye

Some questions and matters that you need to consider.

Do you and your "Mrs" own your own property and if so how do you own it? If jointly is it held as "joint tenants" or tenants in common"

Do you own any other significant assets in sole names, or is there any business involved? Is there something you want to give someone specifically.

Are you married to your "Mrs" perhaps a daft question but many partners refer to their "Mrs" when they are not married. Also have you been married before and if so was the divorce dealt with fully at the time.

Do you both have any children and if so are any of them still under 18. Have either of you got children from a former relationship and/or marriage and if so are any of them still under 18.

Is there anyone, other than eachother who either of you are financially responsible for (this could include a former spouse).

Do you have any specific funeral requests.

Once you have given these consideration you can then consider matters such as who are to be Executors/ Beneficiaries/Guardians (if any children under18)/Legatees (anyone getting gifts, other than residue)

Mojisola

What do you want to happen to everything if your son/daughter predeceases you? It's normal to allow everything to pass to any children he/she might have by the time you go but, if there aren't any direct descendants, do you want it to go to brothers/sisters/nephews/nieces/cousins/charities?

CLAPTON

write out your will and post it up (excluding names/adresses etc)
and we can comment

Loughton_Monkey

Meat & Drink for the local solicitor.

Just re-did ours, but initiated it in November under Will Aid. Suggested donation £110 for a pair of spouse mirror wills (we paid more). One 30 minute meeting. Then a draft by e-mail. Couple of comments to-and-fro by e-mail. Then finally 10 minute meeting to sign.

No point, I feel, in doing it yourself. Solicitors can ensure they use the correct unambiguous wording. No pressure whatsoever to make them executors. Just make your spouse, plus one or two other relatives executors. They can always go for solicitor for specific problem but otherwise executorship is usually simple.

Ours was not complicated. One of us dies, then the other inherits. On second death, X% to charity, then balance divided in two. One half distributed equally to specific named relatives my side. Other half likewise her family.

On 'chattels' [furniture, possessions & the like] it appears legal that the will can simply mention a 'wish list'. So you can draw up a list - at leisure - that says this painting to that nephew. This piece of furniture to that neice. Insect collection to brother in law [provided he scrapes them off your front number plate].....

JohnB47

I'm very sorry for not getting back to you all before now. I knew I'd posted this somewhere but could I remember where? Definitely time for that Will!

Thanks for all the tips. There are definitely things there that I hadn't thought about.

I wonder how best to find a good solicitor - advice of neighbours (all family live some distance away now), local adverts?

Anyway, thanks again.

JohnB47

timmyt

Loughton_Monkey wrote: »

Meat & Drink for the local solicitor.

Just re-did ours, but initiated it in November under Will Aid. Suggested donation £110 for a pair of spouse mirror wills (we paid more). One 30 minute meeting. Then a draft by e-mail. Couple of comments to-and-fro by e-mail. Then finally 10 minute meeting to sign.

No point, I feel, in doing it yourself. Solicitors can ensure they use the correct unambiguous wording. No pressure whatsoever to make them executors. Just make your spouse, plus one or two other relatives executors. They can always go for solicitor for specific problem but otherwise executorship is usually could not be more wrong, I would not wish executorship on a family member, nasty traps all over the place, especially with the Revenue simple.

Ours was not complicated. One of us dies, then the other inherits. On second death, X% to charity, then balance divided in two. One half distributed equally to specific named relatives my side. Other half likewise her family.

On 'chattels' [furniture, possessions & the like] it appears legal that the will can simply mention a 'wish list'. So you can draw up a list - at leisure - that says this painting to that nephew. This piece of furniture to that neice. Insect collection to brother in law [provided he scrapes them off your front number plate].....

good luck OP. think carefully who you want to burden with executorship. people go to lawyers as it is not an easy role, and many many wills build in an indemnity for the executor as it can and does go wrong.

WhiteHorse

Difficulties with HMRC usually involve probate. If an executor doesn't feel confident (or there's simply too much to deal with), then that part can be passed to a solicitor.

Family members as executors is quite usual, although you need to be sure that they are willing, able and trustworthy. Simple wills and straightforward estates really aren't a problem.

Baggysdad

I wonder how best to find a good solicitor - advice of neighbours (all family live some distance away now), local adverts?

I wouldn't rely on recommendations - they can only tell you how good the service was - they can only tell you how good the product was when they are dead.

Look for someone who is a member of STEP (Society of Trust and Estate Practitioners) or IPW (Institute of Professional Willwriters) or SFE (Solicitors for the Elderly). They are the only organisations which require their members to be qualified to draw up wills.

McKneff

Try help the aged, (although i think it named differently now) I believe that they do them legally if a legacy is left to them.

JohnB47

Thanks everyone. All very useful info.

Cheers.