DIY Will or Solicitor (+ Australian validity)?

bal56

Hello all!
I'm married with five littleuns and don't yet have a will.
I've booked an appointment next week with a local solicitor who charges £120 for a joint will.
Could anyone advise whether DIY wills such as those available in bookshops are more cost effective and just as legally binding?
PS Add to the mix that we're all moving to Australia in late April, so the will needs to also be valid there.

Debt_Free_Chick

With 5 others who need to be cared for, I think it will be well worth £120. I understand that more money is paid to sort out the problems created by DIY wills than would have been spent if a solicitor had been used in the first place.

I can't see that DIY wills can possibly cater for every circumstance and certainly not where children are involved. Probably OK for a single person, with no dependants, who simply wants to leave some "gifts" on death.

I think you're right to see a Solicitor on this occasion.

frugal_dougal_3

This is the example that solicitors use to demonstrate how it is so important to use the correct phrasing of a will.

The guy who wrote "everything to mother" in his DIY will always referred to his wife as "mother". As his own mother was long gone, he in fact died intestate.

I can't answer the Australian part of the question but a solicitor will be able to.

carl310166

Just for you to be aware,i made a will on new years eve,the fee i was given over the phone was £130 + vat for a "simple" will,you know....if i die first,the money goes to my wife and vice versa,and if we die together,our only son (22 years old) gets everything.

When we sat down with a the solicitor,it becomes apparent,even for the average family,inheritence tax may be an issue.

So acting on the advice we were given,we changed the deeds on our property to "tennants in common",to reduce the possibility of paying too much IHT,and setting up a gift to our son if one of us died.

I also instucted them to be the executors in the event of both our deaths,as my mother passed away the previous week,and i wanted to avoid any family "problems".

Total cost inc vat £499

It was not cheap,but i am in no doubt that we have done the best thing for the people left behind.

Plasticman

A relative of mine left a DIY will and three years later things still aren't settled. £120 is a relatively small amount compared with what it could cost your family if it isn't done properly. My understanding is that solicitors tend to charge a smaller amount for a will but expect to make more money by acting as the executor when you die. Presumably it would make more sense to select somebody else as executor - they can then choose to appoint a solicitor if necessary. Can somebody (more knowledgeable than me ) confirm this?

nearlyrich

So acting on the advice we were given,we changed the deeds on our property to "tennants in common",to reduce the possibility of paying too much IHT,and setting up a gift to our son if one of us died.

If your son inherits half the house on first death what safeguards do you have to protect the survivor from losing their home?

Not that I am suggesting your son will do anything dodgy but predatory ex wives on divorce and business creditors to name but 2 potential threats need to be considered.

How did the solicitor sort this one out?

Bossyboots

Plasticman wrote:

My understanding is that solicitors tend to charge a smaller amount for a will but expect to make more money by acting as the executor when you die. Presumably it would make more sense to select somebody else as executor - they can then choose to appoint a solicitor if necessary. Can somebody (more knowledgeable than me ) confirm this?

That is spot on.

nearlyrich - there should have been a deed of trust drawn up giving the surviving spouse the right to live in the house for their lifetime. This protects them from being made homeless by the actions of the beneficiary.

zcaprd7

There's a free one here (amongst other things):

http://www.brokersdirect.net/download.htm


Maybe you could use that to the best of you abilities and then hand it to the solicitor to polish up - should save you some money in legal fees?

carl310166

nearlyrich wrote:

If your son inherits half the house on first death what safeguards do you have to protect the survivor from losing their home?

Not that I am suggesting your son will do anything dodgy but predatory ex wives on divorce and business creditors to name but 2 potential threats need to be considered.

How did the solicitor sort this one out?

Err...i don't know ? I think half the house goes into a trust ? but when i meant a gift to our son,we were thinking of a lump sum of money from the insurance pot.

You have got me thinking now!

Becles

Will writing is something where you shouldn't try to penny pinch. It's a complex subject and for peace of mind, I would get a solicitors will drawn up.

A relative recently died suddenly, leaving a DIY will for his wife. However there was a mistake on it, so it isn't legally valid and he is classed as dying without a will.

My Aunt works a few hours a week for 'pin money' which is all she has to live on at the moment till the will is sorted out.

Added to the complication is that she has children from her first marriage and my Uncle has children from his first marriage. My Uncles children don't want my Aunts children to have a share of 'his money' so they are trying to get as much money as they can. It looks like it will drag on for ages

My Aunt is upset over the sudden loss of her husband, and doesn't need all the additional stress. If he had left a proper will, none of this would have happened.

For peace of mind and to make sure the people who you want to benefit get their rightful share, please see a solicitor.

Nick99

nearlyrich wrote:

If your son inherits half the house on first death what safeguards do you have to protect the survivor from losing their home?

Not that I am suggesting your son will do anything dodgy but predatory ex wives on divorce and business creditors to name but 2 potential threats need to be considered.

How did the solicitor sort this one out?

If your solicitor is smart, he could arrange for the will to contain a buy-back option for the surviving spouse, so she can recover her late husbands share of the house from the executors and so that the children etc can't get their hands on the house. He can also include power in the will for the spouse not to pay cash, but to give an interest-free IOU. Result: the widow owns the house, cant be pushed out by children or their ex-spouses and has a debt outstanding against her own estate when she dies to set against the IHT liability. Clever!

As for DIY wills, they are fine if you have the time to read trhe paperback-bok long instructions, and if your cisrcumstances fall within thre exact parameters on which the book is written. Generally speaking, an invitation to grief.

With regard to the Australian aspect, probably the law out there wont accept a UK will to deal with Oz assets - but you will still need one here to deal with any assets you have here.