Drawing up a will

Charlton_King

Ok, so I've looked at previous threads on the topic and am still unsure as to what I should do.

I suppose I have one of the simpler situations:

1. Wife plus self wanting to leave everything to each other in the event of one of us popping. Is that not taken as read by the law in any case?

2. Two children to share it all 50:50 in the event of us both popping.

I've heard there are downloadable forms on the net for use by anyone. Do I really have to go to the expense of a lawyer for this relatively simple matter..???

Savvy_Sue

Charlton_King wrote: »

I've heard there are downloadable forms on the net for use by anyone. Do I really have to go to the expense of a lawyer for this relatively simple matter..???

You don't, but you have not really considered the matter if you think it is as simple as that.

Questions a lawyer should ask would include what happens if all of you go together, and combinations of what happens if (either of) the children die before you / have children of their own when the wills come into effect / you have more children.

You may also wish to consider appointing guardians, which may have to be done separately from the will (because you can't actually bequeath your children!)

If you make a mistake in the signing of a downloaded will someone could end up paying a good deal more than the cost of a properly drawn up will to sort the mess out. And you (or your wife) will only find out when it's too late.

By all means don't appoint a solicitor as executor, but IMO it's worth paying one to draw up a will. And no, I'm not a solicitor!

Mojisola

Charlton_King wrote: »

Ok, so I've looked at previous threads on the topic and am still unsure as to what I should do.

I suppose I have one of the simpler situations:

1. Wife plus self wanting to leave everything to each other in the event of one of us popping. Is that not taken as read by the law in any case?

2. Two children to share it all 50:50 in the event of us both popping.

I've heard there are downloadable forms on the net for use by anyone. Do I really have to go to the expense of a lawyer for this relatively simple matter..???

If you don't have a lot to leave, you can let the intestacy rules take effect - https://www.youngandpearce.co.uk/intestrules.htm

If you have more than £250,000 to leave, the surviving spouse can be left in a difficult position because he/she may have to find capital to pay the children.

A lot depends on whether you own your home and what type of ownership you have.

Part of the money a solicitor will charge you for the will is to know the potential problems and help you avoid them.

midnight_express

Lawyers love home made wills, they make a fortune out of them.

scotsbob

Mojisola wrote: »

If you don't have a lot to leave, you can let the intestacy rules take effect - www.youngandpearce.co.uk/intestrules.htm

Intestacy laws depend on which part of the UK you live. The Scottish intestacy laws are here.

http://www.makeawill.co.uk/scotland-intestacy-laws.htm

Mojisola

scotsbob wrote: »

Intestacy laws depend on which part of the UK you live. The Scottish intestacy laws are here.

http://www.makeawill.co.uk/scotland-intestacy-laws.htm

Thanks - I should have mentioned that. It's also worth pointing out that Scottish law is different regarding wills - https://www.scfnw.org.uk/legacy/scotland.htm

blossomhill_2

Homemade wills ARE a minefield BUt if there are two of you you could pay for one then and type up your own mirroring the wording for the other spouse to use - this would ensure you include all those mind-boggling extra paragraphs that cover things other than beneficiaries

If either of you is in a Union they often offer wills for free as a perk

I wouldn't rely on intestacy - speaking as someone who inherited while not the closest relative

Mojisola

blossomhill wrote: »

I wouldn't rely on intestacy - speaking as someone who inherited while not the closest relative

Off-topic but curious how this could happen.

pollypenny

Also consider what happens if the children are married.

A straightforward will should not cost much at a solicitor's office and will be well worth it.

Savvy_Sue

blossomhill wrote: »

Homemade wills ARE a minefield BUt if there are two of you you could pay for one then and type up your own mirroring the wording for the other spouse to use - this would ensure you include all those mind-boggling extra paragraphs that cover things other than beneficiaries

However the problems I mentioned above regarding getting it witnessed and signed, and holding it together, remain.

blossomhill_2

Mojisola wrote: »

Off-topic but curious how this could happen.

Uncle died, had two living brothers, Probate decided estate should be divided between me and my sister, the deceased's nieces

Bros didn't contest the decision as it wasn't a large amount, but made me wary of assuming Probate would do the right thing

However the problems I mentioned above regarding getting it witnessed and signed, and holding it together, remain.

Savvy Sue - holding it together?