Writing your own will

TheGoober87

I'm currently in the process of buying a house with my girlfriend. We've sorted out pretty much everything else (life insurance, pensions, etc), but the last thing we really need is a will.

Looking at legal stuff, am I right in thinking that a married couples immediately get the other halves things should the worst happen? Basically that what we want to happen. Is it worth getting a will drawn up by a solicitor, or could we just write up a simple will that give us the same as a married couple should anything bad happen?

Gloomendoom

ADChick wrote: »

I'm currently in the process of buying a house with my girlfriend. We've sorted out pretty much everything else (life insurance, pensions, etc), but the last thing we really need is a will.

Looking at legal stuff, am I right in thinking that a married couples immediately get the other halves things should the worst happen? Basically that what we want to happen. Is it worth getting a will drawn up by a solicitor, or could we just write up a simple will that give us the same as a married couple should anything bad happen?

No, married couples don't automatically get the other half's things but there is nothing stopping you leaving everything to your girlfriend. The only complication I can see is what happens if you die together or within a short time of each other, following an accident, for example.

TheGoober87

I see. It might be worth paying out for a properly drawn out one then? I've seen some that will do couples' wills for 200 quid?

daska

It's not quite that simple. For example, when you buy a house you have a choice of buying it as joint tenants or tenants in common. If the former it will go to the surviving tenant regardless of whether you're married, if the latter it will go to whoever is named in the deceased's Will or as dictated by the rules of intestacy.

Getting married is a very cost effective way of doing what you want to do - quite possibly cheaper than having a Will written, and certainly cheaper than writing a bad DIY Will.

easy

Please Please pay a solicitor to sort out your wills properly for you. You may think you are saving money by doing it yourself, but the scope for other relatives to later challenge it, or the meaning of what you have written to be open to misinterpretation, is VAST, and could well mean that any assets you leave end up getting spent on legal battles - as well as causing problems for the loved one you leave behind.

Some things are worth spending money on in order to make sure they are right. Drawing up a will is one of those things.

daska

ADChick wrote: »

I see. It might be worth paying out for a properly drawn out one then? I've seen some that will do couples' wills for 200 quid?

Getting married only costs £115 (£35 each to register and £45 for the ceremony).

Oh and £4 for the certificate on the day.

£119 total

lika_86

daska wrote: »

Getting married is a very cost effective way of doing what you want to do - quite possibly cheaper than having a Will written

I think many many people would disagree there. Marriage CAN be cheaper than having a will written but for most people will cost many thousands more. I'd go with the will if I were you and get it drawn up properly by a solicitor, the cost is minimal and certainly less than the costs of getting it wrong. Why people don't seek legal advice on such an important document is honestly beyond me.

As for what married couples get if there isn't a will, this flowchart is quite good at showing who gets what http://www.legacywillsuk.com/docs/Rules_of_Intestacy.pdf Effectively, unless you have a massive estate, the spouse will effectively get everything.

daska

lika_86 wrote: »

I think many many people would disagree there. Marriage CAN be cheaper than having a will written but for most people will cost many thousands more. I'd go with the will if I were you and get it drawn up properly by a solicitor, the cost is minimal and certainly less than the costs of getting it wrong. Why people don't seek legal advice on such an important document is honestly beyond me.

As for what married couples get if there isn't a will, this flowchart is quite good at showing who gets what http://www.legacywillsuk.com/docs/Rules_of_Intestacy.pdf Effectively, unless you have a massive estate, the spouse will effectively get everything.

LOL - What people choose to spend on a wedding is additional to the cost of getting married.

ognum

I think it is worth considering Inheritence Tax if you are not married and if at sometime your wealth will exceed the IHT threshold then if you are un married the surviving partner will need to fund that.

tyllwyd

If your only asset is the house, and you want the house to automatically go to the surviving partner, then I would have thought that the easiest thing would be to buy the house as beneficial joint tenants.

BUT a solicitor can make sure you don't overlook anything. Are marriage / children a possibility in the future? It might be a good idea to get a will written now which reflects what you would want to happen in those circumstances.