Updating Will

Errata

As far as I know, if you leave money to a named person -relative/whoever - who dies before you the bequest does not 'trickle down' to that persons descendants. A will should clearly state what should happen to any bequest intended for that person if they die first.

Savvy_Sue

Errata wrote: »

As far as I know, if you leave money to a named person -relative/whoever - who dies before you the bequest does not 'trickle down' to that persons descendants. A will should clearly state what should happen to any bequest intended for that person if they die first.

Maybe the trickle down only applies if you die intestate.

I have pointed out to my mum that the way she originally had her will worded meant that if one of us died before her, their children would lose out (ie grandchildren specifically excluded). Her view was that she would re-write her will if that happened, but I think the length of time it's taken her to find a solicitor she's happy with and get a decent draft out of them might have made her reconsider! :rotfl:

Errata

Sue, yes you're right. It would be impossible to leave anything to someone named who's already dead as they would have no means of accepting it.

moonrakerz

Some of the posts in this this thread highlight the need to get a Will done by a solicitor.

One post says do it yourself - that post contains a "typo" - that would cause havoc in a Will !
You don't need to revoke previous Wills - any subsequent Will does that anyway.

One thing you can do yourself without too much risk - is get someone other than a Solicitor to act as executor. They charge the earth ! The HM Courts website has alll the info and forms you need.

See: http://www.hmcourts-service.gov.uk/cms/wills.htm

Savvy_Sue

harryhound wrote: »

There is a new Which? book out this month.
If the estate being left is more than 300K, then it should be read together with the new 'Which? essential guide to Giving & Inheriting'.
These books have a retail price of 11 - 12 GBP each.
As expected of a MSE, I have borrowed them from the library;) - but you must get the up to date version as Gordon Brown made some silly changes to the rules 13 months ago.

You can save quite a bit if you get them on Amazon. My mum is paying for them for my brother's birthday, as he and I are to be their executors! I know it's not quite as MSE as getting them from the library, but you might want to keep them for quite a bit longer than 3 weeks!

harryhound

Savvy_Sue wrote: »

Maybe the trickle down only applies if you die intestate.

I have pointed out to my mum that the way she originally had her will worded meant that if one of us died before her, their children would lose out (ie grandchildren specifically excluded). Her view was that she would re-write her will if that happened, but I think the length of time it's taken her to find a solicitor she's happy with and get a decent draft out of them might have made her reconsider! :rotfl:

COMMON MISCONCEPTIONS:

No 2: "My mother's will left everything to be divided between me and my brother, but as my brother died some years ago, does everything come to me?"

- If your brother had no children yes BUT if he had children, they would share what their father would have inherited, had he survived your mother.

By the way "Which?" recommends starting with "I revoke all earlier wills and codicils".

In the case of the will that my mother wrote with input from my sister and me, the solicitor who had to look at it after her death (see earlier posting) said "I would not have phrased it like that" over a particular clause BUT in reality the system is now a giant tax collecting exercise. The tax tail is definitely wagging the legal dog. Having convinced the tax man, by post, that we didn't owe him anything, the longest part of the legal process was getting into the court house through the anti bomb scanner; not the cursory look at the paperwork and the quick swearing ritual. After paying our money we were on our own with a handful of certificates. Obviously had there been family intrigue, someone could have got a copy of the will and started quibbling over every dot and comma, but in our situation that is most unlikely.

(But if you think you are grandmother hound's godson please send me a Private Message:D )

http://forums.moneysavingexpert.com/search.html?searchid=9226084


Harry.

PS I am in the process of (re)writing my own will - I hope 3 weeks will be long enough.

harryhound

1. Never fix anything to a will ! A mark or hole in the paper means a page might have gone missing.

2. We are all operating under English law are we not?
North of the border it is a different country legally and different rules, some of them more sensible, apply.

Harry

Savvy_Sue

harryhound wrote: »

(But if you think you are grandmother hound's godson please send me a Private Message:D )

http://forums.moneysavingexpert.com/search.html?searchid=9226084

:rotfl:A nice thought, but your link doesn't work, and I am no-one's godson, and I know all my children's godparents are still alive and well. Not sure DH has ever known who his are at all!

Errata

This from the CAB website :-

Is it necessary to use a solicitor


There is no need for a will to be drawn up or witnessed by a solicitor. If you wish to make a will yourself, you can do so. However, you should only consider doing this if the will is going to be straightforward.



It is generally advisable to use a solicitor or to have a solicitor check a will you have drawn up to make sure it will have the effect you want. This is because it is easy to make mistakes and, if there are errors in the will, this can cause problems after your death. Sorting out misunderstandings and disputes may result in considerable legal costs, which will reduce the amount of money in the estate.



Some common mistakes in making a will are:-


not being aware of the formal requirements needed to make a will legally valid
failing to take account of all the money and property available
failing to take account of the possibility that a beneficiary may die before the person making the will
changing the will. If these alterations are not signed and witnessed, they are invalid
being unaware of the effect of marriage, a registered civil partnership, divorce or dissolution of a civil partnership on a will
being unaware of the rules which exist to enable dependants to claim from the estate if they believe they are not adequately provided for. These rules mean that the provisions in the will could be overturned.

harryhound

Sorry about that it obviously times out. I've seen it suggested that it is easier to search MSE using Google, that struggle with the search tool provided.

eg put this into google:
"over-zealous censorship" site:forums.moneysavingexpert.com

Had the link worked it would have taken you to the big Premium Bonds thread and my problems finding the certificates hidden behind the gas meter.:rolleyes:

Harry