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Will making advice please
beth3735
Posts: 499 Forumite
Me and my husband are both going to make a will this year, I have a few questions though, as i have luckily never had to deal with a will -
Do we need 1 each?
What is the difference of an Executor and Power of attorny (sp)?
We would want to 1st leave everything to each other, then the children, What happens if 1 of us dies, and then i have only the children to name as an executor but they are still young?
Does it cost much to amend a will and are you limited to the times you can amend it?
Probably have loads of other questions i will think of, but my main concern is making sure either me, my husband or my children get the inheritance passed on. Obviously when we grow older and grandkids come into the equasion we would want to change.
I just get overwhelmed when thinking of will making, is a solicitor patient with people like us who have no idea :rotfl:
Tthank you all
Do we need 1 each?
What is the difference of an Executor and Power of attorny (sp)?
We would want to 1st leave everything to each other, then the children, What happens if 1 of us dies, and then i have only the children to name as an executor but they are still young?
Does it cost much to amend a will and are you limited to the times you can amend it?
Probably have loads of other questions i will think of, but my main concern is making sure either me, my husband or my children get the inheritance passed on. Obviously when we grow older and grandkids come into the equasion we would want to change.
I just get overwhelmed when thinking of will making, is a solicitor patient with people like us who have no idea :rotfl:
Tthank you all
0
Comments
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Probably best to see a solicitor that specialises in that area, but from what you write, there is no need for a will as the laws of intestate will apply anyway, unless you mean the children are not from your husband and vice versa?0
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Thank you, No all 3 children are both mine and my husbands So ideally there is no big need to sort a couple of wills out then! Will save us a bit of money then.
We are joint on the mortgage, but husband does have his own savings account which has backup money in for 6 months wage just incase. As long as things like this would't be affected too much, then we will put it off for a little longer.
Thank you.0 -
I take neither of you were married before either?
I'm no expert so hence why seeing a solicitor, also in November you can get a will done at some solicitors for around £100 during will aid.
But if there is no one else that can lay claim to any estate, can't see the point of a will.0 -
No never married before, Only siblings and parents who could be in with a chance, but that would hardly be likely that they would want a share.
Will leave it till Nov and see what we decide then0 -
If you or your husband were to die intestate the estate would go to the surviving spouse to a certain level then after that level is reached (250k) a half life interest in any of the excess residue. I would still however advise a will to be made especially if in the future (and of course I hope this is not the case) you and your husband were to split and remarry other spouses as they would then inherit and the children may then see nothing at all
Rob0 -
there are other senarioes to consider, what if you both go while you kids are under 18, you might want to apoint gardians or control who will be in charge of the trust.
relying on intestate administration is not always a sensible thing to do.
If you are going to leave it to next Nov why not do a dry run, get a PA1 and a IHT205(search them) and do your own estates as if you had died or hubby died or you both did yesterday.
Remember if you travel with others(kids/parents) there is an slight increased risk of multiple demise.0 -
With the price of houses these days, there have been cases where a bereaved parent has had to sell the family home to give the children their share of the estate so don't rely on the intestate rules.
It is much better to make wills for a variety of reasons. You get to choose who administers your estate - family member, friend or children when they are old enough. You decide how your estate is divided. You can say who you would like to care for your children if you both die together - it wouldn't be set in stone but SS would seriously consider your instructions.
You can have as many wills as you like over your lifetime. To some extent you can future-proof your wills (for instance, allow for children who haven't been born yet) but you should reassess it regularly to make sure it still does what you want.
Power of attorney is someone who can look after your affairs if you become incapable while you are alive. An executor is the person who administers your estate after you have died.
Executors can be anyone you think is responsible enough to do the job. If they don't feel able when the time comes, they have to authority to get a solicitor to do the job for them. Don't appoint a solicitor or bank official as a professional executor because they'll charge a lot for their services.
Which? do some good books on wills and probate and related issues. It's worth reading them so that you understand the process and can start discussing what you want your wills to say.0 -
Thank you all, I have decided to go ahead with making a will up, With 3 children who are only 9,7 and 4 i would mainly want it in place now for their care rather than anything else really.0
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Without wishing it to get too complicated! In order to make the will as long lasting as possible - i.e. you could name one or more of your children as executors, and if at that time he/she/they are under eighteen then 'xxx' will be.
You could assume that you'll live to a grand old age when your children will be able to cope with your Estate, but plan for the possibility that they won't - if your 'passing' is unexpectedly early!!I used to work for Tesco - now retired - speciality Clubcard0 -
Without wishing it to get too complicated! In order to make the will as long lasting as possible - i.e. you could name one or more of your children as executors, and if at that time he/she/they are under eighteen then 'xxx' will be.
You could assume that you'll live to a grand old age when your children will be able to cope with your Estate, but plan for the possibility that they won't - if your 'passing' is unexpectedly early!!
I wouldn't do this - aim to have a will that will last until the children are all of age, naming adult executors and carers for the children.
When they are all adults, you can reassess your position.0
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