Will Advice Please

sprinter400uk

Hi everyone!

I don’t have a lot and, as a pensioner, it’s time I sorted what happens when I finally go.

I’ve done a little research but much of it is confusing and I don’t really understand what’s best. I’m just looking for some straightforward, simple advice.

Basically, I just want to give £500 each to my three grandchildren and the rest of my savings is to be split equally between my two Daughters. That's it, there's nothing else!

Do I need to go to a solicitor and/or pay for somebody to do a will for me or is there a template I could use and keep the will where it will be found?

Hope to hear your recommendations in the near future.

Kindest regards,

dzug1

There's some more things you need to think about -

who will you appoint as executor(s)?

Are your grandchildren young - they cannot inherit until they are 18 so the money would have to be held in trust for them. Might there be additional grandchildren before you die?


What do you want to happen if a beneficiary predeceases you?


I'd read up a bit more on the subject before deciding whether you wish to DIY or not - if you didn't you'd be prearmed for some of the questions a professional should ask you

Savvy_Sue

dzug1 wrote: »

Are your grandchildren young - they cannot inherit until they are 18 so the money would have to be held in trust for them. Might there be additional grandchildren before you die?

Might there be additional grandchildren after you die? I know you won't know them, but I think I'd want to set up the trust so that whenever it matured, the proceeds were split however many of them there were, even if I hadn't known them myself, if that makes sense.

Icey77

There is an alternative to DIY or solicitors .. a professional will writer.

I'd ensure they are a member of the Institute of Professional Willwriters and in my experience the one I used was very, very good and very, very affordable.

They may also be able to advise on issues such as Lasting Power of Attorney to ensure that your interests are looked after by someone you trust if you were to lose your faculties.

They will ask you all sorts of questions to ensure that your will meets all legal requirements and may also make you consider options that hadn't occurred to you.

I found it rather satisfying knowing I had arranged everything as I wanted it

madbadrob

Icey77 wrote: »

There is an alternative to DIY or solicitors .. a professional will writer.

I'd ensure they are a member of the Institute of Professional Willwriters and in my experience the one I used was very, very good and very, very affordable.

Being a member of that institute is as good as being a member of any football supporters club. They cannot force anything on their members as they are an unregulated industry. Are you also aware how many of these will writers wills are being declared invalid? That said I would sooner use one registered with the IPW than one not. Its the old adage of you pays for you get and I would sooner pay a solicitor specialising in probate 400 than 300 to a Professional will writer. On that note many of these are more expensive than a solicitor. A friend of mine only last week paid 1100 to a registered IPW member for a will that my solicitor would have charged him £300 for

Rob

Icey77

madbadrob wrote: »

Being a member of that institute is as good as being a member of any football supporters club. They cannot force anything on their members as they are an unregulated industry. Are you also aware how many of these will writers wills are being declared invalid? That said I would sooner use one registered with the IPW than one not. Its the old adage of you pays for you get and I would sooner pay a solicitor specialising in probate 400 than 300 to a Professional will writer. On that note many of these are more expensive than a solicitor. A friend of mine only last week paid 1100 to a registered IPW member for a will that my solicitor would have charged him £300 for

Rob

As you mention, some are good and some are bad, not all of them.

The one I used was very good, I've since had my will independently reviewed (by a friend who's a solicitor in wills and probate) and it meets the requirements. I was charged a very reasonable fee of £200 5 years ago and I am planning to review the will early in the new year as I've realised it's now invalid as I have married and I have children to consider also now.

IMO they are an option but like all things, solicitors included, do research. After all, some solicitors can be crap too and write a will that's invalid!

madbadrob

Icey77 wrote: »

As you mention, some are good and some are bad, not all of them.

The one I used was very good, I've since had my will independently reviewed (by a friend who's a solicitor in wills and probate) and it meets the requirements. I was charged a very reasonable fee of £200 5 years ago and I am planning to review the will early in the new year as I've realised it's now invalid as I have married and I have children to consider also now.

IMO they are an option but like all things, solicitors included, do research. After all, some solicitors can be crap too and write a will that's invalid!

Yes they can but with solicitors wills if they are declared invalid due to the solicitors fault you can make a claim against the solicitor or the firm he worked for. You dont have that option with a will writer. The insurance they pay does not cover this aspect whereas the solicitors insurance does. Each to their own and after all I shouldnt complain I make my money from intestate estates and a few of these are from the situation described above.

I would be happy to see them regulated as I would my own profession because this would allow for the correct insurances to be available

Rob

Icey77

madbadrob wrote: »

Yes they can but with solicitors wills if they are declared invalid due to the solicitors fault you can make a claim against the solicitor or the firm he worked for. You dont have that option with a will writer. The insurance they pay does not cover this aspect whereas the solicitors insurance does. Each to their own and after all I shouldnt complain I make my money from intestate estates and a few of these are from the situation described above.

I would be happy to see them regulated as I would my own profession because this would allow for the correct insurances to be available

Rob

This is your area of expertise and Ive also worked in a strictly regulated industry so will happily bow to your knowledge. But I'd still like it be an option that the OP may consider for review.

:beer:

madbadrob

Icey,

Yes I agree the OP should have every option made aware to them however I also believe that they should be aware of every aspect. My own prejudices should not have come into it

Rob

jackyann

I have used LawPack and they seem fine, for a simple will.
But leaving money to grandchildren can be a bit fraught - see above about "other" grandchildren (and even "step" grandchildren). You may also want to consider the amount: By the time my grandfather died, the amount he left me was not what he had intended (50 years of inflation!)
I think that a simple way around this is to update your will periodically - you can also make your children aware of your intentions - but neither of those is fool-proof.

Mojisola

A will should be reviewed every so often but it's also a good idea to future-proof it where possible.

Rather than leave a set amount to named grandchildren, you can leave a lump sum to be divided between surviving grandchildren or between all your grandchildren with their share going to any surviving issue if they predecease you or you can include step-grandchildren as well, etc.

The money you pay someone to produce a will for you isn't just for the act of writing a will; it's for the knowledge they should have to guide you to create a will that actually does what you want.