DIY wills

agrinnall

Read this http://www.moneysavingexpert.com/family/free-cheap-wills

willownuts

Dont think we would have to worry about that. The house is only worth about a hundred grand.

Simple things made complicated!

[Deleted User]

You say the house proceeds are to be split 4 ways.

What if all of your offspring were to die, at the same as yourself and your spouse?

Who gets the house then?

Owain_Moneysaver

What happens if your daughter marries, dies, is disabled, or bankrupted?

If you wish to protect the other children in any eventuality then you need a competent solicitor. Part of his job is to consider the things you can't imagine happening.

willownuts

Blimey. Its not simple is it?

In a reply to Bedsit Bob, if we were all to die together, we really dont care what happens to the house. If the extended family want to fight over it, let them. We will be gone.

Going to go see CAB, see if they can point us in the right direction and ring round some solicitors to get some prices.


Thanks.

troubleinparadise

There are so many "what ifs" in this situation - it is not uncomplicated by any means as the other posters have said.

Add to the other scenarios already listed: your eldest daughter presumably pays for the maintenance of the property (along with running costs) until everyone finally leaves home (again presuming they all do eventually), then she has to sell 'her' home but she only gets a quarter of the proceeds, despite her investment over the years?

And she might be 30-odd by then; might she have married, had children, wanted her own property, wanted to move away for work?

Sorry, a bit of money spent on legal advice now will save a lot of headaches for all concerned in the future.

dzug1

And yet another possibility - she's divorced and ex hubby wants a share and forces the sale

System

Another point is you can't just decide to "look after" children aged under 18.
The daughter would have to be appointed guardian, and supplied with funds in order to discharge her task. When the next child reached 18, he/she would not be subject to the guardian, but could demand his/her share in the trust.

At best, properly set up, it might be a good way of covering a very unlikely eventuality. But at worst it creates a whole series of possibilities, complications, and recipes for lasting argument and acrimony.

DigForVictory

Good call with CAB but do also look hard at any union membership as this does need doing right & if you can't afford it, it's worth searching the freebies-included.

Mostly as if you can't afford it alive, believe me, it'll be Much Much more expensive when someone's died.

All the very best & a long & happy life for you all!

Mojisola

willownuts wrote: »

Blimey. Its not simple is it?

In a reply to Bedsit Bob, if we were all to die together, we really dont care what happens to the house. If the extended family want to fight over it, let them. We will be gone.

What will happen to your estate if you all die together is strictly laid down but it will make life more difficult for your family if you don't have wills. If they are coping with the grief of losing you all, wouldn't you want to make their life a bit easier?

A good will should cover a range of possibilities and be, to some extent, future-proof. It would be worth planning to revise the will when the children all reach majority.