does dad really need a will ?

hardpressed

Don't let the solicitor talk your dad into them being executor to 'make it easier for you'. Probate is simple to do when there is only you to inherit.

Newly_retired

Just read in the paper today that the rules of intestacy will change on 1 October, ie who inherits if there is no will.http://www.theguardian.com/money/2014/sep/20/wills-inheritance-changes-intestacy-rules

chucknorris

janiebquick wrote: »

Everyone needs a will.

I didn't really think that this was necessary but I've just googled what happens in the event of my death ( I am married with no children) and I was very surprised to learn that my wife wouldn't get everything, apparently my parents would get almost 41%. Similarly if my wife died her parents would also get about the same.


I think that we'll have to look into getting a will in place.

Mojisola

chucknorris wrote: »

I didn't really think that this was necessary but I've just googled what happens in the event of my death ( I am married with no children) and I was very surprised to learn that my wife wouldn't get everything, apparently my parents would get almost 41%. Similarly if my wife died her parents would also get about the same.

I think that we'll have to look into getting a will in place.

The intestacy rules are changing so spouses will inherit everything from each other if there aren't any children but it's still going to be better to make a will.

If there is a will, the executor/s can start sorting things out straightaway. If the estate is intestate, someone has to apply to be the administrator and everything is in limbo until that happens.

If you make a will, you choose who will manage your estate whereas someone else might end up as administrator.

chucknorris

Mojisola wrote: »

The intestacy rules are changing so spouses will inherit everything from each other if there aren't any children but it's still going to be better to make a will.

If there is a will, the executor/s can start sorting things out straightaway. If the estate is intestate, someone has to apply to be the administrator and everything is in limbo until that happens.

If you make a will, you choose who will manage your estate whereas someone else might end up as administrator.

Since my last post I have started writing my will from a template from this website (this might end up as my actual will or perhaps only the draft to assist conveying my wished to a solicitor):


http://www.compactlaw.co.uk/free-legal-documents.html

getmore4less

Mojisola wrote: »

The intestacy rules are changing so spouses will inherit everything from each other if there aren't any children but it's still going to be better to make a will.

If there is a will, the executor/s can start sorting things out straightaway. If the estate is intestate, someone has to apply to be the administrator and everything is in limbo until that happens.

If you make a will, you choose who will manage your estate whereas someone else might end up as administrator.

Allthough strictly true in practice you can get on with the job in noncontentious situations.

You have to do all the enquiries before the grant anyway to do the IHT forms so institutions will communicate with the potential administrator before a grant most will require the death certificate to dish out the information.

Allthough you shouldn't you can get a house on the market, as no one checks but that can casue issues if you get a buyer very quickly.

If family want to keep a house and agree you can move people in allthough renting out could be problematic.

no1catman

chucknorris wrote: »

Since my last post I have started writing my will from a template from this website (this might end up as my actual will or perhaps only the draft to assist conveying my wished to a solicitor):


http://www.compactlaw.co.uk/free-legal-documents.html

Ah, I thought this interesting, all the jargon there. The only thing I thought was odd was the sequence - it gave first Legacy, second Charity, and third Property.
I did email them but no reply, as I thought a better sequence would be Property, Legacy/Gifts, and finally Charity !?


For example, I leave all my property and financial assets to XXX, my Chess set to YYY in the event XXX's death preceding mine assets to be split between the following charities.

cupcake4

Word of caution re. using 'solicitors' during free wills month in October.
I made a will for the first time 2 years ago just before having major surgery and between the decree nisi and decree absolute of my divorce.
I used a local High St. firm, but the chap I saw must have been a legal executive who relied on his partner to sign everything off.
I wanted to leave a small sum to my soon to be ex husband and mentioned several times that I was waiting for my decree absolute.
When the draft came through, it seemed ok and I duly got the final copy and had it witnessed.
However, when I was recovering from surgery, my decree absolute arrived and, on reading the small print, it clearly said that anything left to the former partner would be revoked on the decree absolute!
When I rang the solicitors, the guy I used just glibly said "Don't worry, we'll draw up another will, you can come in and sign it".
As I had had replacement knee surgery, this was not possible.
It was left to me as a lay person to point out his mistake and I then had to get the new will witnessed again.
I am also left with the nagging feeling that the will may not be correct in other aspects since I lost all confidence in this company.
Moral of story, be very careful who you use!