Help with will writing please

Skint_yet_Again

Sorry I haven't a clue when it comes to wills.....

I am writing/preparing a will through my union.

I am divorced and apart from 2 small legacies to niece/nephew everything is to be inherited by my son (age 19). House with small mortgage covered with life insurance, pension death benefit, union death benefit, savings (small emergency fund) , car. Under IHT threshold.

My questions are

1. Having spoken to my son I intend to name him as executor. He still lives at home. All my other family live several hundred miles away. I iwould like to name my youngest sister (age 41) as second executor (if she agrees) - will she be required to do anything/sign anything in the event of my death - if my son is first executor can he sign everything ? (I have told him he can appoint a solicitor to help him if he wishes)

2. I thought I should make provision for if my son should predecease me or die at the same time (possible as we travel together to see family)

In that scenario I would like my youngest sister to inherit everything apart from the 2 small legacies. I have not left anything to my eldest sister as we are estranged. I have not left anything to my parents as they are financially ok and I know the money would make a big difference to my youngest sister.

Is it ok to name her as the second executor so that she would become the sole executor/main beneficiary if my son were to predecease me/die with me? I have not named my parents as executors as they are in their 70's and frankly could do without the hassle.

3. I have an interest free loan with my parents as they offered to lend me money to buy the car instead of bank loan. I have put details of this in the financial section with the amount borrowed, the agreed monthly repayments (by standing order) and that in the event of my death any outstanding balance is to be paid in full from my estate. Is there anything else I haven't thought of re this loan?

Sorry to sound so vague, is there anything else I have not thought of? I want it to be as simple to administer as possible.

Thanks

g6jns_2

Skint_yet_Again wrote: »

Sorry I haven't a clue when it comes to wills.....

I am writing/preparing a will through my union.

I am divorced and apart from 2 small legacies to niece/nephew everything is to be inherited by my son (age 19). House with small mortgage covered with life insurance, pension death benefit, union death benefit, savings, car. Under IHT threshold.

My questions are

1. Having spoken to my son I intend to name him as executor. He still lives at home. All my other family live several hundred miles away. I have named my youngest sister (age 41) as second executor - will she be required to do anything/sign anything in the event of my death - if my son is first executor can he sign everything ? (I have told him he can appoint a solicitor to help him if he wishes)

2. I thought I should make provision for if my son should predecease me or die at the same time (possible as we travel together to see family)

In that scenario I would like my youngest sister to inherit everything apart from the 2 small legacies. I have not left anything to my eldest sister as we are estranged. I have not left anything to my parents as they are financially ok and I know the money would make a big difference to my youngest sister.

Is it ok to name her as the second executor so that she would become the sole executor/main beneficiary if my son were to predecease me/die with me? I have not named my parents as executors as they are in their 70's and frankly could do without the hassle.

3. I have an interest free loan with my parents as they offered to lend me money to buy the car instead of bank loan. I have put details of this in the financial section with the amount borrowed, the agreed monthly repayments (by standing order) and that any outstanding balance is to be paid in full from my estate. Is there anything else I haven't thought of re this loan?

Sorry to sound so vague, is there anything else I have not thought of? I want it to be as simple to administer as possible.

Thanks

Spend £100-150 and get the job done by a solicitor. They will advise and help you clarify your thinking. The saving of DIYing will be offset by the risk of getting it wrong.

Skint_yet_Again

I am not DIY'ing I am using my union pack - through their solicitor.
Was just hoping for some advice re the points raised

Mojisola

Skint_yet_Again wrote: »

I am writing/preparing a will through my union.

I am divorced and apart from 2 small legacies to niece/nephew everything is to be inherited by my son (age 19). House with small mortgage covered with life insurance, pension death benefit, union death benefit, savings (small emergency fund) , car. Under IHT threshold.

My questions are

1. Having spoken to my son I intend to name him as executor. He still lives at home. All my other family live several hundred miles away. I iwould like to name my youngest sister (age 41) as second executor (if she agrees) - will she be required to do anything/sign anything in the event of my death - if my son is first executor can he sign everything ? (I have told him he can appoint a solicitor to help him if he wishes)

2. I thought I should make provision for if my son should predecease me or die at the same time (possible as we travel together to see family)

In that scenario I would like my youngest sister to inherit everything apart from the 2 small legacies. I have not left anything to my eldest sister as we are estranged. I have not left anything to my parents as they are financially ok and I know the money would make a big difference to my youngest sister.

Is it ok to name her as the second executor so that she would become the sole executor/main beneficiary if my son were to predecease me/die with me? I have not named my parents as executors as they are in their 70's and frankly could do without the hassle.

3. I have an interest free loan with my parents as they offered to lend me money to buy the car instead of bank loan. I have put details of this in the financial section with the amount borrowed, the agreed monthly repayments (by standing order) and that in the event of my death any outstanding balance is to be paid in full from my estate. Is there anything else I haven't thought of re this loan?

Skint_yet_Again wrote: »

I am not DIY'ing I am using my union pack - through their solicitor.

The solicitor should be taking you through all the options but here's my 2 pence worth -

I have three scenarios in my will - if I die before OH, he gets everything; OH and a couple of children are named as executors. It's up to them whether they let one person sign everything while the others stay in reserve or all get involved or they employ a solicitor.

If my OH dies before me or we go together, everything is divided between the kids - the same two are named as executors.

If all us go together (think serious road crash or plane crash), two younger relatives will be executors and the estate will go to nephews and nieces.

SailorSam

If it was a very simple will there are lots of Internet sites to say what you need to do, you can even pick a Diy kit up at the Post Office, but anything more, once it's a bit complicated it's best to do properly with a solicitor. Every so often solicitors will prepare a Will for free if you donate a sum (say £100) to charity. I think it's called WillAid.

Update :
http://www.willaid.org.uk/

jackyann

I think that doing this through your union is a very good way to go about it. I gather that you are not asking for legal advice, just general pointers.

I am not an expert, but I gather that executors aren't "ordered" - just anyone that you name acts as an executor. It's fine to name your sister - when I have acted as joint executor with someone who lived a long distance away, we managed very well. We set up a probate account, payments on either signature. We just got together around the time of death / funeral, then again for the finalising of probate. It wasn't a problem.
It is fine to add a clause "in the event that my son Montomorency pre-deceases me...."
I also agree that although one should intend a will to last a good few years, it does need regular reviewing (say when your son marries / has children etc.)

g6jns_2

Skint_yet_Again wrote: »

I am not DIY'ing I am using my union pack - through their solicitor.
Was just hoping for some advice re the points raised

The advice from the solicitor should be OK. However well intentioned advice from here is unlikely to be better.

getmore4less

Main residual beneficiary as executor is a good default option, issues if they are alive but lack capacity.

Beneficiary has control over the expenses that effect them most.

how big is the loan will it be covered by other assets.

getmore4less

Get you son to do a trial run, get forms PA1 and IHT205 and see how he gets on.

he can't ask for help from you your dead

let him look for things in your house and can ask questions as if he was sending letters to place, like bank X mu mum is dead what accounts does she have with you balance on DOD etc.

Skint_yet_Again

Thanks everyone for the advice.

Sorry I should have been clearer - my union do a free will service using a solicitor. This is a postal will service and you get a questionnaire to fill in and send off. You don't actually get any advice.

I know what I would like to include in my will and have taken on board your comments re executors.

There will be enough liquid assets to pay for the funeral, pay off the mortgage, pay loan to parents and pay any balance on credit card (which is low and paid off monthly) with enough left to pay for probate and also pay for a solicitor to help the executor with the estate.

I have had a look at PA1 and IHT205, and I think my son would struggle to complete them. However I can print them off and complete them and file them with my papers ... to assist for when they eventually need completing... hopefully a long way off There will be enough money to pay a solicitor if needs be.

I have already written a list of who he needs to contact in the event of my death, including all bank account details etc and he knows where all my financial documents are held.

If my son predeceases me or dies at the same time it all passes to my sister and she can then engage a solicitor near where she lives to help her if she wants to.

It just seems so complicated for something that should be simple

g6jns_2

Skint_yet_Again wrote: »

Thanks everyone for the advice.

Sorry I should have been clearer - my union do a free will service using a solicitor. This is a postal will service and you get a questionnaire to fill in and send off. You don't actually get any advice.

I know what I would like to include in my will and have taken on board your comments re executors.

There will be enough liquid assets to pay for the funeral, pay off the mortgage, pay loan to parents and pay any balance on credit card (which is low and paid off monthly) with enough left to pay for probate and also pay for a solicitor to help the executor with the estate.

I have had a look at PA1 and IHT205, and I think my son would struggle to complete them. However I can print them off and complete them and file them with my papers ... to assist for when they eventually need completing... hopefully a long way off There will be enough money to pay a solicitor if needs be.

I have already written a list of who he needs to contact in the event of my death, including all bank account details etc and he knows where all my financial documents are held.

If my son predeceases me or dies at the same time it all passes to my sister and she can then engage a solicitor near where she lives to help her if she wants to.

It just seems so complicated for something that should be simple

I would suggest that you give serious consideration to getting your will prepared by a local solicitor that you can discuss it with face to face. The cost will not be high and you will get a much better service than the from a postal service.