Help with will writing please

lessonlearned

My husband died recently so I have been rethinking my own demise and what will need to happen.

I had already done my will, through a solicitor, also full power of attorney both finance and health and welfare.

My sons are both the main beneficiaries of my estate and joint executors. They are also my appointed representative should I lose capacity and they need to handle my affairs before I die.

There is usually a fairly straight forward pecking order of who gets what from an estate should your immediate children pre-decease you. In your case you have specified that you do not want one of your sisters to be a beneficiary so this does complicate matters.

I know this is a money saving website but for the sake of £100 or so I agree that you would be better to appoint a local solicitor, both for ease now and to make matters easier for your son event of your death. Although of course he is young yet and still living at home with you but this might change.

Hopefully you will live a long time and he could well have moved away from home by then and out of the area.

One thing I am doing is a Letter of Instruction, to be opened in the event of my death or incapacity. This will contain all bank details etc, as well as passwords, instructions, wishes, small bequests such as disposal of my jewellery that kind of thing.

One point which may be of interest that you might not know about.
If you write your insurance policies in trust they bypass your estate and go straight to the beneficaries.

My husband's life policy was written in trust and I received the proceeds within a week of claiming.

This might be really useful to help with expenses etc because even with probate, dealing with an estate can take quite a long time and your dependants might be struggling with the financial implications of your death.

Hope this helps.

g6jns_2

lessonlearned wrote: »

My husband died recently so I have been rethinking my own demise and what will need to happen.

I had already done my will, through a solicitor, also full power of attorney both finance and health and welfare.

My sons are both the main beneficiaries of my estate and joint executors. They are also my appointed representative should I lose capacity and they need to handle my affairs before I die.

There is usually a fairly straight forward pecking order of who gets what from an estate should your immediate children pre-decease you. In your case you have specified that you do not want one of your sisters to be a beneficiary so this does complicate matters.

I know this is a money saving website but for the sake of £100 or so I agree that you would be better to appoint a local solicitor, both for ease now and to make matters easier for your son event of your death. Although of course he is young yet and still living at home with you but this might change.

Hopefully you will live a long time and he could well have moved away from home by then and out of the area.

One thing I am doing is a Letter of Instruction, to be opened in the event of my death or incapacity. This will contain all bank details etc, as well as passwords, instructions, wishes, small bequests such as disposal of my jewellery that kind of thing.

One point which may be of interest that you might not know about.
If you write your insurance policies in trust they bypass your estate and go straight to the beneficaries.

My husband's life policy was written in trust and I received the proceeds within a week of claiming.

This might be really useful to help with expenses etc because even with probate, dealing with an estate can take quite a long time and your dependants might be struggling with the financial implications of your death.

Hope this helps.

Very sound advice. I just wish more people were as organized as it makes it so much easier for those left behind. One point is not to leave notes of passwords. The accounts are frozen upon death and access to accounts in this way is not allowed. Also someone might get hold of them before death and abuse the facility.

lessonlearned

g6jns wrote: »

Very sound advice. I just wish more people were as organized as it makes it so much easier for those left behind. One point is not to leave notes of passwords. The accounts are frozen upon death and access to accounts in this way is not allowed. Also someone might get hold of them before death and abuse the facility.

Sorry I meant passwords for computer and similar, not bank accounts.

securityguy

Unless your death benefits are unusual, they don't pass through your estate and aren't dictated by your will; you should fill out an expression of wishes form to get them paid to the right person. That doesn't have to wait for probate, letters of administration, IHT calculations, whatever: it's paid directly by the institution to the beneficiary.