Will writing - No idea what to do?!

louiserer

Good Morning,

My husband and I need to write a will, we have two properties (one in my name, one in both our names - mortgaged) no children, no savings good life insurance and pensions.

It wouldn't be too difficult I don't think (if I go first some things left to my sister, if he goes somethings left to his brother) we would have to change this again if we have children.

Can this be done with a post office will or is this not a good idea? Neither of us have done anything like this before?

Thank you

Louise

Tuesday_Tenor

Remember to have provision in the will for what happens if you die together.

Best done through a solicitor who will make sure that things like this are covered properly.

Don't agree to having the solicitor as executor though, for a straightforward estate.

louiserer

Thank you for your reply.

Do the 'cheap' ones allow you to include things like this?

I am just reluctant to pay out a lot of money in case we end up having to re-do all this again soon.

joerugby

Don't go for "cheap" on this occasion as it may be a false economy

A solicitor will let you include anything you want

Budget for a new will every five years or so

TBagpuss

Its not a good idea to try to do this yourself, particularly as you don't know what you're doing.

Straight forward wills are not expensive - maybe £150-£200 each. You will need to review your wills regularly but if they are done properly you should not need to change them unless there are changes to your circumstances.

louiserer

Thank you for your replies.

What happens if you don't actually have a will?

Tuesday_Tenor

You need to check out the rules of intestacy.

But also be aware that these changed on 1st October 2014.
I was going to refer you to the government's own webpage, but they don't seem to have updated it!!!! (Possibly the changes are to wills proved after 1st Oct, so the info there is still correct in earlier cases ....? ....?)

There a link to an article on a previous thread:
https://forums.moneysavingexpert.com/discussion/5068585

Basically, in your case, as you're married, spouse gets everything anyway. (Previously only first £250K and interests in the remainder).

It's the bequests to siblings which won't happen without a will.
Unless spouse knows and honours your wishes by making a gift from what he/she now owns.

Tuesday_Tenor

The other thing that happens if you don't have a will:
You don't get to choose who deals with your estate.

No will = no named executor to apply for probate.

So closest relative (usually) applies for Letters of Administration instead, which gives them the right to administer the estate.

They become the Administrator, not Executoir.
Basically, same process, different terminology.