Will advice, single person with no family

whitejohn

Have read many post but still unsure best for me and it's getting me down (old age), need to get it sorted.

Currently have a simple DIY will and one friend/executor who will inherit say 25% of my will with the rest going to a children's charity. I trust him but I cannot see what would stop him from keeping more than 25% He is older than me, hence the 25% limit.

Not to be unfair to my friend but he will struggle with the paperwork and legal side, as I would too.

My ideal situation would be:

1: For the charity's solicitors to be joint executors with my friend but I cannot find a charity who can do this. (presume they do not have their own in house solicitors)

2: I would prefer not to use independent solicitors to execute the will as the fee is open ended and they all take advantage of that. It's unlikely to bother me if I'm dead but it's robbing the charities who struggle.

3: I would like to find the safest place to keep my will which is currently with my friend who benefits, so he is unlikely to destroy it? Other option would be the Probate Office with the £20 fee I have seen on one of the posts. (but complicated they say)

4: I don't want a penny to to go to my ex after what she did to me. We divorced with own properties and equal finances but never completed a financial arrangement. Her wealth is going up and mine is going down so I don't think much of a problem?

5: Based on the above, is my very simple DIY will sufficient or should I pay a solicitor to legalise it? I like the idea of a DIY one so I can change it as often as I wish. I have looked at will aid which would save me a bit of cash for making a small contribution. (but they don't assist with executing wills)

To sum up, how do I make sure my money goes to a good cause and is not squandered on solicitors fees or ex. wives? It needs to be fairly simple as I'm getting to the stage where I find things difficult.

Thanks for reading, sorry it's a long one.

Mojisola

whitejohn wrote: »

Currently have a simple DIY will and one friend/executor who will inherit say 25% of my will with the rest going to a children's charity. I trust him but I cannot see what would stop him from keeping more than 25% He is older than me, hence the 25% limit.

Not to be unfair to my friend but he will struggle with the paperwork and legal side, as I would too.

My ideal situation would be:

1: For the charity's solicitors to be joint executors with my friend but I cannot find a charity who can do this. (presume they do not have their own in house solicitors)

If you name the Finance Director of the charity as the executor then whoever is in the office at the time of your death will take on the role or employ a solicitor on the charity's behalf.

5: Based on the above, is my very simple DIY will sufficient or should I pay a solicitor to legalise it? I like the idea of a DIY one so I can change it as often as I wish. I have looked at will aid which would save me a bit of cash for making a small contribution. (but they don't assist with executing wills)

Are you certain that your DIY will complies with the law - if it isn't accepted, your estate will be distributed according to the intestacy rules and neither your friend or the charity will benefit.

getmore4less

A charity executor will charge the estate before distribution.

Why not get together with your friend and do a trial run to see if you can do it.

At when the time comes you will no what records are needed to make the job easy for your friend.

Start with 2 forms PA1 and IHT205.
(google to find them)

Also a google of "what to do when someone dies"

Loads of links to start the research.

The process is relatively simple once you get into it.

antrobus

whitejohn wrote: »

....Currently have a simple DIY will and one friend/executor who will inherit say 25% of my will with the rest going to a children's charity. I trust him but I cannot see what would stop him from keeping more than 25% ....

The fact that a will, once it has gone to probate, is a matter of public record. Some charities are known to scrutinise probate records in detail, and to more or less descend on executors with all guns blazing asking when they're going to get their money, if they find they've been left anything.

whitejohn

Mojisola wrote: »

Are you certain that your DIY will complies with the law - if it isn't accepted, your estate will be distributed according to the intestacy rules and neither your friend or the charity will benefit.

Thanks, good idea about "the finance director"

My will looks OK to me but as I cannot be sure I must get one done by a solicitor

whitejohn

getmore4less wrote: »

A charity executor will charge the estate before distribution.

Why not get together with your friend and do a trial run to see if you can do it.

At when the time comes you will no what records are needed to make the job easy for your friend.

Start with 2 forms PA1 and IHT205.
(google to find them)

Also a google of "what to do when someone dies"


The process is relatively simple once you get into it.

Didn't realise that, I'll look it up in more detail, suppose my friend would be happy to do the work if he was getting extra for doing it himself

whitejohn

antrobus wrote: »

The fact that a will, once it has gone to probate, is a matter of public record. Some charities are known to scrutinise probate records in detail, and to more or less descend on executors with all guns blazing asking when they're going to get their money, if they find they've been left anything.

Thanks I didn't know what probate was but will look it up. I can see the point that if the will has to be made public then it's going attract interested parties

RAS

The Probate Registry offer a storage facility for about £20 in total

Mojisola

whitejohn wrote: »

Didn't realise that, I'll look it up in more detail, suppose my friend would be happy to do the work if he was getting extra for doing it himself

A lay executor can recoup expenses but not take any payment for the work he/she does.

whitejohn

Mojisola wrote: »

A lay executor can recoup expenses but not take any payment for the work he/she does.

Thanks, does that apply to "the financial director" of a charity as well as my friend. If the charity director is an executor and employs a solicitor then how does that work? Another member mentioned that the charity would deduct their expenses from the estate before distribution. So my friend could employ a solicitor to help him and that would be an expense?

What's the difference between executor and lay executor?

Mojisola

whitejohn wrote: »

Thanks, does that apply to "the financial director" of a charity as well as my friend. If the charity director is an executor and employs a solicitor then how does that work? Another member mentioned that the charity would deduct their expenses from the estate before distribution. So my friend could employ a solicitor to help him and that would be an expense?

What's the difference between executor and lay executor?

A professional who is doing the work as part of his/her job can charge; an individual can't.

A lay executor can employ a solicitor to do some or all of the work while remaining the executor so they can keep control of what's happening and what is being spent. The cost of the solicitor would be paid out of the estate.