Making a will

dave19711998

I have been debating making a will in a last three months but am wondering if it is worth it. I am 42 years of age with no children, my parents are dead, am not married, and not in a relationship. I own my own house which has no mortgage.

I don't think I will leave my estate to a charity as charities waste most of their money. Also, I don't know anyone who would be prepared to do the work an executor has to do; I sure my friends would gladly take everything I have but would not want to put the effort required to get it.

Torry_Quine

If you want to specify who inherits your house then of course you need a will, otherwise it will go to your nearest relative who may not be who you want to inherit.

[Deleted User]

There are a wide variety of charities in the world, there's bound to be a charity that supports a cause that is meaningful to you and is an efficient charity. You should watch this video ("The way we think about charity is dead wrong") to learn more about the way that we consider charity "wasting" money, maybe it'll help your understanding.

SailorSam

The friends that you think will happily spend everything aren't going to get the chance if you don't do a will. You're money will just sit there and some distant relative that you don't even know will come along and say he's next in line.

Snakey

The rules on intestacy are different from those lovely old murder mysteries where half-step-fifth-cousins could step out of the woodwork. They cut it right down. With no parents, wife or children, your estate could go to siblings, nephews, nieces, aunts, uncles, and grandparents. If you have none of any of these, it goes to the Crown.

So it depends on whether you have any of those relatives around - and, if you do, whether you'd like them to get everything without doing any work more than you'd like your friends to get everything without doing any work. Or a charity.

I'll have your first £161k if you're really stuck as that's the size of my mortgage, and wouldn't that just annoy the heck out of your rellies?

I think you should make a will regardless, it doesn't take long. I made a two-liner so that everything goes to my sister rather than my mother (which is where the intestacy rules would send it). Why not leave it to somebody totally random like your local shopkeeper, your next-door-but-three neighbour who always says hello, Wikipedia, or the church restoration fund of the place where you grew up?

kidmugsy

Snakey wrote: »

If you have none of any of these, it goes to the Crown.

If you're quick about it - dying, I mean - the money will therefore go to the Great Pension Liberator, Mr Osborne.

But if you mistime it, the money will go to Mr Balls, Mr Brown's former whippersnapper.

So there really is a case for writing a will. Personally I might leave it to the Salvation Army, and I speak as an atheist. Compared to most charities, they seem a decent and kindly lot.

zagfles

citricsquid wrote: »

There are a wide variety of charities in the world, there's bound to be a charity that supports a cause that is meaningful to you and is an efficient charity. You should watch this video ("The way we think about charity is dead wrong") to learn more about the way that we consider charity "wasting" money, maybe it'll help your understanding.

Or you could just read their annual reports. The accounts give you a good idea how efficient they are.

For instance there's usually a line in the accounts for "voluntary income" (ie donations), and later a line showing the cost of generating voluntary income. Often the cost is something like 40% of income!

SailorSam

kidmugsy wrote: »

So there really is a case for writing a will. Personally I might leave it to the Salvation Army, and I speak as an atheist. Compared to most charities, they seem a decent and kindly lot.

The Sally Army sounds good to me, or a local hospice. At least lots of it wont be lost in commission to the guy who gets a big cut of any donations.

EssexExile

If you don't have any close relatives & you really don't care where it goes, then I wouldn't bother.

I only made a will because the likely beneficiaries of my great wealth are a couple nieces & I didn't want them to have all the bother of sorting out my mess.

Mathew

Lost my Dad a few years back. He wrote a will, however, re-married 6 months before he passed away. Sadly, as marriage post Will it effectively outranked it. A bitter lesson - I will always have a valid will!

Eco_Miser

dave19711998 wrote: »

I don't think I will leave my estate to a charity as charities waste most of their money.

The big national charities may waste their money, but there are many local charities that don't. There are also many non-charity local good causes that would welcome a donation. Some people even set up their own charities to give their money away after they've gone.