Making a will.

Yorkshireborn

Hello everyone.


I'm looking for a few suggesting on making my will.


I'm now approaching 51 years old, shockingly, I've seen rather a lot of my friends and work colleagues of a similar age pass away recently and it's made me start to think about creating a will.


I'm not a wealthy man but I do have some assets including a mortgage-free home, pensions and investments.


All straight forward up to now, but the unusual part of my request for help is that I've never been married and don't have any children. So basically there is no family I wish to leave my money to.


No one can "take it with them" so what are my options? I'm aware of equity release, it sounds a terrible deal to be honest but what other choice would I have?


Ideally, I'd like to retire at 60 and using as much of my assets as I possibly can to support myself, pay my funeral expenses and leaving anything left over to charity.


Thanks in advance for any advice.

Keep_pedalling

You really need to prioritise getting a will in place otherwise if you died tomorrow all your assets, would end up in the hands of a distant relative you have never met or the government.

Mojisola

Yorkshireborn wrote: »

Ideally, I'd like to retire at 60 and using as much of my assets as I possibly can to support myself, pay my funeral expenses and leaving anything left over to charity.

Then that's what you put in your will.

If you're planning on leaving everything - or the bulk of your estate - to one charity, you could make the treasurer of that charity your executor.

Do you have any friends or family who might want small items or family photos or things of sentimental value? You could include the option for them to chose things from your personal possessions.

Yorkshireborn

Keep_pedalling wrote: »

You really need to prioritise getting a will in place otherwise if you died tomorrow all your assets, would end up in the hands of a distant relative you have never met or the government.

Indeed. That's my greatest fear! I'm going to get this sorted asap.

Yorkshireborn

Mojisola wrote: »

Then that's what you put in your will.

If you're planning on leaving everything - or the bulk of your estate - to one charity, you could make the treasurer of that charity your executor.

Do you have any friends or family who might want small items or family photos or things of sentimental value? You could include the option for them to chose things from your personal possessions.

The two charities I had in mind was the British Red Cross and Cancer Research UK. I didn't know I could make these the executor of my will. I presumed it would have to be a solicitor. Thanks for that :-)


Small items I'd be happy to leave to nieces and nephews but absolutely under no circumstances do I wish to leave any valuable assets or money. Could I specify this in my will?

Mojisola

Yorkshireborn wrote: »

The two charities I had in mind was the British Red Cross and Cancer Research UK. I didn't know I could make these the executor of my will. I presumed it would have to be a solicitor. Thanks for that :-)

The charities will end up with more of your money if they are doing the work.

Small items I'd be happy to leave to nieces and nephews but absolutely under no circumstances do I wish to leave any valuable assets or money. Could I specify this in my will?

Absolutely. You need professional advice to get the wording right.

http://www.redcross.org.uk/en/Donate-Now/Leave-a-legacy/How-we-can-help-you

Yorkshireborn

Mojisola wrote: »

Absolutely. You need professional advice to get the wording right.

http://www.redcross.org.uk/en/Donate-Now/Leave-a-legacy/How-we-can-help-you

Thanks for the link.


When you say professional advice, do you mean a solicitor? It's important to me that my will cannot be contested after my death.


Really appreciate any other suggestions/ideas bearing in my wishes.


Has anybody any experience with equity release?

Mojisola

It's worth the money to get your will done through an experienced solicitor. Get a recommendation from other people if you can.

Linton

Charities is the obvious option for what is left. But to avoid leaving too much my and the Mrs thought is to trade up our house with a maximum lifetime mortgage/equity release and any savings we wont need. So we get the benefit of living in a much better house in a much more desirable location for perhaps the final 1/4 of our lives and the hassle of dealing with the house after our departure is left to the mortgage company.

SailorSam

I'm in a similar position as you Op but a few years older. Family has always been very important to me, i've always given them much during my life and took for granted my Sisters would get everything after i died. But we've all had a major fallout. I've still got 2 young nieces, it's not their fault their Mum is a !!!!, but i've been thinking more and more of a Charity. But i don't want to leave things to one of the big Charities where much of anything given would go to the charity collector as a bonus.

PennyForThem_2

Cancer Research UK:
http://www.cancerresearchuk.org/support-us/donate/donate-money-in-your-will/will-writing-explained

British Heart Foundation:
https://www.bhf.org.uk/get-involved/donate/leave-a-gift-in-your-will

Seems they can help with the writing of the will

I am pretty sure that one charity runs adverts showing elderly couple who have donated house - I thought it was BHF above. The charity pays all the council tax, maintenance etc and the house goes to them when the survivor dies.