Making a will.

g6jns_2

billie25 wrote: »

Hi there, I was just wondering if you have progressed at all with this. I am in a similar position to you. I don't have anyone I can ask to be executor - did you manage to establish any charities who would be happy to carry out this duty in return for a good donation? I realise that they would nominate a professional to do the work but wouldn't that be better than just leaving it in the hands of the bank or solicitor?

Any update on this would be great. Thanks

Banks just pass the job to a solicotor and add a large percentage to the fee. Better to agree a deal with a solicitor to do the work on the basis of the work done rather than a percentage of the state value.

FreeBear

A solicitor won't charge for storing a will although the initial charge is often higher than a will writing outfit. A solicitor will also be better placed to offer advice in light of recent high court cases where wills were contested (Ilott-v-Mitson anyone ?).

If you want to make a saving on solicitors fees when it comes to drawing up a will, wait for Will Aid to come round in November - For a basic will, a donation of around £95 will cover everything.

Regardless of who ends up drafting the will, make sure you understand the wording and it reflects your wishes. I've just had one done myself and asked for one paragraph to be reworded twice on the basis that if I didn't understand it, how could I expect the executor to.

BobQ

OP A lot could happen before you die, for example you may need to live in a care home.

But personally if you live to retire I would start planning to downsize to a more manageable property, one that is disabled friendly (just in case).

An executor must be someone you can trust and a professional will consume some of what you leave.

If you have some one who you trust to be an executor and see that the small things are passed to those you want and your funeral is done as you wish, consider appointing one as an executor. Leave them a significant sum so that they are not out of pocket. They can still employ a solicitor if they choose.

If you do not want to do this a charity is the best option for the executor. I would choose a smaller charity too, probably a local one. For example, there are many local hospices that run on a shoestring.

You can pay upfront for your funeral if you wish.

Remember that your pension fund is not part of your estate. If you do not nominate anyone else to receive it, the trustees will most likely pay it to your estate. But you could deal with the pension fund by nominating who will receive it (eg split between charities).

I am wary of equity release but have no personal experience of it.

The best solution is to spend what you can on yourself while you can!

FreeBear

g6jns wrote: »

Banks just pass the job to a solicotor and add a large percentage to the fee.

A cautionary tail about a will drawn up by a bank: http://www.telegraph.co.uk/finance/personalfinance/11678261/How-a-90-will-by-Barclays-lost-half-my-house.html

The moral here is not in letting a bank draft a will, more one of ensuring they are qualified and regulated.

g6jns_2

FreeBear wrote: »

A cautionary tail about a will drawn up by a bank: http://www.telegraph.co.uk/finance/personalfinance/11678261/How-a-90-will-by-Barclays-lost-half-my-house.html

The moral here is not in letting a bank draft a will, more one of ensuring they are qualified and regulated.

This is weird. The testator should have severed the joint tenancy himself before he died. The bank had no power to do it for him. A competent solicitor would have explained the position to the testator when the wil was made.

RAS

It may be weird but there was a horrendous case on the renting and selling forum; woman had paid her husband half the equity in a joint tenancy UK property when they divorced (DIY). She had ignored the fact that he wholly owned a property elsewhere in Europe because she did not understand it was an asset of the marriage.

Her will left the property to their sons despite the fact that her ex would become sole owner. The solicitor had never enquired about the shared tenancy.

She was trying to get him taken off the mortgage and deeds despite not earning enough to re-mortgage in her sole name, which led to her posting.