DIY will - good idea?

chubsta

I have had a look through the forums and haven't seen anything that really suits my circumstances so thought i would throw it out there for advice...

Basically, I am now 49 and feel i should have a will made up, but as i am quite thrifty i don't see the point in paying someone for the privilege! My circumstance are very simple so hopefully someone will be able to guide me in the right direction as to whether i can write it all up myself, i am also unsure if some online site where you put in your details is available or a good idea!

I am in a long-term relationship (9 years and hopefully not going wrong anytime soon!), no children, have got a small mortgage on a property which would be paid off via life insurance if i die early, am in the civil service and my partner is named as my death-benefit nominee. I also wrote some software a few years back for which i receive monthly royalty payments, not a huge amount these days but it pays a few bills each month.

I would like to leave a will which leaves all of my assets to my partner, I do have a father and brother but neither of them either need the money or have contributed in any way towards me obtaining it, no issues around any previous partners either.

So, should be simple right?

Any and all advice appreciated!

Savvy_Sue

I agree you need a will.

Especially as you don't say how you own the house - if it wouldn't pass directly to your partner then if you die without one your family will get all or (presumably) half of it.

It should be simple, but what about if your partner dies first?

Personally, I think wills are one thing it's worth paying a solicitor for (NOT a will-writer!) They will ask relevant questions, and once they've got the will right, they will make sure it's properly legally signed and witnessed.

enjoyyourshoes

Agree totally with savvy_sue. Its such an important issue its worth paying for the professional advice and having it legally binding based on your decisions, also its not a once and for all exercise, as situations change the will should reflect these, so needs to be rewritten etc.


check your thoughts with your family so they know where you are coming from in relation to Will, best to be honest and open and they will be too.

chubsta

thanks for the quick replies - regarding the house, my partner and i each have a house - hers is mortgage free (lucky thing!) and i have a small mortgage on mine, well compared to the value of it anyway. work means that effectively we live separately although spend most of our free time together, probably one of the reasons why we get on so well i think. neither of us has contributed in any significant way to the upkeep of the others house.

I would imagine that if i died without a will specifying she gets everything that it would automatically go to my dad or brother which i wouldn't be happy with hence my sudden enthusiasm to get stuff sorted (a guy at work my age dropped dead a couple of weeks back which has put stuff in perspective).

On thing i hadn't considered was raised which is what would happen if my partner died before me, of course i could always get a new will but it has made me think of what would happen if i made her the sole beneficiary and we were in an accident together, in which case i would want my assets to go to her daughter, who i guess would automatically inherit my partners assets anyway.

Hmmm, definitely need to give this more thought, there are perhaps a number of factors i need to think of, perhaps even the most simple circumstances are a bit of a minefield.

I will take your advice and do it properly i think and get a solicitor involved, although i don't like spending money i guess it is a trivial amount compared to the assets involved, and also i really want to make sure that my partner not only gets everything but that the whole process is as smooth as possible.

One quick thing, any idea how much i can expect to have to pay out for a reputable solicitor to draft a will?

Thanks for your advice, just being told I need to do stuff properly is what i needed to hear!

jackyann

I agree that it sounds simple. I have, in my life, had 2 DIY wills and 2 done by solicitors, as they were more complex. Horses for courses.
I agree that you need a back up in the event of your partner dying before you (you may not have time to change your will in this situation). You also need to consider executors, and it is a bit tasking to ask someone to do it without giving them a bit of an inheritance.
Another option is to wait for Will Aid month (November I think)
Cross posted, but leftbup!

chubsta

Will Aid month - haven't heard of that before but a quick Google worked - sounds like a very good idea! All I have to do is survive a few more months - thanks for that!

Can the executor not be my partner? Or is that not recommended?

Mojisola

chubsta wrote: »

Can the executor not be my partner? Or is that not recommended?

Who will be the executor if you die together?

We have adult children named as executors with other reserve executors in case we all go together in some dreadful situation.

McKneff

Might be easier just to marry.....


You don't need a will then (though it is always advisable)

enjoyyourshoes

£150-£250 ish but ask


could do you and partner together but separate wills as there will be similarities


consider your (&/or partners) life insurance 'in trust' for partners daughter


Good you are now thinking 'what ifs' as these will challenge you both in what your decisions are.


What happens to partners daughter if she dies first ? Where does she live, who looks after her, £ from partners estate ?


What happens if all 3 of you die together ?

TBagpuss

Yes, your partner can be executor. It is very common to have a will which names a partner or spouse as sole executor and beneficiary and then says something such as "but if s/he dies before me or fails to survive me by 28 days then..." (the 28 days bit avoids complications if you were to die in the same accident, as it means it is not necessary to determine who died first)

Keep_pedalling

I would not delay this unti Will Aid comes around, you and your partner are exactly the sort of people for whom having a will in place is absolutely essential. Get them sorted without delay you have already been taking a big risk for 9 years don't keep pushing it.