will query!

Lux

Can a will state something like "all the money in my bank account goes to ... " or do you have to provide a figure? I know this sounds totally simple but I have no clue! At the moment I only have the cash in my current account so it will obviously change & I will sort out a savings account when I find a decent one but I'd like to get a will done asap & update when necessary. Right now it's just a basic will for money & a few possessions. No property right now or anything.

Never had to deal with any will let alone my own so forgive how clueless I am

Yorkshireman99

Lux wrote: »

Can a will state something like "all the money in my bank account goes to ... " or do you have to provide a figure? I know this sounds totally simple but I have no clue! At the moment I only have the cash in my current account so it will obviously change & I will sort out a savings account when I find a decent one but I'd like to get a will done asap & update when necessary. Right now it's just a basic will for money & a few possessions. No property right now or anything.

Never had to deal with any will let alone my own so forgive how clueless I am

Everybody has to learn. The simplest way is to say you want to leave a percentage of you assets to each beneficiary. That way you don't have to keep changing the will.

Lux

Yorkshireman99 wrote: »

Everybody has to learn. The simplest way is to say you want to leave a percentage of you assets to each beneficiary. That way you don't have to keep changing the will.

Blimey how obvious is that:rotfl: Thank you very much!

RAS

Lux wrote: »

Can a will state something like "all the money in my bank account goes to ... " or do you have to provide a figure? I know this sounds totally simple but I have no clue! At the moment I only have the cash in my current account so it will obviously change & I will sort out a savings account when I find a decent one but I'd like to get a will done asap & update when necessary. Right now it's just a basic will for money & a few possessions. No property right now or anything.

This has the potential to get very difficult. If you leave a current account to one person and a saving account to another, what happens if you deplete your savings to buy something? Or move all your cash to the savings account.

One "reputable" bank used to do wills like this and a number of people came on here with horror stories about someone with Power of Attorney moving all the assets from accounts left to someone else into joint accounts etc.

Much better to list any thing very valuable money wise or personally and who gets them (uncle's war medals, granny's pearls). Then leave a percentage of the rest to who you want, or just list the residuary beneficiaries and share equally between them.

Lux

RAS wrote: »

Much better to list any thing very valuable money wise or personally and who gets them (uncle's war medals, granny's pearls). Then leave a percentage of the rest to who you want, or just list the residuary beneficiaries and share equally between them.

Yes this makes sense too. Thanks for your help!