Should I have a will?

alcur

Hi guys,

Not sure if this is the correct place to post but-

I am 22, recently split from my girlfriend. I have just bought a house for £265k cash. I have no debt and assets (excl the house) of £123k. This is vehicle assets and liquid cash.

Should I arrange for a solicitor to draft a will so that if anything (touch wood it doesn't) should happen to me, I leave everything I own to my next of kin (ie parent)? What would happen to my estate should I not have a will?

Thanks for any advice.

littlegreenfrog_2

If you die without a will your property will pass to your next of kin under the intestacy rules. If you have no spouse and no children then I believe the next of kin would be your parents. However, it is a bit of a blunt instrument and I believe your whole estate would go to your next of kin. Given that you have quite a lot of assets it might be worth getting a will drawn up just so you can be sure it will go where you want it to go. This would also give you the option to leave part of your estate to other people such as siblings or friends or extended family if you want to.

davidmcn

What happens depends on which country you live in. If you don't have siblings then it will probably go to your parents anyway, but with slightly more admin involved for them. It certainly won't do any harm to make a will.

theartfullodger

Definitely:

If you live in the Duchy of Cornwall and die intestate your estate goes to the Duchy to be used as the Duke, sees fit ..
http://www.theguardian.com/uk/2013/may/01/prince-charles-intestate-cash-cornwall

Make a will so it goes where you want !

Richard_Webster

If you live in the Duchy of Cornwall and die intestate your estate goes to the Duchy to be used as the Duke, sees fit ..

This misses something out:

If you live in the Duchy of Cornwall and die intestate without any next of kin as listed in the intestacy rules your estate goes to the Duchy to be used as the Duke, sees fit ..

The same thing happens in the rest of England Wales - only it goes to the Crown. But you do have next of kin.....

Situation could be different in Scotland - OP hasn't told us where in he/she is domiciled.

davidmcn

theartfullodger wrote: »

If you live in the Duchy of Cornwall and die intestate your estate goes to the Duchy

That's "die intestate and have no traceable relatives", of course, not (currently) the OP's position (outside Cornwall and possibly odd other corners of the world, it goes to the Government).

SailorSam

You've done well for yourself financially at such a young age haven't you ? It was only last April you said you were saving but expected it was going to take 4/5yrs before you could look to buying your own place. Then you planned to pay off your Parents mortgage as a Christmas present, and now here you are with your house paid for and cash in the bank.
If your income is going to continue growing at the same rate, you definitely need expert advice and not just from random people on the Internet.

G_M

Yes you should have a will.

However if it is to be a simple one perhaps leaving certain items to specified people and the balance to someone else (or shared equally), then you could write one yourself:

* how to

* which

* moneysaving

Several charities will pay the solicitor's fee for a will for you - though they expect you to leave them something in your will! Google your favourate charities.

Where a will becomes more complex is if you set up a trust (eg for under-age children) or include tax avoidance elements eg

If you leave 10% of your estate to charity, the Inheritance Tax rate on the remainder is reduced from 40% to 36% by HMRC (as well as the charitable donation being tax free), but specific wording is required to get the '10%' right.

see also:

https://www.gov.uk/make-will

Mojisola

SailorSam wrote: »

If your income is going to continue growing at the same rate, you definitely need expert advice and not just from random people on the Internet.

I think he should be giving all of us advice - or sharing seeds from his money tree!

davidmcn

Richard_Webster wrote: »

Situation could be different in Scotland

Same principle - it goes to the grandly-named Queen's and Lord Treasurer's Remembrancer, who is basically just a civil servant in the public prosecution office.

moneyistooshorttomention

I'll admit to being surprised that anyone would even ask if they "should" have a Will - unless they are a baglady (or male equivalent).:cool: