Will for a 19 year old uni student

74jax

I'm a bit of a stickler for always keeping my will up to date. Husband thinks I'm bonkers - he doesn't even have one, but don't get me started on that.

I'm just looking at doing a PoA and looking at my will. Is crossed my mind that my daughter doesn't have a will. When she turned 18 she said how to go about it, knowing I always update mine. And I'm afraid to admit I didn't do anything about it. She went off to uni and I kinda forgot about it - and she clearly has more important things on her mind :rotfl:

I know people aren't a fan of DIY wills, but in this case would it suffice. If she died now her money would be split between me and her dad. She wouldn't want her dad to have any, but to give her brother and sister what he would have got.

As we are only looking at assets of around 10k is a will worth it (I can't even believe I wrote that as it goes against everything I believe in)......


Any thoughts?

Yorkshireman99

74jax wrote: »

I'm a bit of a stickler for always keeping my will up to date. Husband thinks I'm bonkers - he doesn't even have one, but don't get me started on that.

I'm just looking at doing a PoA and looking at my will. Is crossed my mind that my daughter doesn't have a will. When she turned 18 she said how to go about it, knowing I always update mine. And I'm afraid to admit I didn't do anything about it. She went off to uni and I kinda forgot about it - and she clearly has more important things on her mind :rotfl:

I know people aren't a fan of DIY wills, but in this case would it suffice. If she died now her money would be split between me and her dad. She wouldn't want her dad to have any, but to give her brother and sister what he would have got.

As we are only looking at assets of around 10k is a will worth it (I can't even believe I wrote that as it goes against everything I believe in)......


Any thoughts?

Don't forget that if she has a student loan then her net assets may be negative. A simple DIY will should suffice as an exception to the usual thinking that they are not a good idea.

ceb1995

Of course it's worth it, it ll mean her wishes get respected if the worst happens.
Perhaps since she's young death doesn't seem imminent so she doesn't see an immediate need to have one? I m a couple of years older and none of my friends to my knowledge have one, whereas I m getting a will and post sorted asap after I get married.

ceb1995

Yorkshireman99 wrote: »

Don't forget that if she has a student loan then her net assets may be negative. A simple DIY will should suffice as an exception to the usual thinking that they are not a good idea.

Her student loan would be wiped on death so only student overdrafts to worry about?

Keep_pedalling

For such a small estate with simple bequests a DIY will should be fine, although students loans may mean she will soon have nothing to leave for a few years.

paddy's_mum

Yes, it's important.

For all you or we know, she could have won the lottery last night.

It's also a good place to leave a letter of intent regarding such personal views as burial or cremation, donation of organs etc.

74jax

Yorkshireman99 wrote: »

Don't forget that if she has a student loan then her net assets may be negative. A simple DIY will should suffice as an exception to the usual thinking that they are not a good idea.

Keep_pedalling wrote: »

For such a small estate with simple bequests a DIY will should be fine, although students loans may mean she will soon have nothing to leave for a few years.

Her student loan would be wiped on death.

74jax

ceb1995 wrote: »

Of course it's worth it, it ll mean her wishes get respected if the worst happens.
Perhaps since she's young death doesn't seem imminent so she doesn't see an immediate need to have one? I m a couple of years older and none of my friends to my knowledge have one, whereas I m getting a will and post sorted asap after I get married.

paddy's_mum wrote: »

Yes, it's important.

For all you or we know, she could have won the lottery last night.

It's also a good place to leave a letter of intent regarding such personal views as burial or cremation, donation of organs etc.

Thank you. She is home for Easter so it might be an alternative Easter present from me to her :rotfl:

ceb1995

I m sure she ll appreciate not having to worry about it once it's written

getmore4less

74jax wrote: »

If she died now her money would be split between me and her dad. She wouldn't want her dad to have any, but to give her brother and sister what he would have got.
...
Any thoughts?

Are the siblings over 18?

securityguy

Yorkshireman99 wrote: »

Don't forget that if she has a student loan then her net assets may be negative.

SLC loans are written off on death, so this would only apply to exotic commercial career development loans that it is highly unlikely that an 18 year old could get, never mind actually have.

http://www.slc.co.uk/services/collection-of-loan-repayments/loan-cancellation.aspx