Making a Will - question

sharpharp

Hi,


I'm doing an online will and was wondering what this question means?


Will you be making any lifetime gifts? YES/NO


Also, can anyone else offer up advise on any pitfalls/questions to bear in mind?


Thanks

Browntoa

why are you doing an online will if you don't know the answers ??


go to a solicitor


but you are most unlikely to be making any lifetime gifts if its a straight leave half to X and half to Y on my death

sharpharp

yeah its straight forward, it's a free will service, so it's better than not having one at all.

gfplux

Lifetime gifts = large financial gifts to (normally) relatives that then reduces your assets to minimise inheritance tax.

DigForVictory

Better almost any Will than none but as soon as you have serious assets eg a house, you'll have a solicitor Anyway & can update the Will properly.

My godmother gave us a Will each as a wedding present & it led to some startling what ifs - but we ended up with robust Wills & sent a rather thoughtful thank you letter!

Malthusian

sharpharp wrote: »

yeah its straight forward, it's a free will service, so it's better than not having one at all.

Depends on what you put in the Will and your assets.

trailingspouse

Love the idea of giving a Will as a wedding gift - a bit morbid, but if you already have a Will then marriage is a material change in circumstance so you need to re-make it, and if you haven't got a Will you should get one!!

We used a solicitor for ours - we thought it would be simple, as everything was going to go to the other one, or all to our daughter if we died together. But then she started asking questions - what if you have more children, what if you daughter pre-deceases you, do you totally want to ignore siblings/surviving parents, are there particular items that you want to give to someone else. All good questions, and not ones we would have thought of without professional advice.