Making a will

Browntoa

Not a self written or will writers one

A specialist solicitor will advise you on IHT , trust's and make sure your wishes are carried out

14000 will's a year challenged as property price's rise

http://dailym.ai/2pbpeMK

2 people down my way ended up losing with costs of £200,000 challenging an estate worth £226,000

Greed kicks in

Don't put off getting a will done

teddysmum

If you are well within the IHT limit and have a property plus savings,you don't need to go to the expense, if there are just two 'children' and their children : the remaining spouse gets the lot, then ,when they go, the value of the remaining estate, less costs, to be split equally between the 'children'. (That would happen, by law, anyway for estates under £250000)

Savvy_Sue

the article outlined some of the reasons for the increase in contested cases. Sure, if you have (had) one spouse each, no blended family, and good relations all round you can rely on the laws of intestacy to give the result you probably want.

On the other hand, if you've had more than one Significant Other and not updated your will, if there are stepchildren involved, or if you don't want your children to inherit in equal measure then the laws of intestacy will almost certainly NOT do what you want.

Keep_pedalling

teddysmum wrote: »

If you are well within the IHT limit and have a property plus savings,you don't need to go to the expense, if there are just two 'children' and their children : the remaining spouse gets the lot, then ,when they go, the value of the remaining estate, less costs, to be split equally between the 'children'. (That would happen, by law, anyway for estates under £250000)

The current nil rate band, including primary residence, gives a couple IHT free estate of £850k which will increase to £1M by 2021, so it would be very stupid not to make a will just because you sit below the IHT limit. Intestacy rules mean everything over £250K does not automatically go to your spouse, wills should also cater for what if situations, like your children predeceasing you

Wills are not expensive but not having one can be very expensive for you loved ones and make things difficult for them at a stressful time. IMO any adult with resposabilities to others who does not make a will is being somewhat irresponsible.

pollypenny

teddysmum wrote: »

If you are well within the IHT limit and have a property plus savings,you don't need to go to the expense, if there are just two 'children' and their children : the remaining spouse gets the lot, then ,when they go, the value of the remaining estate, less costs, to be split equally between the 'children'. (That would happen, by law, anyway for estates under £250000)

A will to cover the above situation should not be expensive. Additionally, solicitors usually offer free wills in November.

Better safe than sorry.

bugslet

I have a 'properly' done will, but no family. Shouldn't be much bickering when I go.

Browntoa

http://www.dailymail.co.uk/news/article-4324070/Brothers-lose-inheritance-battle-stepmother.html


Two farmer's sons have been slammed by a judge after blowing their entire inheritance on a 'hopeless' bid to stop their stepmother getting an extra £25,000 from their father's will.
Richard and Jonathan Powell had claimed their disabled father, David, did not understand what he was doing when he made his final will, granting his second wife, Ailsa Powell, £125,000.
They said an earlier document - from which their stepmother would have got £100,000 - was his last true will, and forced the pensioner to go to court over it.
But after ruling in her favour, Judge Marc Dight has now said the middle-aged brothers were 'unreasonable' not to accept that their father and stepmother were a 'devoted couple'.


He said it was no one's fault but theirs that the case had ended up in court, where, by the end of the trial, they were contesting only £25,000 of their step-mother's inheritance.
It means neither brother will ever see a penny of their £62,500 inheritance, as that money will go straight to lawyers to begin paying off the costs bill

Keep_pedalling

Good grief, one of those idiots is a financial advisor.

I would be looking for a new one if I was one of his clients.

p00hsticks

Browntoa wrote: »

http://www.dailymail.co.uk/news/article-4324070/Brothers-lose-inheritance-battle-stepmother.html

Two farmer's sons have been slammed by a judge after blowing their entire inheritance on a 'hopeless' bid to stop their stepmother getting an extra £25,000 from their father's will.

I think this goes to show that even if you do have a properly drawn up will, it won't necessarily stop a load of greedy numpties fighting over your estate...

Keep_pedalling

p00hsticks wrote: »

I think this goes to show that even if you do have a properly drawn up will, it won't necessarily stop a load of greedy numpties fighting over your estate...

True, but the chances of having a successful challenge to a properly drawn up will are rare. A challenge against a poorly drawn up one is far more likely to succeed, having no will at all will almost cirtainly cause problems after you die, and a lot of those are going to be serious ones.

hdh74

Sorry if this is here somewhere, I've tried to have a look around but not seen it. I'm looking for advice on the best way to make a will - don't want to spend more than I have to but want to do it right. Thanks for any pointers.