Making savings before it's too late

PollyWollyDoodle

What's it worth not to leave your OH having to find a new home for himself and your young children? What if you and your OH died together, who would look after the children and what would happen to any assets?

Ring around some solicitors and get a price - I really wouldn't recommend DIY in your case, but it shouldn't cost a fortune. The problems that would ensue will cost far more to sort out than getting a straightforward will done.

lessonlearned

I second this.......pigpen your situation is far from simple so for the sake of your loved ones or for yourself if your partner dies first then I too strongly suggest your wills be done professionally.

caronc

I would agree re professional I think it is money potentially well spent if you have a family but DIY is much cheaper and some solicitors offer a checking service for a small fee to check all is in order.

[Deleted User]

I cannot believe what I am reading pigpen, all those expensive pictures etc and you cannot or will not secure the future for your oh and the little ones. Dh and I made a simple back to back will in a solicitors office, the stress it took off me when it was needed was worth far more than the cost. I went again after he died and made my new will, again a simple will but circumstances changed and this time I allocated percentages to the grandchildren and said what was to be done if my son`s long time oh survived him

[Deleted User]

Back to savings

I have been waiting a long time for a want, not need, to be made and shipped from america, unexpected e mail came last friday, I could have said no but hey it is a definite long-time want and is a means to a very nice hobby. I know what it costs in gbp and it has increased my cc. Having had two frugal months, I have just paid it all off in full.

I still have another expense at the end of this month, should have enough in current for that but this is where my linked, same bank savings for bills account, will be useful as a safety net. My aim now for this month is to pay just a few £ into a house savings account. I will be very pleased if I can do that, having paid my way throughout the month and zero debt anywhere plus fulfilling my monthly savings for all year bills certainly will get april off to a good start

moneyistooshorttomention

Cost of Wills isn't that bad imo. Well - it probably depends how complicated it is. Mine is a very straightforward one - as there's just me (no hubby/no children) and cost me £100 if I recall aright.

Obviously, if I were married/partnered-up then I would want a "mirror will" set-up. Obviously if I had children - then I'd have to ensure they got everything (as 2nd in line after my husband/partner) and arrangements were in place as to who was going to bring them up (if it wasnt blindingly obvious).

In my case - I feel I don't have to be that bothered - as no-one will be affected by what happens to me. But I made sure I've got a Will anyway - as otherwise my brother and his family would get the lot (as nearest relative) and I don't intend him to have a penny. I know what his attitude is towards me (clue - he has family and I don't and he thinks it makes him more "important" than me!). Hence my own will is instant karma for that iyswim. So I had to have one - to make sure it goes "elsewhere".

[Deleted User]

Last one cost me £150 and was completely witnessed in the office, I got a copy to file and they kept a copy. I made sure to put down the executors that I wanted ie my children. 11% of what remains in the sipp to each grandchild and it can be left in a sipp for each to provide a pension, the remaining 67% in the sipp to be divided between the three children and ditto re their pension. Everything else will be divided between the children with a smaller % to each grandchild

Once I have bought another house and sold this, I will have spare cash and less sipp, hoping to carry on trading within the sipp again to increase it for children and grandchildren. In the meantime that availabe cash will be re-invested into secure savings to safeguard my future needs. That reminds me I must write those notes to keep in my `death` file, the notes that will explain about the sipp and how it will benefit their pensions, if they wish. Once my finances settle again, then I will make another will and a POA, naming one daughter to safeguard my old age

Money I agree with you 100%, not making a will is how those legacy hunting sites make their living, by finding distant relatives and I would not want any of my hard earned money to go to someone I neither liked or trusted

Sayschezza

I have to safeguard my oh home if I pop off first as the bricks and mortar are mine so I have made a will giving him the choice of remaining until he pops off. Then it's to be sold and my 3 dc get quarter each and my 4 dgc share the other quarter. Cash goes to the dc and doc in the same proportion.

moneyistooshorttomention

kittie wrote: »

Money I agree with you 100%, not making a will is how those legacy hunting sites make their living, by finding distant relatives and I would not want any of my hard earned money to go to someone I neither liked or trusted

I hadnt thought of those legacy hunting sites (though I'm aware of them). I don't have any feelings either way about more distant relatives - just neutral - as I barely know/don't know them. Though some of mine are better off/WAY better off than I am from what I can make out - but I expect my brother knows where they all are - and he's certainly "made friends" with the best-off one I know of:cool:. Cynical - moi - well that thought had just struck me (from what you said). I'm guessing the reason my brother isnt trying to befriend me is he's already worked out (trans. - asked my mother about it - and got her to ask me) that mine will be going to charity LOL - so he thinks its pointless to do so...

lessonlearned

Having dealt with three close bereavements and the deceaseds estates I can say with heartfelt conviction .......please please get your wills done by professionals. Make them bullet proof so no one can challenge them or misinterpret them.

And if your circumstances change then make sure you amend your wills to take into account those changing circumstances.

You will save your loved ones a lot of pain and heartache and your executors a lot of stress and sleepless nights.

And don’t think because you are a singleton without family or issue then it doesn’t matter. It does, unless you are happy to let the state gobble it up.

It is probably even more important to make sure you wishes are honoured if you have strong feelings about your estate not falling into the hands of family members from whom you might be estranged.

Not a pleasant task but once it can be very reassuring to know that your affairs are in order and that your wishes will be honoured.

The law is not a mind reader, so you do have to be very clear and concise about what you want. And diy wills are not always adequate for the job they have to do.