Will advice - hopefully straightforward

Elika0215

Firstly, I have done research on here but really do struggle with applying generic advice to my situation so was hoping for a little tailored help.

I think this will be straightforward. I'm married with 2 kids over 18 and don't have a will.

- When me or my partner die then we'd like the whole estate to go to the other.

- When we both die we want the whole estate to be evenly split between our kids.

- We don't have any complications such as overseas properties or savings.

- Our property/mortgage is in joint names.

- We have separate banks accounts though for spending/budgeting purposes.

So, my questions are;

- Do I need a 3 wills? 1 each for my partner and I to transfer all our assets to each other when one of us dies. Then another for our kids when we both die.

- OR Will transfer of the estate be straightforward between my partner and I without a will? So, only one needed for when we (my partner and I) both die.

- I need some guidance rather than a template that doesn't get checked. Anyone have a positive experience that they would recommend? Cost is a factor, I'd like it to be as cheap as possible but with the above in mind.

Thank you.

ViolaLass

One will can cover all that - ours does.

Savvy_Sue

Elika0215 wrote: »

Firstly, I have done research on here but really do struggle with applying generic advice to my situation so was hoping for a little tailored help.

Then get 'proper' help: phone a few solicitors and ask for a quote for basic mirror wills (you and your spouse need one each). They will ask all the 'what if' questions, what if either or both of the children die before you, what if you all go together etc.

Elika0215 wrote: »

- When me or my partner die then we'd like the whole estate to go to the other.

That might happen without a will, it depends on the size of your estate(s). Over a certain amount, and some HAS to go to your children, which can cause all sorts of issues. And it's generally much much easier if there IS a will.

Elika0215 wrote: »

- When we both die we want the whole estate to be evenly split between our kids.

Then you need 'mirror wills', ie yours says "I leave everything to Mrs E, and if she dies before me split it between our children Big E and Little E" and hers says "I leave everything to Mr E, and if he dies before me split it between our children Big E and Little E" (assuming I've got you the right way round).

Elika0215 wrote: »

- We have separate banks accounts though for spending/budgeting purposes.

Not a problem. A joint account would (almost always) pass direct to the survivor so do consider whether either of you would be left 'short' if unable to access the other's accounts quickly. Banks have different procedures for dealing with sole accounts after death, depending on how much money is involved.

Elika0215 wrote: »

- OR Will transfer of the estate be straightforward between my partner and I without a will? So, only one needed for when we (my partner and I) both die.

You need a will each, whatever you decide to put in it. And you can't write a will which only deals with the situation after the other is dead, except as I described above.

Elika0215 wrote: »

- I need some guidance rather than a template that doesn't get checked. Anyone have a positive experience that they would recommend? Cost is a factor, I'd like it to be as cheap as possible but with the above in mind.

See a solicitor, NOT a will-writing firm. Assuming that your adult children are reasonably intelligent and would work well together, make them and the spouse executors of both the wills, NOT the firm of solicitors. And also sort out Lasting Power of Attorney forms, now, before you need them.

Mojisola

Elika0215 wrote: »

I think this will be straightforward. I'm married with 2 kids over 18 and don't have a will.

- When me or my partner die then we'd like the whole estate to go to the other.

- When we both die we want the whole estate to be evenly split between our kids.

Our mirror wills cover several eventualities -

If spouse survives, everything to them.

If we die together, everything divided between the kids.

If any of the kids have died but have children, they have equal shares of their deceased parent's inheritance.

If all of us die (disaster scenario), everything is divided equally between our nephews and nieces. One of the nephews is named as a back-up executor and he gets a extra lump sum for doing the work.

Robin9

Once you've got your will sorted don't just sit back.

In the years to come your family circumstances will change - perhaps one of the kids has children of their own. What happens if one of your children die before you - does their "share" go to their partner, children, or to the surviving brother/sister ?

Revise your will as and when necessary.

ViolaLass

ViolaLass wrote: »

One will can cover all that - ours does.

To clarify, we have one will each.

Mojisola

Elika0215 wrote: »

So, my questions are;

- Do I need a 3 wills?

Apart from the fact that you don't need more than one will, making more than one could cause a lot of problems.