Will. Is It Worth Doing One?

BlueDog12

This is something I have been wondering about for sometime so I figure maybe someone could help give me some advice.

My dad is in his late 70's health is stable. He's widowed and lives in a rental sheltered flat.

I'm an only child. His family live 40 miles away and we visit twice a year. They never come to visit us.

Dad doesn't have a will.

He does not own any property.

He has one life insurance policy which I'm the trustee on which should pay out £7000+ and he has an over 50's plan which should pay out about £3500 I'm also the trustee.

He's thinking of taking a third also to pay out about £3000+

He's making sure he provides for me. Bless him.

He's also almost paid for a funeral plan and has told me what funeral he wants etc.

Since I'm trustee I'm aware the money from his polices should come to me. I wonder would it be better to have a will. He doesn't want to leave anything to anyone else.

He's no debts either.

I know it's will month and I'm just not sure if he should make one if only to state what he wants to do etc. Some of his family can be a bit demanding!!!

Mojisola

If he dies before you, the fact that he doesn't have a will won't be much of an issue unless family members try to be difficult.

If he made a will naming you as his beneficiary, it would be very difficult for any of the family to claim anything from the estate.

He could also plan for who would manage his estate and inherit from him if you died first.

Has he considered a POA - that's just as important as sorting out what will happen after you die.

Robin9

What happens if you die before him ?

DigForVictory

There's an old saying "where there's a Will, there's relations". I reckon if there are relations, a Will just makes it very plain what the testators intent was.

Sometimes, that helps. In the middle of grief and the upheaval of 'now what', a nice clear Will helps clarify matters. Plus a well drawn up Will covers a lot of possible situations, and means bases you may not have thought of are covered.

Silvertabby

If you suspect that his 'demanding family' could kick off (..but Uncle Fred PROMISED me £X) then it would be best for your father to make a simple Will making you his sole heir (and executor).

As has been said before, if your father died without making a Will then it's unlikely that anyone but you would have a legitimate claim. But others could drag out the process, creating more stress for you at what will be a very difficult time.

lincroft1710

A properly drawn, witnessed, signed and dated will is a no-brainer.

Yorkshireman99

lincroft1710 wrote: »

A properly drawn, witnessed, signed and dated will is a no-brainer.

Drafted by a solicitor not DIY or a will writer.

Savvy_Sue

AND a power of attorney for both money and health and welfare, so that if he loses the ability to manage his own affairs the OP will be able to make decisions without too much palaver.

tealady

I have lost a sibling, one parent still living. Sibling had made will giving instructions how their estate was to be distributed.
However they left no instructions 're funeral, so the family were left floundering a bit as to what they would have wanted.
Fortunately family were in full agreement over the funeral, could have led to some unpleasantness if not.
I have put in my will details for my funeral, to stop people worrying.
HTH

lincroft1710

Yorkshireman99 wrote: »

Drafted by a solicitor not DIY or a will writer.

Exactly, which is why I said properly drawn

System

In a word, YES!