DIY Will advice needed.

Savvy_Sue

Keep_pedalling wrote: »

The advavantage of sorting out a will face to face is that beyond making sure the will is drafted correctly and valid, they will go though all the what if scenarios that you probably have not thought of.

This, and

Magnolia wrote: »

Its the scenarios that are the best advice. Lots of things you would never think of.

This.

Plus, it is not just the wording which is critical, it is making sure that the will is correctly signed and witnessed. DS1 has started thinking about his will, and this is one of the areas he was surprised by!

maman

Sorry, I haven't read back but surely if you have any money, property or valuables worth leaving you can afford to take professional advice.

We used Will Aid, were happy to make a charity donation and pay a bit extra for some specific requirements..

Owain_Moneysaver

If your total assets exceed £325,000 then Inheritance Tax must be considered. For example, the person getting the house might not have the money to pay the IHT, but he can't get the house until the tax is paid.

Bear in mind that if you inherit a million pounds from a previously-unknown aunty the day before you die, it will be classed as part of your estate and liable to tax.

Keep_pedalling

Owain_Moneysaver wrote: »

If your total assets exceed £325,000 then Inheritance Tax must be considered. For example, the person getting the house might not have the money to pay the IHT, but he can't get the house until the tax is paid.

Bear in mind that if you inherit a million pounds from a previously-unknown aunty the day before you die, it will be classed as part of your estate and liable to tax.

£325k assumes no transferable NRB or that the beneficiaries are not children where the residence nil rate band can also be claimed, or a spouse where IHT is exempt.

GaleSF63

Socajam wrote: »

Get yourself a subscription to Which Magazine and use their Will service, you can do everything yourself and they will look through it for your you. I believe the cost is less than 200 pounds.
I started mine, but need to spend time completing it.

The subscription is 10 pounds or so a month, then cancel once you completed the Will

A couple of points using Which -

1. You would be doing most of the work yourself yet probably paying more than to a solicitor.

2. Which may check your will is valid but unless they discuss it with you, neither they nor you know if what you have written means exactly what you intend it to mean.

3. A solicitor will ask you about the "what ifs?" - death of beneficiary; selling house etc..

Yorkshireman99

thor wrote: »

I've been pondering about writing a will myself but after googling it appears the main consensus is that it is risky thing to do unless the situation is straight forward.

I intend to leave my house to one beneficiary and everything else(possessions and money) to another. Would this be simple enough to draw up a diy will?
I get that the wording has to be precise but I'm sure there will be plenty of uk templates floating around online that I could adapt for my purposes.
Thoughts?

Short answer don’t DIY it. Long answer is only use a solicitor that you can sit down and talk about it to. Nothing else will do!!!!

Kynthia

If you have a property, dependant age children, children from outside your current relationship, or more than a few thousand in the bank then don't diy your will.

Only those in the simplest of circumstances with little money should risk it, and only if they'll refuse to have a will done by a solicitor so it's better than having no will. Otherwise you can't be sure your wishes will be met and that you've thought of possible scenarios which your diy will would not work.

What if you're between houses due to needing to break the chain in order to move house such as just having a few days with your things in storage before your purchase completes or you decide to rent for 6 months because you haven't found the right house, would you want one beneficiary to get nothing? What if your beneficiaries pre-decease you? Do you want their children to inherit in their place, wpuld you want the other beneficiary to get it all, or would you want a new beneficiary such as s charity?