Can I make my own Will

p00hsticks

caz.fraser wrote: »

Any reason why a solicitor is not recommended as an executor?

As LilElvis says, they'll rack up charges on something which can be fairly straightforward for a non-professional to carry out at no cost to the estate.

And they'll still need assistance from faily members on things liek tracking down bank accounts, shae holdings etc

And if there are complications, the non-professional executor still has the option of bringing in a solicitor to assist them.

Cacran

We have both only been married to each other for 44years.
We have a son and daughter both in their 30's.
We own our home outright.
We want to leave everything firstly to the spouse who is surviving, then everything to our children.
We have no debts.
I think that is as straight forward as it gets.

maman

Cacran wrote: »

We have both only been married to each other for 44years.
We have a son and daughter both in their 30's.
We own our home outright.
We want to leave everything firstly to the spouse who is surviving, then everything to our children.
We have no debts.
I think that is as straight forward as it gets.

Don't want to be morbid but what if one of your children predeceases you? Would it all be left to remaining child or are there grandchildren/in laws? What about any valuables such as jewellery. Would you prefer that went to daughter rather than DIL?


These are just examples. It's really not always that simple.

Mojisola

Cacran wrote: »

We want to leave everything firstly to the spouse who is surviving, then everything to our children.

Would you want to protect half of the value of the house from care home fees so that there is something for your children to inherit?

Savvy_Sue

p00hsticks wrote: »

As LilElvis says, they'll rack up charges on something which can be fairly straightforward for a non-professional to carry out at no cost to the estate.

And they'll still need assistance from faily members on things liek tracking down bank accounts, shae holdings etc

And if there are complications, the non-professional executor still has the option of bringing in a solicitor to assist them.

And they will do it in their own sweet time ... and they have no reason to work to any particular timetable.

Whereas if you appoint your spouse and your adult children as co-executors, you've got three grown-ups who materially benefit from the will being executed and the assets distributed. And if one of them is not in a position to act, then one or both of the others can take over. Either the 'unwilling' exec stands down completely, or they take 'power reserved': that means they are to be kept 'in the loop' and put a final signature on the probate forms.

Now, there ARE circumstances in which a professional executor is a Jolly Good Idea. If your offspring are generally at daggers drawn with each other and / or either spouse, and any of them might accuse the other of manipulation, hiding assets, stealing from the estate etc etc etc, then a professional executor will take all the emotion out of the situation.

And if there's a reason NOT to appoint either spouse or one of the offspring, then don't do it.

BTW, the question about grandchildren / potential grandchildren is another of the 'what if' questions a good solicitor will ask you about. My parents specifically excluded their grandchildren inheriting if any of us had predeceased them, but as I understand it that is not the 'default' position. Even if you only have grandchildren by one of your children, and even if it looks unlikely that any more will arrive, do you want to cater for future surprises? I know I would ...

MrsPorridge

DH and I have just started the ball rolling with this - mirror wills so everything to each other and then to our DS. I wanted it done properly having recently lost Dad - it's so much easier when it's written down and has given me lots of peace of mind. It is costing us £300 inc VAT. There were some questions I had not thought of, like if DS goes first who will benefit? If he has children will it go to them? It may seem straightforward but there may be things you haven't thought of.