Nomination of the Beneficiary

AnotherJoe

Solicitor should keep originals you can keep copies wherever.

Mojisola

If, for some reason, you don't want to leave your signed will with a solicitor, you can store it at the Probate Office.

https://www.gov.uk/government/publications/how-to-deposit-a-will-with-the-probate-service-a-guide-for-people-who-want-to-deposit-a-will-for-safekeeping-pa7

DigForVictory

The Probate office is wonderful - a good Will stored there is the one used even if you leave another will, for example made under duress. (May it never happen, but the Probate Office is the safest pair of hands against the strangenesses of Fate.)

A good solicitor will ask you questions that cover almost Everything, so it is quite hard work, but absolutely worth the peace of mind!

MovingForwards

You are living in the UK, specifically Scotland where Wills and estates are dealt with slightly differently than England and Wales.

See a solicitor to get a will drawn up for you and your husband as urgent priority.

Do you even have life insurance to help your children/pay off your mortgage if one or both of you die?

zagfles

Sounds like most people here have never administered or helped to administer an intestate estate. I have twice, and in both cases it was more straightforwards than had there been a will. Only issue with one of them was we weren't certain whether there was a will or not! If you don't have a will, make sure everyone knows that you don't! And if you do - where it is! I don't have a will, neither do my wife or my parents. Obviously make sure you understand the intestacy rules if you don't have one.

There's a point re custody of the children, we considered a will when ours were young but couldn't decide - my parents, but what if they became ill or infirm or one had to care for the other, could they cope with children as well, my sister, but she was thinking of emigrating, in the end we decide we trusted all our relatives and they'd be in a better position to make the decision at the time considering all circumstances at the time rather than us years in advance.

Obviously this won't apply to everyone, eg if there's likely to be a tug of war between people with vastly differing opinions on how to raise children or relatives who don't get on...

The usual generic advice that having a will is important is probably sensible, but way overplayed, it's really not the end of the world for most people if you don't and for some people it is unnecessary.

WorldCitizen

zagfles, interesting post!
Can I ask is the administration of an intestate estate is expensive? And how the situation with young children in a family is usually dealt?
However, I think in my case it's better to make a Will as previously suggested because of a young child.
MovingForwards, the life insurance is on the list as well.

zagfles

WorldCitizen wrote: »

zagfles, interesting post!
Can I ask is the administration of an intestate estate is expensive? And how the situation with young children in a family is usually dealt?
However, I think in my case it's better to make a Will as previously suggested because of a young child.
MovingForwards, the life insurance is on the list as well.

It isn't expensive at all if you do it yourself, there's just the probate fees and a few minor fees like death certificate copies, all of which you'll need regardless of whether there's a will or not. I found it quite straightforwards, there's a lot of forms to fill in inc the IHT forms, tedious but not difficult IMO. Although the circumstances weren't complicated.

But all that's the same whether there's a will or not, in fact there was an extra step you had to go through with a will, getting a certified copy which cost a bit more, so it was actually cheaper and less hassle than dealing with an estate with a will! Not something that should swing the decision though!

It was 15-20 years ago I looked into the situation re children, and I'm in England, and I have no experience of what actually happens, but AIRI it was basically that if the relatives agree on what should happen, that's almost certainly what will happen unless there's a very good reason it shouldn't (like all the relatives are loonies etc).

Just another tip if you do make a will - never name any solicitor, bank etc as the executor. If you do, they have the monopoly and if they are slow, expensive, useless etc there's nothing the beneficiaries can do. Name a trusted relative/friend(s) as the executor, they can always pay for legal advice if they need it, and they'll be able to shop around/sack any useless solicitor etc.

WorldCitizen

zagfles wrote: »

Just another tip if you do make a will - never name any solicitor, bank etc as the executor

Thanks!
The problem is we don't have many friends here and all other family members are outside the UK.
That's why our son will be nominated not only as beneficiary, but as executor as well (if we can do that).
Friends could be witnesses when signing a Will I think if it's needed.

zagfles

WorldCitizen wrote: »

Thanks!
The problem is we don't have many friends here and all other family members are outside the UK.
That's why our son will be nominated not only as beneficiary, but as executor as well (if we can do that).
Friends could be witnesses when signing a Will I think if it's needed.

Yes an executor can be a beneficiary - it's usual. At least in England - but I wouldn't have thought it's different in Scotland. Would have thought you'd also want to make your husband executor for you and vv? I know people always go about the scenario of you both dying together but that's actually incredibly unlikely.

WorldCitizen

zagfles wrote: »

Would have thought you'd also want to make your husband executor for you and vv? I know people always go about the scenario of you both dying together but that's actually incredibly unlikely.

Yes, good idea! We will put each other in the first place and our son as a second option.
Thanks again!