Do I need a will?

law2468

Hi,

Sorry if this is a repetitive and obvious question, I've read the excellent article on this site, but I have particularly boring circumstances so google isn't quite cutting it.

I am 30, single, no children, no siblings, and no property or heirlooms. I have decent savings which I'd like to pass on to my parents and they can do what they like with the rest of the stuff wrt my friends, charity etc.

As I understand the law, my estate would go to my parents anyway. Does it save them some hassle if I make it official? Is it better to wait until I have a more long term plan (they won't be around forever )? I've had a couple of health scares so I'm worried it may be a problem sooner than I'd like!

MovingForwards

Do a will to save any agro, it means you can specify what you want to go to your parents, friends and charities.

If anything changes in the future, you can do a new one or a codicil.

For the sake of about £150 through a solicitors it's a no brained.

mac.d

Think the advice is that its always better to have a will, regardless of how simple your wishes are. Also would be a good idea to say your parents are beneficiaries, but also what you'd like to happen to your savings should they die before you and you have no surviving family.

Brynsam

A will also gives you a chance to specify your preferred funeral arrangements - something which matters a lot to those left to pick up the pieces.

PasturesNew

If you just die, your parents get it.

If they go first, then you just die, it goes to ALL your blood aunt/uncles (if they're dead, then your first cousins), equal shares apiece (full blood first; if no full blood, then half blood etc).

If you don't like your cousins, or don't want them to get their hands on your money, then write out a will to me.

If your life is straight forward and simple, there's nothing complex. The only immediate issue is the money to have you buried, but if there's enough in the estate then a funeral director (usually only through a solicitor) will do the service for you on the basis they'll get paid when the estate's settled. Else it's a pauper's burial.

Owain_Moneysaver

PasturesNew wrote: »

If you just die, your parents get it.

If they go first, then you just die, it goes to ALL your blood aunt/uncles (if they're dead, then your first cousins), equal shares apiece (full blood first; if no full blood, then half blood etc).

Less any Inheritance Tax, of course.

And if none of the above, Prince Charles probably gets it as Duchy of Cornwall.

Without a Will, no-one will be able to do anything without applying for letters of administration and going through the probate process. With a Will, probate might not be necessary if the sums held by individual banks are small enough. It will certainly be easier (and cheaper) to to handle bequests to named beneficiaries than go trawling the family tree to find beneficiaries.

badger09

PasturesNew wrote: »

If you just die, your parents get it.

If they go first, then you just die, it goes to ALL your blood aunt/uncles (if they're dead, then your first cousins), equal shares apiece (full blood first; if no full blood, then half blood etc).

If you don't like your cousins, or don't want them to get their hands on your money, then write out a will to me.

If your life is straight forward and simple, there's nothing complex. The only immediate issue is the money to have you buried, but if there's enough in the estate then a funeral director (usually only through a solicitor) will do the service for you on the basis they'll get paid when the estate's settled. Else it's a pauper's burial.

A bank will pay a funeral director's invoice direct from funds in the deceased's bank account.

getmore4less

Brynsam wrote: »

A will also gives you a chance to specify your preferred funeral arrangements - something which matters a lot to those left to pick up the pieces.

Funeral wishes have no legal standing.

Buried in a will is probably not the best place for funeral arrangements.

GDB2222

getmore4less wrote: »

Funeral wishes have no legal standing.

Buried in a will is probably not the best place for funeral arrangements.

Entirely agree. Everyone scurries around to get you buried, then weeks later they read the will and discover they've done it all wrong. In any case, the funeral is for the benefit of those left behind, and they should do what is best for them.

It's very useful to leave a list of your assets, where they are held, account numbers etc.

Fen1

I know someone who died whilst living and working abroad. He had no Will as he was young, single, fancy free. However, it was a nightmare for his family as they had to prove everything through that country's legal system. It was awful for them.
Life can be simple for you now, but you can leave a terrible mess behind for your loved ones.

Mojisola

GDB2222 wrote: »

It's very useful to leave a list of your assets, where they are held, account numbers etc.

And think about whether you'd like your executors to be able to get at photos you've got password protected or be able to put messages onto forums you visit regularly to let people know that you've died.