Do I need a will?

law2468

Thanks for the replies, you're all right of course, I was just being cheap.
I wish I had enough to deal with inheritance tax but as it stands it's worth it just to save anyone having to jump more legal loopholes.

Thanks for the kind offer PasturesNew, but I have plenty of family I like, although you have reminded me of that one cousin I don't like so it'll be worth the will just to write them out!

Good tip as well about the accounts and passwords, if only I could actually remember the latter...

Found a good charity scheme near me that will give £100 to the hospital instead of the solicitor so I'll be making an appointment tomorrow

Owain_Moneysaver

law2468 wrote: »

I wish I had enough to deal with inheritance tax

You might not have now, but if your parents predecease you or you win the lottery, you might have unexpectedly.

GDB2222

law2468 wrote: »

Thanks for the replies, you're all right of course, I was just being cheap.
I wish I had enough to deal with inheritance tax but as it stands it's worth it just to save anyone having to jump more legal loopholes.

Thanks for the kind offer PasturesNew, but I have plenty of family I like, although you have reminded me of that one cousin I don't like so it'll be worth the will just to write them out!

Good tip as well about the accounts and passwords, if only I could actually remember the latter...

Found a good charity scheme near me that will give £100 to the hospital instead of the solicitor so I'll be making an appointment tomorrow

Just don't let the solicitors write themselves in as executors! That's enormously costly, and your beneficiaries have no control over costs. Make a friend or relative executor (better two of them!). They can always hire professional help if they need it.

Keep_pedalling

GDB2222 wrote: »

Just don't let the solicitors write themselves in as executors! That's enormously costly, and your beneficiaries have no control over costs. Make a friend or relative executor (better two of them!). They can always hire professional help if they need it.

Solicitors do not write themselves as executors, the choice of executors is entirely down to the testator.

GDB2222

Keep_pedalling wrote: »

Solicitors do not write themselves as executors, the choice of executors is entirely down to the testator.

Absolutely, the choice is the testator's, but solicitors very often offer their services as executor. Maybe 'write themselves in' was badly phrased. I'm a beneficiary under a trust where the professional fees are more than the beneficiaries get each year.

law2468

GDB2222 wrote: »

Just don't let the solicitors write themselves in as executors! That's enormously costly, and your beneficiaries have no control over costs. Make a friend or relative executor (better two of them!). They can always hire professional help if they need it.

Thanks, it was never my intention but I'll watch out for it. I'll use my parents, make them work for the money!

Mojisola

law2468 wrote: »

Thanks, it was never my intention but I'll watch out for it. I'll use my parents, make them work for the money!

It's wise to nominate back up executors in case your parents die before you.

law2468

Mojisola wrote: »

It's wise to nominate back up executors in case your parents die before you.

I thought about that but I don't have any other close friends or family. Hopefully by the time that becomes a problem I'll have other changes to make anyway (property, partner etc).