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Writing a Will

4 replies 192 views
Hello there,
I was wondering if you are able to give me some advise please;
- I am a male 38 years of age, British passport holder
- Family (Parents/2 Siblings) live overseas (non-EEA) and they are not British
- I am divorced and my ex and I have a clean break - She lives overseas (Greece). I am paying the mortgage (50% share as part of the divorce deal if and when the house gets sold). 
- Although I am full time salaried employee for a company (lets call this A) - I am also a company director of my own company, which really does not trade at the minute. The company has approximately 30K in the bank.
- I have approximately 35K in Savings split into two bank accounts. 
- I am reasonably healthy and don't anticipate dying anytime soon (lets hope not!) - but you never know with these things so I wish to be prepared just incase if anything were to happen to me and wish to write up a will. I don't have immediate family or anyone here with me.

Here is what I want to happen upon my death - 
1. Any money left in the company should go to Parents and in case if they are not around after my death then the money should go to my 2 siblings overseas.
2. Any money left in my personal savings has the same split. 
3. I don't want to tell my parents or siblings on how much money I have but able to tell that there is a will and if anything were to happen they then refer to that. The money is there now and no idea if the same 30K/35K will still be there in future as anything could happen and go up or down. 
4. I don't want to have a solicitor to draw up this will as it costs money.
5. My ex automatically gets my 50% share of the house (without me doing anything) as the house has both of us names on it. Although, I want to make sure she does NOTget the personal savings or the business money - I need to make sure these go to my immediate family.
So I was wondering how do I execute all of this - I am very new to all of this and any direction you can give me is gratefully received. 

Thank you 


Replies

  • JGB1955JGB1955 Forumite
    1K posts
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    Getting a solicitor to write your will could prove to be the best £400 you ever spend. 
    #36 Saving for Christmas 2020 - £1 a day challenge.... £590/£366...
  • Robin9Robin9 Forumite
    7.3K posts
    Part of the Furniture 1,000 Posts Name Dropper
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    Item 4 on your list will be worst decision your will make but that won't worry you as you won't be around.
    Never pay on an estimated bill
  • tacpot12tacpot12 Forumite
    3.9K posts
    1,000 Posts Fourth Anniversary Name Dropper
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    You do need to pay a solicitor to write your will as the company makes your will non-standard. But try get them to make it as general as they can so that you won't have to pay to have it amended in the future, unless you want to disinherit someone, e.g. "I leave my shares in ANY close company that I own to my parents, and then to my siblings". "I leave the rest of my estate to any children I have". (You may have children in future).  
    The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.
  • TBagpussTBagpuss Forumite
    8.4K posts
    Tenth Anniversary 1,000 Posts Name Dropper
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    A will needn't cost you more than £200-300 and it is a false economy to try to save that.

    Do you *want* the house to go to your ex? Normally you would sever the joint tenancy in divorce proceedings so your half would become part of your estate, Unless the court order specifically prohibits that, it can still be done now. 

    You don't need to tell your family how much you have - it's sensible to tell whoever you name as the executors that you have made a will, and where it is stored. 
    It's also sensible to keep with the will  list of the main assets - e.g which banks your accounts are with and in what names, so that they know where to look when they need to administer the estate.

    As you are divorced, your ex wife will not be entitled to any assets in your name - most divorce financial orders include a clean break in relation to Inheritance Act claims as well as all other claims, so all she would be entitled to would be any account still in your and her joint names, and the house if you do still own as Joint tenants and you don't take steps now to sever the joint tenancy. 

    All posts are my personal opinion, not formal advice Always get proper, professional advice (particularly about anything legal!)
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