Do I _really_ need a lawyer to write a will?

Keep_pedalling

Enigmaman said:

Not sure how I ave the impression I had had an inheritance but I do have a significantly !!!!!! pension pot than I did. 

https://forums.moneysavingexpert.com/discussion/6207479/legitimate-ways-to-inherit-money-and-not-lose-benefits/p1

Enigmaman

Keep_pedalling said:

Enigmaman said:

Not sure how I ave the impression I had had an inheritance but I do have a significantly !!!!!! pension pot than I did. 

https://forums.moneysavingexpert.com/discussion/6207479/legitimate-ways-to-inherit-money-and-not-lose-benefits/p1

Thanks for the link. That was in fact about an inheritance that I expect to eventually get but have not yet.

Keep_pedalling

Enigmaman said:

Keep_pedalling said:

Enigmaman said:

Not sure how I ave the impression I had had an inheritance but I do have a significantly !!!!!! pension pot than I did. 

https://forums.moneysavingexpert.com/discussion/6207479/legitimate-ways-to-inherit-money-and-not-lose-benefits/p1

Thanks for the link. That was in fact about an inheritance that I expect to eventually get but have not yet.

If that inheritance is highly likely then making a will in anticipation of receiving it, is well worth doing. 

Ldak

I wouldn't detract from anything said above, but I used http://www.tenminutewill.co.uk/main.cgi?d_ref=microsoft&d_ref_2=diy_will&d_ref_3=tenminutewill about 10 years ago for my father-in-law's will that simply basically split his estate (house, cash...) equally across his three children. It was contested by the other two though guilt/malice, and they lost.  I seem to remember it asked things like pre-deceased scenario etc.
It lets you do a "dry run."
Paid about £30 I recall. 
Very important to have it signed/witnessed properly.

etienneg

Ldak said:

I wouldn't detract from anything said above, but I used http://www.tenminutewill.co.uk/main.cgi?d_ref=microsoft&d_ref_2=diy_will&d_ref_3=tenminutewill about 10 years ago for my father-in-law's will that simply basically split his estate (house, cash...) equally across his three children. It was contested by the other two though guilt/malice, and they lost.  I seem to remember it asked things like pre-deceased scenario etc.
It lets you do a "dry run."
Paid about £30 I recall. 
Very important to have it signed/witnessed properly.

As a matter of interest, would the outcome have been any different if there had been no will? From what you say it sounds like his wife had predeceased him, so (unless the value of his estate was very large) his children would likely have shared it equally. Of course, if there is no will there is nothing to contest...

Keep_pedalling

etienneg said:

Ldak said:

I wouldn't detract from anything said above, but I used http://www.tenminutewill.co.uk/main.cgi?d_ref=microsoft&d_ref_2=diy_will&d_ref_3=tenminutewill about 10 years ago for my father-in-law's will that simply basically split his estate (house, cash...) equally across his three children. It was contested by the other two though guilt/malice, and they lost.  I seem to remember it asked things like pre-deceased scenario etc.
It lets you do a "dry run."
Paid about £30 I recall. 
Very important to have it signed/witnessed properly.

As a matter of interest, would the outcome have been any different if there had been no will? From what you say it sounds like his wife had predeceased him, so (unless the value of his estate was very large) his children would likely have shared it equally. Of course, if there is no will there is nothing to contest...

You can make a claim under the Inheritance (Provision for Family and Dependants) Act for an intestate estate.

henry11vr

Enigmaman, yep, but it depends on your wealth and assets, that you have. Or maybe, if you have enough time - you can spend some evenings reading everything about this sphere of business and make a will on your own. By the way, I've heard that these guys ( here: https://federal-lawyer.com/oklahoma/ ) know for sure how to protect their clients, and have enough professional lawyers not just in Oklahoma, but in other states as well.

Grumpy_chap

Martin_the_Unjust said:

missile said:

Many charities offer a free will writing services. 

If you do take advantage of a ‘free’ charity will writing service and feel obliged to leave them something please, for your executors sake, make sure it’s a set amount rather than a percentage.

I confess to being generally ignorant on the matter of wills, but why would the amount left to any beneficiary (whether a charity or otherwise) be a set amount rather than a percentage?

Suppose an individual is preparing their will as they head towards retirement, so they have (or expect to have) and estate with value around £1m.  Not inconceivable given mortgage-free property, privatisation SID-shares, premium bonds, savings, pension lump sum and final salary.

Say they decide to leave the charity 10% of current estate value, so £100k. 

If they write "10% to charity" then the amount the charity gets can go up or down, but it still leaves something for the children or whoever else was in mind.

If the will is drafted to say "£100k to charity", it is quite possible that the residual for children is zilch.  After the retiree had a new car (or two), some nice holidays, and then needed care home fees, that initial £1m could easily be substantially reduced and the outcome of the set amount rather than percentage is to effectively write the children out of the will.

I do see the case that the amount left to the charity should have a "floor" so that the charity at least recovers what the legal fees would have been for drafting the will but, beyond that, I am unclear why the amount would be set rather than percentage.

Farway

Grumpy_chap said:

Martin_the_Unjust said:

missile said:

Many charities offer a free will writing services. 

If you do take advantage of a ‘free’ charity will writing service and feel obliged to leave them something please, for your executors sake, make sure it’s a set amount rather than a percentage.

I confess to being generally ignorant on the matter of wills, but why would the amount left to any beneficiary (whether a charity or otherwise) be a set amount rather than a percentage?

Suppose an individual is preparing their will as they head towards retirement, so they have (or expect to have) and estate with value around £1m.  Not inconceivable given mortgage-free property, privatisation SID-shares, premium bonds, savings, pension lump sum and final salary.

Say they decide to leave the charity 10% of current estate value, so £100k. 

If they write "10% to charity" then the amount the charity gets can go up or down, but it still leaves something for the children or whoever else was in mind.

If the will is drafted to say "£100k to charity", it is quite possible that the residual for children is zilch.  After the retiree had a new car (or two), some nice holidays, and then needed care home fees, that initial £1m could easily be substantially reduced and the outcome of the set amount rather than percentage is to effectively write the children out of the will.

I do see the case that the amount left to the charity should have a "floor" so that the charity at least recovers what the legal fees would have been for drafting the will but, beyond that, I am unclear why the amount would be set rather than percentage.

My bold, the troubles I have read about is charities do not like & actively block the "go down" part, when the estate comes to sell the house for instance.

Other beneficiaries may be willing to accept a few thousand less for a quick sale, get on with life point of view, but charities are beholden to get the maximum they can, hence the cash figure.

I'm sure a decent lawyer could write the will such that a max or min cash figure & in what order it's distributed, so say once children for instance have their bit a percentage, or cash, from remainder goes to charity

Martin_the_Unjust

Having seen what I’ve seen I would refuse to be an executor of anyone’s will that left a percentage to charity.


Those that do write a will in those terms are leaving potential problems for their inheritors