Writing a simple will

Savvy_Sue

74jax said:

What is your brothers circumstances change and he requires benefits?

What if he falls out with your parents?

What if he marries and doesn't make a will and dies? Or divorces? 

Agree with this, you simply can't leave someone an inheritance 'on the understanding that' they do X, Y or Z. Solicitor will help you achieve your aims. 

I think RNLI are offering free simple wills - expectation is that you'll leave them something, or make a donation now. But make sure it's a solicitor doing the work, not a will writer. (You have no way of knowing if any given will writer is any good / will still be around if there's a query after your death / if not still around will have had to pass their files on to another company etc.)

Tigsteroonie

If you have a relatively simple will but are considering using a solicitor, please give a thought to Will Aid, thank you.

sevenhills

Pignut said:

Hi there,

Keep_pedalling: I had drawn up a simple will prior to posting, specifying that my brother will receive 100% of my estate, but if he is deceased my mother and father will receive 50% each. I want to give it all to my brother with the understanding that he uses the money to Look after my mum and dad in their old age, because if I leave it to my mum and dad the money will probably push their estate over the inheritance tax threshold. Does that make sense?

Are there health issues that make it likely that your parents will outlive you, is your brother younger?

I personally want to leave some of my money to causes, as well as my family.

Pignut

I’m overwhelmed with the advice, thankyou, I’m arranging to see a solicitor, looks like it’ll set me back £250ish for a simple will but I suppose it'll be worth it in the long run.

Marcon: Cool, I didn’t know they could do that. I always thought that everything in their estate over the threshold of £325,000 was taxed at 40%. So I didn’t want to leave them more money that’ll be taxed (again).

BooJewels: Good idea. I’ve also got mad skillz in Excel, so I could create a spreadsheet of all my assets and their values. Will give my bro a copy too.

RAS: I recall my folks had the same problem when my Grandad died at age 94. It was drawn up so long ago the solicitors had changed hands, it was a right palava obtaining it.

Mojisola: I’m not sure. My Grandad spent the last ten years of his life in a care home, and it was really expensive, I hope it doesn’t come to that. I would like to think that what I have would contribute to care, or at least they would have a bit of extra money to play around with and have some fun.

Keep_pedalling: I just don’t want the taxman getting his grubby mitts on any more than he already does. There’s a possibility that I’ll outlive everyone, but you never know. My brother has children that are 3 and 6 years old.

74jax: Good points, it’s highly unlikely those things will happen. But you never know. Do you think its best leaving my estate to multiple people?

Savvy_Sue: Thankyou Sue, you really are savvy. I’ll check out the RNLI, but I think I’m going to have to swallow the fee and find a local solicitor. Keep knitting!

Tigsteroonie: Will check them out too.

Sevenhills: Nothing that I know of, a few naggy ailments that could potentially develop further, but that could be said for anyone’s ailments! My brothers older, I also have a niece and nephew.

Have a great day everyone, thanks again.

Pignut.

Sea_Shell

Would you consider rewriting your will in the future to directly benefit your niece and nephew, once they are over 18, instead of your brother /parents.

Or to them now, in trust?

It sounds like your  parents already have their  needs covered!

Pignut

Sea_Shell: Yes absolutely. That was the main idea behind creating my own - it could be updated as and when I needed to update it, and I wouldn't have to pay £250 a pop! Thankyou.

thegreenone

Pignut, you really won't have to update your Will very often.  If you did it every 10 years it would cost 0.06849p per day for a  £250 Will.  Sometimes you can just add a codicil for a smaller fee.

We wrote ours around 15 years ago and will be updating them soon, as things have changed.  Sadly, some have died but new bubbas have arrived and some have received large inheritances from elsewhere.  We also want to change our Executors.

We have created our Book of Knowledge (formerly called the Book of Doom!!!) which is updated every year.  It contains the account numbers for bank accounts; utility suppliers; car ins (separate file for cars); house ins; council tax; pensions; solicitor holding the Wills; premium bonds and investments etc etc etc.  Please use your whizzy Excel/W skills to create something similar so when The Day Comes your brother/niece/nephew can access everything easily.

Keep_pedalling

As you brother has children, I think it would be a big mistake passing on his inheritance to your parents if he predeceased you, better to pass it down a generation not up.

Pignut

thegreenone: Yes that makes total sense, thankyou. Sorry to hear about the ones you've lost along the way, and it sounds like them bubbas are gonna be well looked after as they grow up - such the circle of life! I love how you put a positive spin on the 'Book of DOOM' I have something similar in place, its a password protected MS Word file on my PC that contains all of my assets, utility supplies, account info, etc which I hope will be helpful to others in the event of my demise. It doesnt have a cool name like yours though! Thanks a bunch.

Keep_pedalling: Thanks, as you can tell I'm quite new to this so I'm grateful for your advice. Makes more sense to pass it down to the next generation. I assume that will involve some kind of trust that the solicitor arranges?

Keep_pedalling

Pignut said:

thegreenone: Yes that makes total sense, thankyou. Sorry to hear about the ones you've lost along the way, and it sounds like them bubbas are gonna be well looked after as they grow up - such the circle of life! I love how you put a positive spin on the 'Book of DOOM' I have something similar in place, its a password protected MS Word file on my PC that contains all of my assets, utility supplies, account info, etc which I hope will be helpful to others in the event of my demise. It doesnt have a cool name like yours though! Thanks a bunch.

Keep_pedalling: Thanks, as you can tell I'm quite new to this so I'm grateful for your advice. Makes more sense to pass it down to the next generation. I assume that will involve some kind of trust that the solicitor arranges?

If the children were still minors at the time of your death, then their inheritance would need to be held in trust until they reached 18 but that is something your executors would arrange as the trust would only be needed on the untimely death of both you and your sibling.