Should We Renew Our Wills

WSB

Myself and my wife had wills drawn up when we bought our first property 26 years ago.

At the time we had mirror wills drawn up and also included any future kids, grandchildren etc.

We did have two kids (now adults).

I have these wills in the filing cabinet in the study at home and everyone knows where they are.

What confused me at the time and still does is that these wills were not registered anywhere. They just relied upon someone digging them out when the time comes.

My questions are:

1: As these mirror wills cover kids, grandkids etc and therefore all still valid, is it necessary to get a new will done?

2: Is there such a thing whereby the will can be legally registered to make things simple in the event of death(s)?  If so, is it worthwhile?

Many thanks!

Robin9

Have your children and the executors got copies and know where the original is ?

GDB2222

"Probate registry

It is a little known fact that the probate registry offers a storage facility for a one-off payment of £20."

https://www.thegazette.co.uk/all-notices/content/100331

WSB

Yes, they all have copies.

Aside from the fact that we can now actually name the kids on the will, nothing else has changed.  Aside from our estate being bigger.

Is it worth re-writing another will for that?

That sounds like a good idea re: registering it with the probate office.

So, in the event of death(s), would the will automatically be used?

p00hsticks

Who drew up the wills ?

A lot of things around inheritance have changed over the last few years, and although I'm not expert in the matter, from reading these boards some of the advice from solicitors then that were sensible at the time may now at best no longer be of benefit and at worst may actually cost the estate money.

And if your children are not named in the will, then who do you have named as executors ? Ideally you want at least one person of a younger generation than yourselves.

WSB

Fair comment.

It was a solictors firm.

GDB2222

WSB said:

Fair comment.

It was a solictors firm.

That can be very expensive. 

getmore4less

Loads has changed since they were written so could be well out of date.

Tax rules on interest in possession trusts changed a lot.

Transferable nil rate bands were introduced

Residential nil rate bands introduced

Probably needs executor review as you could not have had the non existent kids then.

Understanding joint and TIC is also useful.

Many people weath needs review.

House mortgage net weath tiny

25years later IHT planning needed.

Keep_pedalling

GDB2222 said:

WSB said:

Fair comment.

It was a solictors firm.

That can be very expensive. 

It can be a lot more expensive messing up a DIY will.

If for no other reason, get new wills with your adult children named as executors. 

Sapindus

GDB2222 said:

WSB said:

Fair comment.

It was a solictors firm.

That can be very expensive. 

If you are over 55 you can get your will written for free in return for leaving a small legacy to a charity.  In fact you don't HAVE to even leave the legacy. 

https://freewillsmonth.org.uk/

I'm not even 55 and I did this at the beginning of the pandemic (timing was a coincidence but they were very busy!) so I think there are some charities that will do this even when it's not Free Wills Month. 

RAS

Keep_pedalling said:

GDB2222 said:

WSB said:

Fair comment.

It was a solictors firm.

That can be very expensive. 

It can be a lot more expensive messing up a DIY will.

If for no other reason, get new wills with your adult children named as executors. 

The OP needs to clarify if "It was a solicitors firm" is the reply to

Who wrote the will? or
Who is the executor appointed?

Or we'll all get at cross-purposes.