Should We Renew Our Wills

Keep_pedalling

RAS said:

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.

I must admit my assumption was the first question, but whoever they appointed as executors needs changing as it is better to appoint adult children rather than solicitors or friends / siblings of the same generation. I think it is fair to say that the answer to the original question is yes, you need new wills.

WSB

The will was drawn up by a solicitors firm and my parents are down as executors (I was 25 at the time).
I am now 51 and my wife 46.
We have our residential property and investment property plus pensions and cash and shares investments.
We have two sons, 21 and 18.
So reading your messages, sounds like I'm in the market for getting new wills drawn up.
Also, need to take into account efficient methods for reducing inheritance tax.
Recommendations on my next steps please without spending a fortune on solicitors fees.???
Thanks

Emmia

WSB said:

The will was drawn up by a solicitors firm and my parents are down as executors (I was 25 at the time).
I am now 51 and my wife 46.
We have our residential property and investment property plus pensions and cash and shares investments.
We have two sons, 21 and 18.
So reading your messages, sounds like I'm in the market for getting new wills drawn up.
Also, need to take into account efficient methods for reducing inheritance tax.
Recommendations on my next steps please without spending a fortune on solicitors fees.???
Thanks

When I drew up my will (during the pandemic) I went on the Solicitors Regulation Authority website, and did a search for local firms that did wills that met my requirements - it was mostly done via email with an initial visit to discuss the contents / my wishes in person, and a follow up to do the signing.

p00hsticks

WSB said:

The will was drawn up by a solicitors firm and my parents are down as executors (I was 25 at the time).
I am now 51 and my wife 46.
We have our residential property and investment property plus pensions and cash and shares investments.
We have two sons, 21 and 18.
So reading your messages, sounds like I'm in the market for getting new wills drawn up.
Also, need to take into account efficient methods for reducing inheritance tax.
Recommendations on my next steps please without spending a fortune on solicitors fees.???
Thanks

Pensions usually (but not always) fall outside a person's estate.

Depending on the amounts involved and how you intend to leave it, IHT may not be a major consideration. If you are leaving everything to each other and then to direct descendants you potentially have an IHT allowance of £1million on the second death, so you may be worrying unnecesarily about IHT.

Of course, rules and allowances may change, but you can only really make plans based on the rules as they are today....

getmore4less

Often the best executor (if trusted) are residual beneficiary as they are spending their money if they offload to solicitors.

With the ages each other and kids maybe parents to give more options.

Do a dry run using IHT400 to get an idea of the process and information needed.

For IHT the initial step is to research how nil rate bands work, gifting, PETs, IPDI trusts.

 At some point you can bring the kids upto speed on some of this stuff

Keep_pedalling

As has already been said, unless your joint net worth exceeds is or is likely to exceed £1M then IHT is not an issue. If it is then pensions and gifting to your children are probably the best options, but don’t gift any part of your properties, that could have CGT issues for you and they would lose their first time buyer status.

if you have that sort of wealth then spending a bit of it on taking professional advice from a IFA on IHT planning is likely to be worthwhile.

As well as new wills you both should put financial lasting powers of attorney in place, those you can do yourselves without the help of a solicitor.