Can I (re)write my will myself?

castle96

Keep_pedalling said:

So what happens if you die having failed to make another will after his IVA is finished? he will be disinherited. 

On another thread you said your estate is £1M+ so why on earth would you not do this with a professional who would almost certainly come up with a better solution. 

not scotland not disabled not dependant

When the IVA finished - new will

What 'better solution' (assuming viable, which it seems it IS), then saving money ?

Keep_pedalling

castle96 said:

Keep_pedalling said:

So what happens if you die having failed to make another will after his IVA is finished? he will be disinherited. 

On another thread you said your estate is £1M+ so why on earth would you not do this with a professional who would almost certainly come up with a better solution. 

not scotland not disabled not dependant

When the IVA finished - new will

What 'better solution' (assuming viable, which it seems it IS), then saving money ?

You can only make a new will if you still have the mental capacity which no one can guarantee having. 

Sea_Shell

castle96 said:

Keep_pedalling said:

So what happens if you die having failed to make another will after his IVA is finished? he will be disinherited. 

On another thread you said your estate is £1M+ so why on earth would you not do this with a professional who would almost certainly come up with a better solution. 

not scotland not disabled not dependant

When the IVA finished - new will

What 'better solution' (assuming viable, which it seems it IS), then saving money ?

What if circumstances conspire against you being able to make a new will?

Capacity 
Time

McKneff

Would you not like to help your son get out of his major debt problem,
Take it as him having spent his inheritance I  advance on all the things that he has bought  and used some has still gained from it all, if you see what mean 
Could you really see your 2 sons living the life of  riley and another one destitute

castle96

He/they has £30k 3 yrs ago. What bugs me is he wasted it on a failed business (I didnt know this at the time, only now). He has large inheritances to come from 2 others of my age. He won't 'need' my money

castle96

Have message him to see if his IVA has a 'windfall clause'. No reply. Don't see why this loophole would be inserted though

msb1234

It’s your money, you can do what you want with it. However, what you can’t do is control how your other 2 sons act after you die. They could decide to split their share with your 3rd son so that he can pay off his debts asap and hopefully get himself back on track financially. They could also decide to fritter their inheritance away on drugs and wild parties! 

You’re prepared to let one son who’s in debt remain in debt whilst your other 2 sons will benefit significantly financially thus widening the gap between them all. That’s a bit sad. 

relaxtwotribes

castle96 said:

He/they has £30k 3 yrs ago. What bugs me is he wasted it on a failed business (I didnt know this at the time, only now). He has large inheritances to come from 2 others of my age. He won't 'need' my money

In which case why shouldn't he pay off his creditors in full?

74jax

castle96 said:

He/they has £30k 3 yrs ago. What bugs me is he wasted it on a failed business (I didnt know this at the time, only now). He has large inheritances to come from 2 others of my age. He won't 'need' my money

Why 'wasted' it, he tried a business out didn't work. Its not as though he burnt it.  He had the balls, determination and enthusiasm to chase his dreams. Sadly - this time - it didn't work out, but it's not 'wasted'.

Do your other children not have the same 'large' inheritance to come to them also? 

As an idea, why don't you use your money now to spend time with them all, help them all now, spend it, so you don't have anything to leave anyone, that could be an idea maybe. It's your money, use it to see the joy it brings them and you too.  

shiraz99

74jax said:

castle96 said:

He/they has £30k 3 yrs ago. What bugs me is he wasted it on a failed business (I didnt know this at the time, only now). He has large inheritances to come from 2 others of my age. He won't 'need' my money

Why 'wasted' it, he tried a business out didn't work. Its not as though he burnt it.  He had the balls, determination and enthusiasm to chase his dreams. Sadly - this time - it didn't work out, but it's not 'wasted'.

Do your other children not have the same 'large' inheritance to come to them also? 

As an idea, why don't you use your money now to spend time with them all, help them all now, spend it, so you don't have anything to leave anyone, that could be an idea maybe. It's your money, use it to see the joy it brings them and you too.  

I have to agree. If the son had gambled the money away on the horses or just splurged it all on booze and good times then fair enough, but it's hardly a waste to try and get a business going, albeit unsuccessfully.