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Can I (re)write my will myself?

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  • castle96
    castle96 Posts: 2,909 Forumite
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    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
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    castle96 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
    Sea_Shell Posts: 9,619 Forumite
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    castle96 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

    How's it going, AKA, Nutwatch? - 12 month spends to date = 2.51% of current retirement "pot" (as at end June 2024)
  • McKneff
    McKneff Posts: 38,841 Forumite
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    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
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • castle96
    castle96 Posts: 2,909 Forumite
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    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
    castle96 Posts: 2,909 Forumite
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    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
    msb1234 Posts: 539 Forumite
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    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
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    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
    74jax Posts: 7,930 Forumite
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    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.  
    Forty and fabulous, well that's what my cards say....
  • shiraz99
    shiraz99 Posts: 1,740 Forumite
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    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.
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