Wills

marksandsparksgal

Apologies if this is in the wrong section.

I'm 23 and a student and have just come into come money (20k), and was thinking about wills.

Although I hope to live for a long time (obv!) and not have to worry about this, it is a fact that we all go some time, which got me to thinking about wills. At present I have no property etc. to worry about, just this lump sum. If I were to die without a will, would the money automatically go to my nearest relative (e.g. parents), or to the governmentt?

If the latter is the case, I obviously need to do something about it in the new year, and if anyone could give me any advice about how to go about getting a will done (e.g. solicitors vs online) and a rough idea of what it's reasonable to expect to pay, I'd be very greatful.

Thanks for your time.

mountainofdebt

If you were to die without making a will, the rules of intestacy come into play - I must admit I don't know them fully but I guess a search on the internet will help there! - and yes eventually the state could benefit from your estate but the probability of that happening, especially as your parents are alive and more so if you have siblings, is remote.

Not sure how much a will would cost but unless your estate is mega complicated (I doubt it from what you've posted!) it should cost less than £100.

Although Gawd forbid anything should happen to you you could also include any specially requests you may have for your funeral (burial/cremation etc, what songs you'd like played etc - it does take the guess work out for the people you are left.

The other thing to consider is that you will need to review your will in the event of any life changing events such as the birth of a child etc or death of a beneficiary - and also remember that on marriage any will you have made will become void (unless that will has been made in anticipation of the marriage)

marksandsparksgal

Helpful advice, thank you very much!

barak

marksandsparksgal wrote: »

If I were to die without a will, would the money automatically go to my nearest relative (e.g. parents), or to the governmentt?

If the latter is the case, I obviously need to do something about it in the new year, and if anyone could give me any advice about how to go about getting a will done .....

As has been said, under the intestacy rules your fortune would go to your relatives rather than to the government, but if you want to make a simple Will, [a good habit to get into] there seem to be online ones advertised for as little as £9.99. Choose two trustworthy relatives or friends as executors. They can also be beneficiaries. Make sure the Will is properly witnessed according to the rules which will be explained.

As your affairs become more complicated, I would recommend using a solicitor to draft a new Will, but keep two non-professionals as your executors.

Just Google "Online Will" and several online options will appear.

Murdina

What about trying this?
http://www.willaid.org.uk/
I used it in the past when my circumstances were much like yours (ie no kids etc)

gordylad

For anyone who owns an overseas property please remember that having it stated on you UK will is not sufficient and you are advised to have an
overseas will established.

For additional information please visit:

www.overseaswills.co.uk