Wills

Emmia

Liz65 said:

Hi thanks for new replies.
I have been looking at Which Wills and it sounds ok, the Will is straightforward as they just want mirrored Wills and when both pass away then it is all left to me only.  Do I need a solicitor if its straightforward?  Thanks again.

This stuff really isn't worth scrimping on, as unpicking it in the event of an error could cost you many times the cost of the will. 

Solicitors don't charge a huge amount if it is straightforward, a few hundred should do it for both - and you can probably get a price if you call a few. What is the potential value of your parent's estate? What percentage of that is the cost of the will?

RAS

Check out Will Aid which runs in November. A pair of new mirror wills in exchange for a donation, ideally £180. 

Awkward question but what provision does your parent's will make if you pre-decease them?

Emmia

warrior1960 said:

Someone close to us made a will many years ago since which his circumstances have so drastically changed, he has long since been without any assets, such as a property. His savings and current account are well below what I understand is the minimum to go through probate. This being so, would his adult children still have to invoke the will when he dies (i.e notify the solicitors he did the will through), even though they have power of attorney? Or can the siblings just divide what sums are remaining between them without reference to the will when he dies?

And speaking of probate, is the minimum still £20k before that has to be applied for if no other assets?

If there is a will, it must be followed - the will may divide assets solely between the children, or the testator may have left money elsewhere and those people/organizations could challenge if these are not paid out when there is money to do so.

Kofi

Could anyone advise on the best way of ensuring that my estate goes to my children and not my husband,who is not their father? Is a trust the best way forward?
Thank you

maman

Just curious but as you're an only child, what sort of changes do they want to make? If it's minor thaen leaving a signed codicil as suggested might be sufficient. 🤔

kipsterno1

Kofi said:

Could anyone advise on the best way of ensuring that my estate goes to my children and not my husband,who is not their father? Is a trust the best way forward?
Thank you

See a solicitor and make a will. Is you husband aware of your wishes?

specialkmt

My parent wants to do a simple will plus a trust to keep the family home in the bloodline plus power of attorney, but they want to charge nearly £3000 for this. I'm horrified at the price. Can this be correct?

Emmia

specialkmt said:

My parent wants to do a simple will plus a trust to keep the family home in the bloodline plus power of attorney, but they want to charge nearly £3000 for this. I'm horrified at the price. Can this be correct?

You'll find many threads on here advising that this is not easy and has some downsides. 

Presumably this is to avoid the home needing to be sold to pay for care? 

Money your parent has, should first and foremost be spent on them (including selling property) for appropriate care etc., inheritance is what is left over.

Keep_pedalling

specialkmt said:

My parent wants to do a simple will plus a trust to keep the family home in the bloodline plus power of attorney, but they want to charge nearly £3000 for this. I'm horrified at the price. Can this be correct?

What they are trying to do is control their assets beyond the grave which is both expensive and very silly. Few people want to keep their old family home after their parents have passed so trying to change that with a trust is just going to create problems for your children.

if you want to cut costs, ditch the trust and do the POA yourselves.

Mojisola

Kofi said:

Could anyone advise on the best way of ensuring that my estate goes to my children and not my husband,who is not their father? Is a trust the best way forward?
Thank you

This isn't always possible because spouses are expected to provide for their widow/widower.

Your husband could make a claim on your estate if you pass everything on to your children.

If your husband is independently wealthy, it could be done.

You need to see a good solicitor to prevent problems after your death.