Me & Wifey NEED to write our 1st Will or Trust - Confused!

itsmeagain

We are;

• retired (58/57)
• healthy (think)
  
• full state pension (if/when it arrives)
• 40k PA DB pension + 120k untouched SIPP (outside estate)
• circa £700k house
• circa £50k other assets
• circa £20k in easy access accounts
• 2 adult kids with own house
• anything else - just ask!

Reading away on options and what's best (type of Will or Trust), watching a few videos etc, even the 'experts' seem to contradict and have preferences, so I'm not convinced that all professionals agree.

Whilst I know I NEED to have a Will/Trust, I'm sceptical that it's best if I pay a higher fee for a bespoke hand written for 'typical/text book' families? I look at the scenarios/examples given for the simplest family and think - 'that's me'.

I realise that there will be lots of complex situations, but surely there's a group of 'core' of people that fall into a particular wealth bracket, with 2.4 children, that want to protect the family bloodline inheritance in the most effective way. So why do I need something 'special' and expensive when I want the same a my brother or neighbour (except for the names)?

Jowwie

Without a will then this is what happens

https://www.gov.uk/inherits-someone-dies-without-will

If this is not what you want, spending on getting reciprocal wills and advice with a solicitor that enables what you do want is a good investment IMO.

Marcon

itsmeagain said:

We are;

• are retired (58/57)
• healthy (think)
  
• full state pension (if/when it arrives)
• 40k PA DB pension + 120k untouched SIPP (outside estate)
• circa £700k house
• circa £50k other assets
• circa £20k in easy access accounts
• 2 adult kids with own house
• anything else - just ask!

Reading away on options and what's best (type of Will or Trust), watching a few videos etc, even the 'experts' seem to contradict and have preferences, so I'm not convinced that all professionals agree.

I'm sceptical that it's best if I pay lots of money on a bespoke hand written for 'typical/text book' families? I look at the scenarios/examples given for the simplest form and think - 'that's me'.

I realise that there will be lots of complex situations, but surely there's a 'core' of people that fall into a particular wealth bracket, with 2.4 children, that want to protect the family bloodline inheritance in the most effective way. So why do I need something 'special' and expensive when I want the same a my brother or neighbour (except for the names)?

I don't know what you've been reading/watching, but instructing a high street solicitor to provide a simple will isn't going to generate anything else provided your instructions are clear and unambiguous. That's down to how well you convey what you want them to do, so why not ask around for some quotes? 

BJV

I understand that it may seem daft to pay for a will, but please remember that you will not be here to help sort it out.

I hated the idea of leaving a massive tax burden and I know I wanted to make it as easy and simple for my OH and or children so I spent a little extra and got some personal advice from a solicitor. 

Keep_pedalling

You would be foolish not to make a will and with your level of wealth it would be even more foolish to cut corners and not use a local solicitor. A will is one of the most important documents you will ever make.

As a married couple with their own home you have IHT exemptions of £1M so their will be no IHT involved on either estate, and apart from possibly having a immediate post-death interest trust (to protect your children’s inheritance if the surviving spouse re-marries) trusts should be avoided as they just create complications and can create unintended tax issues. 

Immediate post-death interest trusts are something that can be added to your wills and the trust is automatically created on the death of the first spouse. 

itsmeagain

Jowwie said:

Without a will then this is what happens

https://www.gov.uk/inherits-someone-dies-without-will

If this is not what you want, spending on getting reciprocal wills and advice with a solicitor that enables what you do want is a good investment IMO.

Thanks. I know what happens under the rules of Intestacy. That's not what I'm asking about.

I have already decided that I need to do something. What I'm trying to understand is the high level options on the different types of Will/Trusts. For example; how much better an expensive trust at £2000 compared to a simple 'free Wills month' £100 charity donation Will?

A suspect that if I ask a solicitor, they're likely to tell me that they're selling me something much better than a charity donation Will, and even a Solicitor delivering charity Wills may try and up sell me.

I'm doing some pre-prep investigating to know what to expect and ask all the right questions...

itsmeagain

BJV said:

I understand that it may seem daft to pay for a will, but please remember that you will not be here to help sort it out.

I hated the idea of leaving a massive tax burden and I know I wanted to make it as easy and simple for my OH and or children so I spent a little extra and got some personal advice from a solicitor. 

I definitely don't understand that it seems daft to pay for a Will. I think that it makes absolute sense to pay for one.
I want my Wife/Kids to have the least hassle and best bloodline protection of the estate.
That's why I'm wondering whether some types of Will/Trust are worth paying for beyond standard 'Solicitor drafted' charity Wills?

poppystar

A life interest trust would be covered by the standard will cost with a solicitor - probably £200 -£300 depending on where you live. What type of trust were you considering that costs £2000? 

I certainly wasn’t on the end of any upselling with a charity Will month donation Will. I have since used the same solicitor for other things and for a later version of my Will - the charity Wills month service I suspect they see as a way of attracting clients who, if pleased with the service, will return. Upselling would be unlikely to have the right effect as it would presumably deter clients from returning. 

Also if you approach a solicitor directly they will usually give you fifteen minutes or so on the phone to discuss your needs before you decide if they are the right solicitor for you. 

itsmeagain

(Removed by Forum Team)

You misunderstand. Rather than me getting a Cheapo solicitors free/charity donation Will, I'm investigating what's the benefit of a more expensive bespoke Will (possible Trust).

I'm completely happy to pay more for something special that leaves my family in a significantly better position than a 'standard' Will. I'm just trying to understand what more I get for the money?

Hoenir

itsmeagain said:

 I'm just trying to understand what more I get for the money?

Tailored advice. Solicitors charge their time by the minute. The more in depth the conversation the greater the cost. Being organised prior to the meeting will save time. 

Savvy_Sue

If you understand the rules of intestacy, you'll understand that they meet your desire to pass everything down the bloodline. Whether they do it the way you want to is, of course, another matter. 

What we've got in our mirror wills is 'all to spouse, all to children on 2nd death', which wasn't expensive. These are our second wills, the first having been written when the boys were under 18, and therefore in need of slightly more protection. And we had a nuclear option, in case we all went at once - nowadays that's vanishingly unlikely to happen. 

So, we're happy to take the risk that the survivor might remarry and not update their will, or update their will and leave it all to the cats home. And we're still young enough to manage a 3rd will if we decide not to take that risk in the future. 

If you're not happy with that option, then you need the protection of an 'immediate post-death interest trust'. If you currently own your property as Joint Tenants you'd need to change to Tenants in Common, which is not difficult or expensive. That would allow the survivor to continue to live in the house, but the deceased's share would normally pass to your adult children. It's not complicated, but it needs thought - who's going to be responsible for maintenance, insurance etc? Under what circumstances can the survivor sell (eg downsize), and will the deceased's share then have to be paid to the other beneficiaries? Will the value of half the house be enough to cover the cost of a suitable property, or should part ownership of the new property remain within the trust? 

Other than wills, what you and your wife need are Lasting Powers of Attorney. You can do this yourselves, as long as you're methodical - but we decided to pay the solicitor to do them at the same time, because we'd already mucked up the old style Enduring Power of Attorney. Again, it did not cost thousands. 

Anyone trying to sell you a trust which will 'protect' your assets from the predations of a greedy government which wants to steal them to pay for a care home is a charlatan who should be avoided at all costs. And they're the ones who will charge you several £K for the privilege.