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Creating a will

AAZ
AAZ Posts: 109 Forumite
Third Anniversary 10 Posts Name Dropper
in Marriage, relationships & families
Both me and my wife are planning a create a will just in case, we have three children under 10. Trying to look into it and it gets more complicated, is power of attorney recommended ? Do most people create trust and start estate planning ? Or is it Better to have a simple will and as we age we may look into power of attorney and estate planning.

Who do people appoint executor if they don't have close family member ?

I will get lawyer to do it properly but are they specialist lawyer and is it worth paying them or look in our local town centre and find a lawyer ?

Comments

  • 43722
    43722 Posts: 260 Forumite
    Seventh Anniversary 100 Posts Name Dropper
    The will and the PoA are for different scenarios. Both are extremely useful things to have in your bureau of admin file.
  • Robin9
    Robin9 Posts: 12,808 Forumite
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    Your main challenge will be  - who looks after the children in the scenario you both die ?   The answer to that question might well be different in 10 years time compared to now.
    Never pay on an estimated bill. Always read and understand your bill
  • AAZ
    AAZ Posts: 109 Forumite
    Third Anniversary 10 Posts Name Dropper
    Robin9 said:
    Your main challenge will be  - who looks after the children in the scenario you both die ?   The answer to that question might well be different in 10 years time compared to now.
    The irony is at one point you have planned nothing and when you sit down to do something there are so many un answered question. if anything happens to us they will be looked after by their grandfather for now, they are old in 80s but that is the best my kids have for the moment.
  • AAZ
    AAZ Posts: 109 Forumite
    Third Anniversary 10 Posts Name Dropper
    43722 said:
    The will and the PoA are for different scenarios. Both are extremely useful things to have in your bureau of admin file.
    So perhaps best to create at same time when you are with lawyers ?
  • Brie
    Brie Posts: 14,839 Ambassador
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    POAs are simple to do yourself and only cost about £85 each if you DIY.  A lawyer will charge much more.  You could as a start do simple mirror wills with a line about grandad looking after the kids for now l, again a lawyer will do it for free if done during a free will monthly if you add a small bequest (£75?) to a charity.  Then you can relax and work out the more complex issues and get them redone in a couple of years.
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  • Mojisola
    Mojisola Posts: 35,571 Forumite
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    cjdew said:
    Or even if they appoint a family member, due to the hassle, they say said family member can then choose a solicitor to do it. 
    A lay executor has the right to appoint a solicitor to execute the will - they don't need permission in the will to do it.

  • AAZ
    AAZ Posts: 109 Forumite
    Third Anniversary 10 Posts Name Dropper
    Many thanks for advice
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