Writing a Will

FocusHappy

Hi, I am looking into writing a will, there are only 2 beneficiaries. My partner and son (over 18). 

At present, I have my own home and 4 rental properties (all of which have mortgages outstanding on them), my intention is to sell the rentals before I die, but that doesn't help things as I am writing the will now, and keep my own home.

I have a life insurance policy, with the two named beneficiaries having different proportions, which covers all the outstanding mortgage values, so they could easily split the properties in whatever way they wanted to.

I am very short on cash (VERY!), and I have been told that writing a will with multiple properties is expensive, but I don't see why, when they are simply assets my partner and son (over 18) would gain. So it's really straight forward. 

The total value of everything is less than £250k. (that includes equity in properties, and life insurance)

Can I just write a simple will? I'm really not in a position to pay more, and there is no reason for it to be more costly when things are so straight forward, and the beneficiaries know my wishes.

FlorayG

I have rental properties. I made a free will through Cancer research with a local solicitor and only had to pay for the identity checks ( mine cost £28) you just divide your assets between the beneficiaries; when you die everything is sold and the money distributed. It doesn't matter if they are rentals or your home

TELLIT01

The will needs to cover all of the assets in the event that the OP pops their clogs before the properties are sold.  It still doesn't need to be complex.  The division between two people can be as simple as saying x% to one person and y% to the other.

DullGreyGuy

TELLIT01 said:

The will needs to cover all of the assets in the event that the OP pops their clogs before the properties are sold.  It still doesn't need to be complex.  The division between two people can be as simple as saying x% to one person and y% to the other.

It can be, or it can also be more complex such as what happens if one or the other dies before the OP or what happens if the OP splits up with their partner? 

You could decide you'll deal with those matters and get a new will if/when the matter arises but on the basis the OP has managed to amass 5 properties, a son and a partner without having gotten round to writing one would suggest they haven't been the top of their priorities until now and so may not be dealt with promptly enough. 

Dont know the full details of the relationships, ages etc of the people involved but certainly know some who have left something to a partner but only on certain conditions after which the property reverts to their son. As they are happy for their husband to live in the home with their son (who may or may not be an adult at the point of passing) but doesn't want them moving their lover in 3 days before the funeral if their son is already an adult. 

There are ok free services out there for a very basic will that for some will be sufficient. Others will appreciate a paid for service and having a specialist ask the questions (more tactfully than me) to ensure the will is appropriate now and in the future 

FocusHappy

DullGreyGuy said:

It can be, or it can also be more complex such as what happens if one or the other dies before the OP or what happens if the OP splits up with their partner? 

Thank you so much to everyone. Just to clarify, if one of my two beneficiaries dies, the whole thing will pass to the other. Also, if we split up (highly unlikely), I would write a new will.

I'm in my 50's, and my partner is in his mid 60's, we're tenants in common in our own home, so I was also thinking about perhaps having a condition as a max age for him, but whereby he always has the right to live in our home forever, before passing to my son. My son lives elsewhere anyway and he would have no problem with that anyway. Whereas my rentals are in my personal name only.