Should I write a will, advice needed

ssdkck

Hi all, long post ! im a 50 year old female and I have a 16 year old son, 17 in June. I've been considering writing a will, even pondering setting up a funeral plan. Atm im single, renting a property, I have 2 work place pensions, and some small savings. So, I don't have much to leave anyway, but I then think about  the future and how my life could change! The reason why im pondering these ideas is, mainly because my partner, also my sons dad passed away last year, aged 53, with no will, and again very little savings and 1 work place pension. Luckily I managed to get access to his bank account, to close and release the funds and my partners brother, dealt with the pension, on my sons behalf. Luckily it was straightforward. Mainly because the funds left was less then £4000. I was looking at the co op will writing service, or octupus legacy?  Does anybody have any experience of using either of these? How much would it cost ? Regarding the funeral plan, I was looking at the co op. I just want to make it simple and straightforward  for my son, when the time comes for me. Hopefully, I get to experience older age, but loosing my sons dad has made me look at life different. 

Keep_pedalling

I think you should write a will even though it seems your son will be the sole beneficiary. The main purpose is to have an appointed executor, and should you die while he is still a minor an  appointed trustee to look after his inheritance until he reaches 18 years of age (assuming you don’t live in Scotland were children can inherit at 16).

Are you a a trade union? I ask because most unions offer a free will service. 

Brie

You could set up a savings account to put money in for your funeral - my inlaws did that.  They also had funeral plans that were with the co-op but set up way before there were regulations in place so the payout was shockingly bad.  Whomever you go with, if you go that way, do check that they are regulated and that you at the very minimum get back the money you put in.  

And I agree that you need a will to help look after your son, particularly if his dad has already died.  It will also be of use should you find yourself with a new partner of some sort though obviously at that point you may wish to get things updated.  

downshifted

Well done for thinking about what many people find awkward and avoid. Do make a will, also do you have life insurance? 

silvercar

Definitely write a will. Also consider and have the conversation with, whoever you would want to bring up your son if you weren’t around. Then the money needs to follow the care ie whoever undertakes to bring up your son has the funds to do so, as far as you are able.

Theoretically, children become adults by 18, in practice they don’t. They need guidance and care for a few more years. Particularly the case if they are orphaned.

Savvy_Sue

I agree, make a will, and although trade unions have been mentioned I believe they'll put you in touch with a will-writer, rather than a proper solicitor. 

The difference is that a proper solicitor will be qualified, registered, and insured. If that firm goes out of business, their files will be passed on to another (although it can be a game working out where ...)

A will-writer may have minimal training, there is no one organisation with which they might or might not be registered, and if they go out of business that's it. 

A solicitor will talk you through all the What Ifs, including you meeting another. You may be adamant that will never happen, but life can surprise us. 

you might for now want to appoint your son's uncle as executor, and revise the will once he's 18. But as said, they may technically be an adult at 18 but I wouldn't want to land executorship on them at that age! 

sheslookinhot

Search for reviews on Coop will writing service. There has been a few disappointments posted on this forum, at least.

SiliconChip

You should have a Will, and the safest option is for it to be drawn up by a solicitor rather than someone who is unregulated.

However, at your age it's far more likely that you'll become ill than die, so your first priority should be to create a Power of Attorney so that your affairs can be handled if you are unable to do it yourself. I'm not sure if your son is allowed to be an attorney until he's 18 (just checked, he can't) so you might need to think about who else can serve in that role until your son is able to - that's if you'd want your son to be attorney at all. There's usually no need to pay a solicitor for this, if you're reasonably well organised just fill in the forms and arrange for signatures and witnesses yourself.

https://www.gov.uk/power-of-attorney