Managing inheritance with friends and family?

justme111

https://forums.moneysavingexpert.com/discussion/comment/82038743#Comment_82038743

I have not given it the greatest deal of thought, as I am not planning on dying anytime soon; it is more of a contingency plan to have some control. I have written into my will what I think both my mother and I would want.

justme111

https://forums.moneysavingexpert.com/discussion/comment/82039194#Comment_82039194

Yes, lesson learned. Hopefully everyone will forget, I know people have their own things going on.

I did it myself using a free will-writing site, my mum did the same and it turned out fine so I thought I'd copy.

justme111

https://forums.moneysavingexpert.com/discussion/comment/82039249#Comment_82039249

I would definitely rather have my mum. Thank you.

Emmia

https://forums.moneysavingexpert.com/discussion/comment/82039841#Comment_82039841

Personally I think using a will writing site is a mistake, if there is an error it will potentially be expensive and complicated to fix for those you leave behind - and the company is unlikely to be around or on the hook for the costs of such things.

A solicitor drafted will, if it is straightforward would be £200 - £300 (mine cost that in central London a couple of years ago) or if it's simple you may be able to get it for free under the free wills month, which usually involves (or seeks to involve) a donation to charity.

If you have a house and money from your mum, how much is that worth? What in percentage terms does ~£300 represent? I do appreciate you'd really prefer to have your mum back though.

As new wills revoke previous wills you wouldn't need to do anything with your online one. The advantage of a solicitor is that they'll go through all the scenarios you should think of, and will help you to get a will that does what you want it to in a range of scenarios, however unlikely you might think they'll be.

sheramber

Nobody intends to die but fate can take over.

You could contra ct a fatal disease, or be in an accident.

In that vein you should also make a Power of Attorney appointing someone to act on your behalf if you are not able to.

If you were unconscious in hospital who would make sure your bills were paid?

A POA can be done online much cheaper than using a solicitor. You need to follow the instructions regarding signing and witnessing as they must be done in a specific order. This is all explained to you when doing it.

Spendless

Hi

I'm sorry for your loss. I'm a Mum and a few years ago my son fetched home some Uni friends to stay 1 summer, including 1 almost 21yo lad, an only child who was estranged from both his divorced parents

Whilst camping in my garden he received the news that a parent had died intestate, he inherited (obvs not immediately) around £2M (his relative had been in a severe RTA a few years earlier and this was what was left of a huge compensation claim).

Estranged from his other parent and staying with us, we (me and my husband) stepped in to help him with his overloaded emotions and practical suggestions.

You've received good advice on here. It's the same that I gave my son's friend. Please go back and rewrite your will using a solicitor, set up LPAs and going forward be careful who you tell about your inheritance.

I know Ive not added anything to previous advice but I thought it might be helpful for you to hear from someone who helped with a similar situation in RL.

magicmoneyportaloo

As other commenters have suggested getting a solicitor to draft your will, you may want to look at this: https://www.moneyhelper.org.uk/en/family-and-care/death-and-bereavement/how-to-write-a-will-and-how-much-does-it-cost

You may conclude that your current arrangements are sufficient.

(edit for spelling/grammar only)