Do I need a new will?

jackieblack · 11 August 2018 at 8:15AM

I've always been a believer in having a will, and have made several wills in the past, reviewing and amending as circumstances changed.
However, since I am now divorced, my only child is an adult and my estate nowhere near the inheritance tax threshold, is there any point in making a new will now?
My previous will (made after separating from my ex husband but before the divorce was final) leaves everything to my daughter, and if that fails, to my parents, which is AIUI what would happen if I died intestate.
Obviously, if circumstances change again (eg grandchildren, winning the lottery) I can make a new will in the future, but is it necessary just at the moment?
Thanks

MovingForwards · 11 August 2018 at 8:30AM

If your current Will leaves everything to your daughter, to your parents if she predeceases you then just keep reviewing it as you have been.

Only time you need to update it is if your life changes (ie partner/marriage) or your daughter has kids or one/both of your parents die. Make sure you keep an eye on who your executor(s) are especially if it is your daughter/parents and one or more predeceases you or (assuming your parents) get too old and you do not want to put the responsibility on them.

Yes, technically you can go down the intestate route, but to keep things tidy have a will.

Keep_pedalling · 11 August 2018 at 8:49AM

Chances are you will outlive your parents, but there is a risk that you may also outlive your daughter, so unless you do not care what happens to your estate under those circumstances you still need a will.

Owain_Moneysaver · 11 August 2018 at 8:55AM

Without a Will, you won't have any executors, and someone will have to apply for grant of administration. With a Will, the executors will often be able to access small amounts of funds in Banks, National Savings etc without probate.

You can if you want make a will appointing XX as executor and directing that your estate be disposed of according to the laws of intestacy.

Also be aware that laws on intestacy (and tax) do change from time to time.

Mojisola · 11 August 2018 at 9:27AM

jackieblack wrote: »

My previous will (made after separating from my ex husband but before the divorce was final) leaves everything to my daughter, and if that fails, to my parents

Our wills also have what I call a 'disaster clause' to cover the possibility that we are all wiped out at the same (think serious road accident or similar).

Are there more distant relatives or friends or charities you would like to leave your estate to?

bouicca21 · 11 August 2018 at 9:54AM

Remember that you can make provisions for things that haven't happened, thus obviating the need for constant revision. For example, I have no grandchildren atm, but my will specifies that if any child predeceases me and has children, then the children inherit that share. I've also put in a longstop - if all my children predecease me and there are no grandchildren to inherit then the estate passes to my nephews.

Owain_Moneysaver · 11 August 2018 at 10:10AM

That's another point - you could win the lottery and be knocked down by a bus, in which case Prince Charles probably grabs the lot.

jackieblack · 11 August 2018 at 10:23AM

Mojisola wrote: »

Our wills also have what I call a 'disaster clause' to cover the possibility that we are all wiped out at the same (think serious road accident or similar).

Are there more distant relatives or friends or charities you would like to leave your estate to?

I honestly cannot envision any circumstances when we would all be in the same car together, but I take your point.
Yes, I guess under those circumstances maybe I would want my son-in-law to inherit as he would have lost his wife and, as newlyweds just starting out, she doesn't really have estate for him to inherit :think:
I think my brother would inherit my parents estate (far greater than mine) but maybe I should check with my parents.

happyandcontented · 11 August 2018 at 10:37AM

jackieblack wrote: »

I honestly cannot envision any circumstances when we would all be in the same car together, but I take your point.
Yes, I guess under those circumstances maybe I would want my son-in-law to inherit as he would have lost his wife and, as newlyweds just starting out, she doesn't really have estate for him to inherit :think:
I think my brother would inherit my parents estate (far greater than mine) but maybe I should check with my parents.

I assume you mean if you predecease them? If you don't, would you inherit half and could that take you over the threshold for IHT?

We have just made wills and hadn't thought about the 'disaster clause' it does bear thinking about.

jackieblack · 11 August 2018 at 10:52AM

happyandcontented wrote: »

I assume you mean if you predecease them? If you don't, would you inherit half and could that take you over the threshold for IHT?

We have just made wills and hadn't thought about the 'disaster clause' it does bear thinking about.

I was thinking about if we were all wiped out together.

Have just spoken to Mum, she's going to check their (mirror) wills to see what would happen if I predeceased them (ie would my brother get everything or would my daughter get my half) although of course they could change their wills anyway...

I'm at that stage of life where I spend more time driving my parents around than my daughter these days, so worth considering the possibility of us all being in an accident together.
And yes, as things stand currently, if both parents 'popped their clogs' before me I would inherit half and think that would probably take me over the inheritance tax threshold, but I would cross that bridge if/when that happened (hopefully not for some years yet).

I think I'm getting a headache... I can see why people put this off, it seemed so much simpler when I was married!

happyandcontented · 11 August 2018 at 10:56AM

We don't have any grandchildren yet but we did have a clause put in to say that if one of our children died before us then if they had children that child would get its parents share rather than the other siblings. That seems a pretty standard clause as the solicitor just said that was the way to do it.

Do I need a new will?

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