Making sure my will is all ok, few questions?

textbook wrote: »

. I am giving the money from my flat to him when he's 25 (when I die). He's 3 now and I have also given my girlfriend £30,000 from the estate to her. Is that enough? . I have no money in bank but flat is paid off and worth £130,000.
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Are you giving this £30000 twice - you say you have nothing in the bank so where does the g/f's £30k come from if you are giving all the proceeds of the flat sale to your son.


Dont DIY - use a solicitor - how would the trust for your son work ?

While you are thinking about the future - life assurance/pension

Where kids are involved, especially where they are not due to turn 18 within the next few months, I would always suggest a laywer is instructed to prepare the will as they have the knowledge and experience to prepare one which is suitable and will not leave your family in the poo when you die. Costs about £150.

Think of all your posessions ie jewellery, pictures, furnitre EVERYTHING you own needs to go somewhere, do you want it disposed of ie dumped, distributed or donated to any local charity shop which happens to be open in the area when you die.

Money in thw bank, building society etc who gets this.

Stocks, shares and any other investments no matter how small, who gets this.

Your flat is to be sold with the proceeds going to your very young (at the moment) son. Who looks after the money and uses it for his benefit as he grows up ie paying for school trips, clothes, driving lessons at 17, first car and insurance at 17 etc (it needs to go into a trust for him and the remainder paid to him upon hitting 18 or whatever age over this you deem suitable)

Guardians you have covered, but ALWAYS ask them if they would be willing to take him on as a member of their family til he grows up.

Think about the expenses they will encounter due to feeding, clothing him etc again this could be set up within the trust and he gets the remainder when of the age you set.

Your girlfriend. Nothing stopping you giving her a lumpsum. You may wish her to reside in the flat until your son is of age (especially if she does not own her own place).

What happens if your son predeceases you? Where is all of your estate going then?

What happens if you, your GF and son all die at the same time? Who gets your estate?

Who are your executors? You need people you trust to follow out your wishes/will. Especially as you have a young son. I would suggest two people with a pair as back up in case they die/lack capacity when you die.

Funeral. It is standard to put your wishes for cremation or burial in your will. But make sure friends/family are aware of your wish as not everyone goes for the will the moment you die. Keep a note of your funeral wishes in an envelope marked "funeral wishes" in your home. (Over the years clients have set out their exact wishes, even down to which church and what songs/music).

Lastly, a will can be updated as time progresses and should be reviewed by you frequently (my old place used to say 5 yearly, I personally just have a read of mine each year).

Hopefully this is enough info to get you started, thinking and booking an appointment with a solicitor!

Witnesses to the will - when I made my will a few months ago the staff in my solicitor's office were the witnesses. I believe this is common practice.

If you're certain you'd like to be buried, have you considered buying a grave/plot now? It'd be one less thing for your family to worry about or find money for...

As your son is only 3 years old, you will need a Trust to be set up if you die before he reaches that age. It can happen from illness, accident or other ways, but could happen and your Will is the only way you can be sure your wishes will be carried out and your son's inheritance protected.

You need a solicitor that is qualified by STEP and not a normal solicitor or Will writer. Only STEP solicitors are qualified in Trust work, so do be careful.

Is your Son worth it, or not?

Sam