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    • another casualty
    • By another casualty 5th May 18, 1:38 PM
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    another casualty
    A matter of life and death . Can you help?
    • #1
    • 5th May 18, 1:38 PM
    A matter of life and death . Can you help? 5th May 18 at 1:38 PM
    Apologies if the post sounds rather dramatic
    I'm trying to glue everything together for the remainder of my existence and beyond , hopefully giving myself and family a cushion to fall back on for the future.

    I opened up a savings account at Skipton Building Society for a rainy day etc. While I was chatting to the financial adviser there, he mentioned funeral cover . A grave situation I know, but it got me thinking if it's actually worth doing ..or not.
    He also mentioned pensions.

    A brief summary of myself : single male mid "50s , mortgage free homeowner of a small flat , tiny pension , unemployed at the moment recovering from ill health but not claiming anything ( it's been mentioned in other posts) ,looking for part time employment now.

    Okay , I think thats everything .
    1) should I take out funeral cover?
    2) I don't think I need life assurance ,as there's only me?
    3) Writing a will..I haven't got the foggiest idea on how to write one.
    Is there a general template to understand the legal jargon? Obviously I would go to a solicitor and do it properly . I assume that you can change things further down the line if need be. Is this expensive?

    Hopefully you can prod me in the right direction .

    Thanks
Page 1
    • elsien
    • By elsien 5th May 18, 1:46 PM
    • 17,127 Posts
    • 43,176 Thanks
    elsien
    • #2
    • 5th May 18, 1:46 PM
    • #2
    • 5th May 18, 1:46 PM
    You don't need funeral cover. The costs will come out of your estate - the sale of the flat eventually if there's not enough cash to cover in the first instance.
    Life insurance - nope, as no dependents.
    If you want a cheapish will, wait for Will aid week in November when you can get one for a donation, although there is a suggested amount.
    All shall be well, and all shall be well, and all manner of things shall be well.

    Pedant alert - it's could have, not could of.
    • Owain Moneysaver
    • By Owain Moneysaver 5th May 18, 1:59 PM
    • 8,521 Posts
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    Owain Moneysaver
    • #3
    • 5th May 18, 1:59 PM
    • #3
    • 5th May 18, 1:59 PM
    You're single, but you say "and family"?

    If you have or had an unmarried partner and/or children you need to be aware that intestate provisions (what happens if you don't make a will) may not be what you would want to happen, particularly if your children are under 18 and so cannot inherit in their own right (bequests would have to be left to them in trust).

    You don't need funeral cover, but you might want to prepay a funeral if you want someone to inherit your flat without having to sell it and there might not be enough other assets to pay for a funeral. The "over 50s" plans where you pay every month for the rest of your life are unlikely to be good value.
    A kind word lasts a minute, a skelped erse is sair for a day.
    • another casualty
    • By another casualty 5th May 18, 6:03 PM
    • 3,648 Posts
    • 5,688 Thanks
    another casualty
    • #4
    • 5th May 18, 6:03 PM
    • #4
    • 5th May 18, 6:03 PM
    Thanks folks .
    Forgot to mention , family is brothers , sisters, nieces and nephews .
    No kids or divorces from me . Regarding wills, is there a rough template or something ? Sounds like it could be complicated.
    • Yorkshireman99
    • By Yorkshireman99 5th May 18, 6:12 PM
    • 4,496 Posts
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    Yorkshireman99
    • #5
    • 5th May 18, 6:12 PM
    • #5
    • 5th May 18, 6:12 PM
    Don.t economise on it! Use a proper solicitor NOT a will writer. Cost should be no more than £1-200.
    • badmemory
    • By badmemory 5th May 18, 7:00 PM
    • 1,975 Posts
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    badmemory
    • #6
    • 5th May 18, 7:00 PM
    • #6
    • 5th May 18, 7:00 PM
    Don't get funeral cover - buy a funeral (reputable long lasting such as the Co-op). That way you can get what YOU want, all paid for. No need to worry if there is going to be enough left if things get difficult. If things ever get really bad financially then benefits will cut in a little earlier because the funeral is already off your savings total.

    Whilst I like the Skipton they are not the people to be taking financial advice from as they are not independent & there will be something in it for them, after all that is their business.
    Last edited by badmemory; 05-05-2018 at 7:03 PM.
    • McKneff
    • By McKneff 5th May 18, 7:25 PM
    • 36,136 Posts
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    McKneff
    • #7
    • 5th May 18, 7:25 PM
    • #7
    • 5th May 18, 7:25 PM
    We have just bought two pre paid funerals from the coop for less than £6k.

    Becpming a member gave us a discount of 2 ◊ £150, very M S E lol.
    Very simple just a hearse, and all costs involvig transport and crem.
    Cars, use you own. A limo is about £250 .
    FLlowers, get what you want yourself.
    Oh And a 1% donation to a local charity
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
    • Keep pedalling
    • By Keep pedalling 5th May 18, 8:22 PM
    • 5,414 Posts
    • 6,099 Thanks
    Keep pedalling
    • #8
    • 5th May 18, 8:22 PM
    • #8
    • 5th May 18, 8:22 PM
    If you want to take financial advice make sure it is independent advice, not an adviser tied to a bank or building society.
    • YoungBlueEyes
    • By YoungBlueEyes 6th May 18, 1:37 AM
    • 375 Posts
    • 423 Thanks
    YoungBlueEyes
    • #9
    • 6th May 18, 1:37 AM
    • #9
    • 6th May 18, 1:37 AM
    With regards to the will - I did my will a few weeks ago, at a local solicitors. I was completely clueless about what to put in it (my father died recently so I based it on his).

    It's basically "I have this (house, car, bank account, shares, astonishing collection of first editions, whatever) I want this person/these people to have it". Have a backup person/people in case anything dreadful happens. My cousin is in my will but she's older than me, so in the case of her predeceasing me her son gets it. Like that.

    My solic sorted out the details. E.g. you don't leave a specific property to someone you leave "any properties I own". Also don't leave a person an amount of money, leave them a %. That way, if your 'estate' goes up in value they aren't all left sqabbling over the extra.

    Mine took maybe 20 mins to do and cost £70. I went back in a few days later to check and sign it, the witnesses were staff in the solic's office. That way no-one can be accused of coersion or interferring or whatever because your witnesses can't inherit from your will. Keeps it all straightforward and above board

    Edit: Yes you can change it as often as you like, but there's a cost every time you do it.
    • sheramber
    • By sheramber 7th May 18, 1:42 PM
    • 5,227 Posts
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    sheramber
    You decide what you want to happen to your estate.

    Do you want a specific person to have certain items?

    Or do you just want your estate passed to specific people such as shared equally among brothers ans sisters?

    Or some to them and some to nieces/nephews?

    or all to the nieces and nephews? Are they young so would want any inheritance invested until they are older?

    Once you sort that out a solicitor will then drat your will accordingly using the correct wording.

    We just told our solicitor we wanted our estate to go to our child, When the second was born we asked him to change it to include the second child.
    He did all the rest.
    • Yorkshireman99
    • By Yorkshireman99 7th May 18, 2:17 PM
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    Yorkshireman99
    You decide what you want to happen to your estate.

    Do you want a specific person to have certain items?

    Or do you just want your estate passed to specific people such as shared equally among brothers ans sisters?

    Or some to them and some to nieces/nephews?

    or all to the nieces and nephews? Are they young so would want any inheritance invested until they are older?

    Once you sort that out a solicitor will then drat your will accordingly using the correct wording.

    We just told our solicitor we wanted our estate to go to our child, When the second was born we asked him to change it to include the second child.
    He did all the rest.
    Originally posted by sheramber
    I would add that including any future unborn children is wise and as I keep saying revise your will very five years maximum and preferably more frequently.
    • Dox
    • By Dox 7th May 18, 3:38 PM
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    Dox
    Also don't leave a person an amount of money, leave them a %.
    Originally posted by YoungBlueEyes
    Leaving a % is a recipe for problems. Leave specified amounts to the people you want to inherit them, making sure you indicate if these are free of IHT or not (if your estate is likely to be subject to IHT), then leave the rest to your preferred residual beneficiary/ies. If the estate goes up in value, rewrite your will - far from expensive if all you are doing is increasing each legacy.

    If you use the % route, it's far messier and can take much longer to pay people out because their share won't be known until the very last moment - and if an unknown asset pops up further down the line, sharing it out is a pain. You will also need to provide estate accounts to everyone if you use the % route, because that technically makes them all residual beneficiaries.
    • Yorkshireman99
    • By Yorkshireman99 7th May 18, 4:53 PM
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    Yorkshireman99
    Leaving a % is a recipe for problems. Leave specified amounts to the people you want to inherit them, making sure you indicate if these are free of IHT or not (if your estate is likely to be subject to IHT), then leave the rest to your preferred residual beneficiary/ies. If the estate goes up in value, rewrite your will - far from expensive if all you are doing is increasing each legacy.

    If you use the % route, it's far messier and can take much longer to pay people out because their share won't be known until the very last moment - and if an unknown asset pops up further down the line, sharing it out is a pain. You will also need to provide estate accounts to everyone if you use the % route, because that technically makes them all residual beneficiaries.
    Originally posted by Dox
    I beg to differ! What you have said is simply not correct. There is no fundamental difference between using percentages than fractions. Nor does it means they will all be residuary beneficiaries who are entitled to copies of the estate accounts. A residuary beneficiary is one who inherits the residue of an estate I.e. what is left after the specific bequests have all been paid. The important thing is to get the will drawn up by a solicitor rather than a will writer or worse trying to DIY it.
    • Dox
    • By Dox 7th May 18, 5:02 PM
    • 936 Posts
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    Dox
    A residuary beneficiary is one who inherits the residue of an estate I.e. what is left after the specific bequests have all been paid.
    Originally posted by Yorkshireman99
    As you say, there is no difference between using fractions or percentages - but if everyone inherits a % (or a specified fraction), nobody inherits the residue because there isn't one (think it through!). Hence the suggestion that people should be left a 'sum certain' - makes life a lot easier all round.
    Last edited by Dox; 07-05-2018 at 5:05 PM.
    • Middlestitch
    • By Middlestitch 7th May 18, 5:09 PM
    • 1,320 Posts
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    Middlestitch
    I beg to differ! What you have said is simply not correct. There is no fundamental difference between using percentages than fractions.
    Originally posted by Yorkshireman99
    No, you've misread it. The post didn't suggest using a fraction (which is merely a percentage in another format), but leaving fixed amounts to named beneficiaries (or at least some of them). Having been through this loop many times I couldn't agree more.

    The % route is especially problematic if the will needs to be varied after the death of the testator. Paying out the pecuniary bequests (fixed sums of money) means that the person receiving the bequest has no further claim on the estate, so at least you then need to think about/consult fewer people.
    Last edited by Middlestitch; 07-05-2018 at 5:16 PM.
    • Mojisola
    • By Mojisola 7th May 18, 5:10 PM
    • 29,788 Posts
    • 76,328 Thanks
    Mojisola
    As you say, there is no difference between using fractions or percentages - but if everyone inherits a % (or a specified fraction), nobody inherits the residue because there isn't one (think it through!). Hence the suggestion that people should be left a 'sum certain' - makes life a lot easier all round.
    Originally posted by Dox
    The problem with this is that a person's financial situation can change after they lose capacity to make a new will.

    It would be galling if there was enough money left to pay the specific bequests but nothing for the residual beneficiary - so three charities get their £10k each but the deceased's child gets very little or nothing.
    • Yorkshireman99
    • By Yorkshireman99 7th May 18, 5:12 PM
    • 4,496 Posts
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    Yorkshireman99
    As you say, there is no difference between using fractions or percentages - but if everyone inherits a % (or a specified fraction), nobody inherits the residue because there isn't one (think it through!). Hence the suggestion that people should be left a 'sum certain' - makes life a lot easier all round.
    Originally posted by Dox
    I don.t think you understand what a residuary beneficiary is. There is no merit in what you say. Most testators. leave a variety of items unspecified in their will. Those are what usually make up most of the residue. Anyone left a specific sum, either by value or percentage, is NOT a residuary beneficiary.
    • another casualty
    • By another casualty 15th Jun 18, 5:40 PM
    • 3,648 Posts
    • 5,688 Thanks
    another casualty
    Don't get funeral cover - buy a funeral (reputable long lasting such as the Co-op). That way you can get what YOU want, all paid for. No need to worry if there is going to be enough left if things get difficult. If things ever get really bad financially then benefits will cut in a little earlier because the funeral is already off your savings total.

    Whilst I like the Skipton they are not the people to be taking financial advice from as they are not independent & there will be something in it for them, after all that is their business.
    Originally posted by badmemory
    I was watching the chase yesterday , and got a call from Skipton about whether I have had any more thoughts about doing a will .
    I politely told them I would get back to them . Itíll be a solicitor that does it . Not them . Thanks for that
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