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  • FIRST POST
    • jackieblack
    • By jackieblack 11th Aug 18, 9:15 AM
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    jackieblack
    Do I need a new will?
    • #1
    • 11th Aug 18, 9:15 AM
    Do I need a new will? 11th Aug 18 at 9:15 AM
    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
    2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter,
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Page 1
    • MovingForwards
    • By MovingForwards 11th Aug 18, 9:30 AM
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    MovingForwards
    • #2
    • 11th Aug 18, 9:30 AM
    • #2
    • 11th Aug 18, 9:30 AM
    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
    • By Keep pedalling 11th Aug 18, 9:49 AM
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    Keep pedalling
    • #3
    • 11th Aug 18, 9:49 AM
    • #3
    • 11th Aug 18, 9:49 AM
    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
    • By Owain Moneysaver 11th Aug 18, 9:55 AM
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    Owain Moneysaver
    • #4
    • 11th Aug 18, 9:55 AM
    • #4
    • 11th Aug 18, 9:55 AM
    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.
    A kind word lasts a minute, a skelped erse is sair for a day.
    • Mojisola
    • By Mojisola 11th Aug 18, 10:27 AM
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    Mojisola
    • #5
    • 11th Aug 18, 10:27 AM
    • #5
    • 11th Aug 18, 10:27 AM
    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
    Originally posted by jackieblack
    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
    • By bouicca21 11th Aug 18, 10:54 AM
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    bouicca21
    • #6
    • 11th Aug 18, 10:54 AM
    • #6
    • 11th Aug 18, 10:54 AM
    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
    • By Owain Moneysaver 11th Aug 18, 11:10 AM
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    Owain Moneysaver
    • #7
    • 11th Aug 18, 11:10 AM
    • #7
    • 11th Aug 18, 11:10 AM
    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.
    A kind word lasts a minute, a skelped erse is sair for a day.
    • jackieblack
    • By jackieblack 11th Aug 18, 11:23 AM
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    jackieblack
    • #8
    • 11th Aug 18, 11:23 AM
    • #8
    • 11th Aug 18, 11:23 AM
    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?
    Originally posted by Mojisola
    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
    I think my brother would inherit my parents estate (far greater than mine) but maybe I should check with my parents.
    2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter,
    south facing (-5 deg), 30 degree pitch, no shading

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    • happyandcontented
    • By happyandcontented 11th Aug 18, 11:37 AM
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    happyandcontented
    • #9
    • 11th Aug 18, 11:37 AM
    • #9
    • 11th Aug 18, 11:37 AM
    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
    I think my brother would inherit my parents estate (far greater than mine) but maybe I should check with my parents.
    Originally posted by jackieblack
    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
    • By jackieblack 11th Aug 18, 11:52 AM
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    jackieblack
    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.
    Originally posted by happyandcontented
    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!
    2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter,
    south facing (-5 deg), 30 degree pitch, no shading

    Quidquid Latine dictum sit altum videtur
    (Revera linguam latinam vix cognovi )
    • happyandcontented
    • By happyandcontented 11th Aug 18, 11:56 AM
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    happyandcontented
    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.
    • Mojisola
    • By Mojisola 11th Aug 18, 12:11 PM
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    Mojisola
    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).
    Originally posted by jackieblack
    If this happens, you could use the option of a deed of variation of your parents' wills so that money passes directly to other people.
    • Mojisola
    • By Mojisola 11th Aug 18, 12:13 PM
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    Mojisola
    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.
    Originally posted by happyandcontented
    Our solicitor also put that in our wills for the sake of clarity but, unless there is a clause preventing it, the money would pass down the blood line anyway.
    • jackieblack
    • By jackieblack 11th Aug 18, 12:32 PM
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    jackieblack
    If this happens, you could use the option of a deed of variation of your parents' wills so that money passes directly to other people.
    Originally posted by Mojisola
    That's really useful to know, thanks

    So, my Mum has just rung me back and read out what their wills say.

    If either my brother or I have died before both our parents, our child/ren get their deceased parent's share provided they are over 21 (parents can't remember why that is in there but I think all grandchildren were quite young when they made their wills) which my daughter is, but my nephews are still teenagers. So, as things stand, if my brother and parents all died before my nephews turn 21, everything comes to me. Knowing I could make a Deed of Variation to ensure they got my brother's share without any implications would be very useful under these (admittedly remote) circumstances.
    2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter,
    south facing (-5 deg), 30 degree pitch, no shading

    Quidquid Latine dictum sit altum videtur
    (Revera linguam latinam vix cognovi )
    • Mojisola
    • By Mojisola 11th Aug 18, 12:35 PM
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    Mojisola
    So, my Mum has just rung me back and read out what their wills say.

    If either my brother or I have died before both our parents, our child/ren get their deceased parent's share provided they are over 21 (parents can't remember why that is in there but I think all grandchildren were quite young when they made their wills) which my daughter is, but my nephews are still teenagers.

    So, as things stand, if my brother and parents all died before my nephews turn 21, everything comes to me. Knowing I could make a Deed of Variation to ensure they got my brother's share without any implications would be very useful under these (admittedly remote) circumstances.
    Originally posted by jackieblack
    This is why wills have to be extremely carefully worded.

    Depending on how this clause is written, it may mean that only grandchildren who survive to 21 get an inheritance or it may mean that their share is to be kept in trust until they reach the age of 21.
    • jackieblack
    • By jackieblack 11th Aug 18, 12:49 PM
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    jackieblack
    This is why wills have to be extremely carefully worded.

    Depending on how this clause is written, it may mean that only grandchildren who survive to 21 get an inheritance or it may mean that their share is to be kept in trust until they reach the age of 21.
    Originally posted by Mojisola
    Yes, it reads that the grandchildren only inherit their (deceased) parent's share, if they have reached the age of 21 years, if not the other child (my brother or I) gets the lot.
    Of course, if it turned out we'd misread that, nephews would get my brother's share without me needing to arrange that.
    Bottom line is, our parents have made fairly simple wills as they both trust my brother and I to 'do the right thing' (although I'm aware that in some families this doesn't happen).
    Last edited by jackieblack; 11-08-2018 at 12:52 PM.
    2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter,
    south facing (-5 deg), 30 degree pitch, no shading

    Quidquid Latine dictum sit altum videtur
    (Revera linguam latinam vix cognovi )
    • Flugelhorn
    • By Flugelhorn 11th Aug 18, 1:35 PM
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    Flugelhorn
    does need clarifying if one niece or nephew had reached the age of 21 and hence inherited but the younger sibling didn't then could cause problems. Appreciate you will probably "do the right thing" but people change.

    When my grandmother died, it was found that her will had not been signed .... it was her writing and witnessed (yes I know they should have witnessed her signature) and left her small estate to her youngest son. The other 4 siblings agreed entirely that this is what should happen but another solicitor relative advised that a deed was drawn up to confirm this - he was quite right as everyone knew then it was "all sorted".
    • Yorkshireman99
    • By Yorkshireman99 11th Aug 18, 5:46 PM
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    Yorkshireman99
    does need clarifying if one niece or nephew had reached the age of 21 and hence inherited but the younger sibling didn't then could cause problems. Appreciate you will probably "do the right thing" but people change.

    When my grandmother died, it was found that her will had not been signed .... it was her writing and witnessed (yes I know they should have witnessed her signature) and left her small estate to her youngest son. The other 4 siblings agreed entirely that this is what should happen but another solicitor relative advised that a deed was drawn up to confirm this - he was quite right as everyone knew then it was "all sorted".
    Originally posted by Flugelhorn
    Good to hear of a family "doing the right thing" and the solicitor was wise to advise it be done formally. It bears repeating that inheritance cannot normally be delayed beyond the age of 18 under English law depite what the will might say.
    • Mojisola
    • By Mojisola 11th Aug 18, 5:57 PM
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    Mojisola
    Good to hear of a family "doing the right thing" and the solicitor was wise to advise it be done formally. It bears repeating that inheritance cannot normally be delayed beyond the age of 18 under English law depite what the will might say.
    Originally posted by Yorkshireman99
    AIUI, if a minor gets an inheritance, they can access it at 18 but if the will says that a beneficiary has to reach a certain age before they inherit, then they don't actually inherit anything until then so can't make a claim at 18.

    Happy to be corrected if that's not so.
    • jackieblack
    • By jackieblack 11th Aug 18, 6:03 PM
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    jackieblack
    does need clarifying if one niece or nephew had reached the age of 21 and hence inherited but the younger sibling didn't then could cause problems. Appreciate you will probably "do the right thing" but people change.
    Originally posted by Flugelhorn
    They're twins
    Either way, I'd ensure they got my brother's share (and that's not going to change). But the likelihood of my brother and both parents dying in the next 5-6 years is remote, so I'm not going to stress about it.
    2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter,
    south facing (-5 deg), 30 degree pitch, no shading

    Quidquid Latine dictum sit altum videtur
    (Revera linguam latinam vix cognovi )
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