Vince Green Posted July 30, 2013 Report Share Posted July 30, 2013 There is nothing more dangerous than a badly written will. Wills split families and all the money ends up with somebody it shouldn't. Get it done properly Quote Link to comment Share on other sites More sharing options...
yates Posted July 30, 2013 Report Share Posted July 30, 2013 If you're divorced make sure you get one asap(or remember to change your old one), make sure it specifies who gets what and when. Also check the details on your pension, the last thing you want is for your ex still to be named as the beneficiary if you pop your clogs first. Your new partner won't have a leg to stand on if you don't remove your ex's name and details from all documents Quote Link to comment Share on other sites More sharing options...
Dave-G Posted July 30, 2013 Report Share Posted July 30, 2013 I made one about 15 years ago but have been told that all wills were made null and void a few years ago and need doing again - can anyone confirm if an old one is not valid? If I have to make another nothing would change. Basically my kids get my only asset, the house, split between them but they can't take it till my common law wife no longer needs the house. That way no-one gets to lure her into making them a beneficiary if I'm gone and she's lost her marbles. Quote Link to comment Share on other sites More sharing options...
Greymaster Posted July 30, 2013 Report Share Posted July 30, 2013 When is a good age to make one? Before you die... Quote Link to comment Share on other sites More sharing options...
landy george Posted July 30, 2013 Report Share Posted July 30, 2013 (edited) The other thing to consider is making sure that you have specified who you would like to look after your children (if you have young ones) should you and your wife/partner die before they are 18. Otherwise it's down to the state to decide. We did ours because of the kids. They could start off in care till they sort out who they go to, then they could end up with someone you don't want. Edited July 30, 2013 by landy george Quote Link to comment Share on other sites More sharing options...
four-wheel-drive Posted July 30, 2013 Report Share Posted July 30, 2013 (edited) My dad died when I was ten and while he was in hospital his brothers persuaded him to make a will leaving everything to me and my sister I suppose as our mum was only in her thirty's they thought that she could marry again and we could loose out in fact she never did. The problem was if things had been left she would never have been able to move house or do lots of things so in the end thank god she got the will overturned on the grounds that it had not been witnessed properly. So be warned doing it yourself is fine but you must follow the correct procedure I should add that everything worked out in the end and when my mother passed on we got everything that we was supposed to get as my father had intended. The only problem with wills is that over time things change so it may well be worth reviewing your will every few years it is not only you that may die people that you leave things to even if they are younger than you are they can pass on before you. Edited July 30, 2013 by four-wheel-drive Quote Link to comment Share on other sites More sharing options...
AlistairB Posted July 30, 2013 Report Share Posted July 30, 2013 I had my will written professionally about 2 years ago to make sure my ex wife couldnt get a penny. I had a few specifics i wanted to include in it, but i was quite surprised when i was advised not to put them in the will itself, but in a letter of direction instead. Apparently, the probate office can be quite touchy about will contents and specific clauses, but can't object to letters of direction. Without the specific clauses, the will passes probate much quicker and the funds are released in accordance with the letter of direction which can itself be changed regularly for minimal cost without changing the will itself. AB Quote Link to comment Share on other sites More sharing options...
Archie-fox Posted July 30, 2013 Report Share Posted July 30, 2013 I assumed that if the worst happened to me that my wife would just get the lot anyway, am I correct? we only have joint accounts and the other houses we own are in my wifes name anyway.. so does she just get the lot or do I need to make a will?? Quote Link to comment Share on other sites More sharing options...
rjimmer Posted July 30, 2013 Report Share Posted July 30, 2013 I've made one just to make sure certain relatives don't get anything. Quote Link to comment Share on other sites More sharing options...
rjimmer Posted July 30, 2013 Report Share Posted July 30, 2013 I assumed that if the worst happened to me that my wife would just get the lot anyway, am I correct? so does she just get the lot or do I need to make a will?? No, not if the total is above a certain amount. Too complicated to explain here, but it's possible she would have to share the top end of the estate funds with other family members, even nephews and nieces if you have no children. Quote Link to comment Share on other sites More sharing options...
rjimmer Posted July 30, 2013 Report Share Posted July 30, 2013 There is nothing more dangerous than a badly written will. Wills split families and all the money ends up with somebody it shouldn't. Get it done properly Where there's a will, there's relations. Where there's no will, there's a row. Perhaps that should be the other way around!!!!! Quote Link to comment Share on other sites More sharing options...
Vipa Posted July 30, 2013 Report Share Posted July 30, 2013 (edited) What's the cost for a very basic one? £89 plus VAT for a single will, £109 plus VAT for a mirror (joint) will.. then the sky is the limit with regards to trusts etc.. (should be £149 plus VAT & £195 plus VAT respectively!) There is nothing more dangerous than a badly written will. Wills split families and all the money ends up with somebody it shouldn't. Get it done properly Yup! Edited July 30, 2013 by Vipa Quote Link to comment Share on other sites More sharing options...
bobt Posted July 30, 2013 Report Share Posted July 30, 2013 I renewed out wills about 5 years ago, but the solicitors office closed down, dont know what happened to the will, but I have a copy, suppose I need to make another? Quote Link to comment Share on other sites More sharing options...
Vipa Posted July 30, 2013 Report Share Posted July 30, 2013 I assumed that if the worst happened to me that my wife would just get the lot anyway, am I correct? we only have joint accounts and the other houses we own are in my wifes name anyway.. so does she just get the lot or do I need to make a will?? If there is no will in place then the surviving spouse is only entitled to the first £250k from the estate. The remainder is split 50/50 between the spouse and any children (or if no children, as per govt rules) the spouse is only allowed to take the income from their share of the remainder, they cannot touch the capital and upon death, the capital must go to the children (or others as per rules if no children).. It is a little more involved than that but that is the basic gist.. If there is a will then, unless the will says different, the spouse will get the estate in its entirety (unless its massive and then other rules can come into play!) There have been a number of high profile cases, one noteable one with a city banker, died with an estate of C£6m.. there was a will but it hadn't been correctly signed and witnessed so was invalid! his wife was left with £250k and the income from 50% of the remainder.. still not bad I hear you say but the family home in chelsea had to go etc... £250k plus the (rubbish in the present economy income from £2.odd million is not the same as getting the entire estate! I renewed out wills about 5 years ago, but the solicitors office closed down, dont know what happened to the will, but I have a copy, suppose I need to make another? copies are not acceptible.. the only valid will is the original! Quote Link to comment Share on other sites More sharing options...
Vince Green Posted July 30, 2013 Report Share Posted July 30, 2013 My first wife's mother died very suddenly and rightly enough her husband inherited everything so he became the sole owner of the house etc. All in all with the life insurance and everything it was a tidy sum . However he met and married this other woman a few years later, a very unsuitable type, I really can't imagine what he was thinking. Anyway, to cut a long story short only a few years later he died and the new wife inherited absolutely everything. I wasn't part of the family by then but I do know the trouble it caused. His three daughters didn't get a penny. I am sure knowing him as I did that could never have been what he wanted. You do have to wonder. Quote Link to comment Share on other sites More sharing options...
pimpkiller Posted July 30, 2013 Report Share Posted July 30, 2013 Being of sound mind and body....I spent it all before i snuffed it. Quote Link to comment Share on other sites More sharing options...
Vipa Posted July 30, 2013 Report Share Posted July 30, 2013 My first wife's mother died very suddenly and rightly enough her husband inherited everything so he became the sole owner of the house etc. All in all with the life insurance and everything it was a tidy sum . However he met and married this other woman a few years later, a very unsuitable type, I really can't imagine what he was thinking. Anyway, to cut a long story short only a few years later he died and the new wife inherited absolutely everything. I wasn't part of the family by then but I do know the trouble it caused. His three daughters didn't get a penny. I am sure knowing him as I did that could never have been what he wanted. You do have to wonder. That's where 'bloodline planning' and trusts come into play... stops exactly that kind of scenario occuring.. They can also protect your estate against your kids future financial ****ups so creditors etc cannot get thier hands on it! Quote Link to comment Share on other sites More sharing options...
Jega Posted July 30, 2013 Report Share Posted July 30, 2013 That's where 'bloodline planning' and trusts come into play... stops exactly that kind of scenario occuring.. They can also protect your estate against your kids future financial ****ups so creditors etc cannot get thier hands on it! Which is exactly why you should have a will drawn up by a solicitor,can you honestly say that you fully understand all the legal ins and outs ,the tax ramifications if you get it wrong, trust legalities etc if you do then go ahead with the DIY kit ,if not then get to a solicitors . Remember if you get it wrong they get nothing,is it really worth it ? Quote Link to comment Share on other sites More sharing options...
Jega Posted July 30, 2013 Report Share Posted July 30, 2013 When is a good age to make one? About 1 day before you kick the bucket should do just fine ,seriously mate if you have family/dependants then just get it done and over with , for your own peace of mind if nothing else. Quote Link to comment Share on other sites More sharing options...
novice cushie shooter Posted July 30, 2013 Report Share Posted July 30, 2013 Need to get one sorted asap. Thanks for the reminder Am sure there was a thread on money saving expert about free wills last november for the whole month,not sure if its yearly or not. Quote Link to comment Share on other sites More sharing options...
Vipa Posted July 31, 2013 Report Share Posted July 31, 2013 Which is exactly why you should have a will drawn up by a solicitor,can you honestly say that you fully understand all the legal ins and outs ,the tax ramifications if you get it wrong, trust legalities etc if you do then go ahead with the DIY kit ,if not then get to a solicitors . Remember if you get it wrong they get nothing,is it really worth it ? I can give high level advice and I take the instructions, a legal team (who do nothing but estate planning) draw up the wills and trusts. Quote Link to comment Share on other sites More sharing options...
Vipa Posted July 31, 2013 Report Share Posted July 31, 2013 (edited) Need to get one sorted asap. Thanks for the reminder Am sure there was a thread on money saving expert about free wills last november for the whole month,not sure if its yearly or not. Read the small print carefully... you don't get something for nothing and most 'free' wills will get you to put the company concerned down as executor or being noted as automatically getting the probate work on your demise.. that is where the money is.. whats a hundred quid giveaway now when they can take your eyes out during probate.. There was an article (in the guardian I think) a couple of years ago and they shopped round for probate costs and did an expose on free wills... your average solicitor or will writing firm,on an average estate, charged something like £5,000... the banks in particular, on the back of 'free' wills charged much more.. one was around £28,000! so.. saving a hundred quid now could cost your family dear in the long run! Edited July 31, 2013 by Vipa Quote Link to comment Share on other sites More sharing options...
four-wheel-drive Posted July 31, 2013 Report Share Posted July 31, 2013 I assumed that if the worst happened to me that my wife would just get the lot anyway, am I correct? we only have joint accounts and the other houses we own are in my wifes name anyway.. so does she just get the lot or do I need to make a will?? Have you thought what would happen if she was the one that the bus got like tomorrow where would that leave you. Quote Link to comment Share on other sites More sharing options...
keg Posted July 31, 2013 Report Share Posted July 31, 2013 We did when we realised that the entire family were going to be on the same plane to NZ. Changed it again when my daughter was born. If it's a tidy sum, talk to an accountant about tax strategies. When my mum-in-law died, HMRC took the biggest part as she died suddenly. Quote Link to comment Share on other sites More sharing options...
Vince Green Posted July 31, 2013 Report Share Posted July 31, 2013 Read the small print carefully... you don't get something for nothing and most 'free' wills will get you to put the company concerned down as executor or being noted as automatically getting the probate work on your demise.. that is where the money is.. whats a hundred quid giveaway now when they can take your eyes out during probate.. There was an article (in the guardian I think) a couple of years ago and they shopped round for probate costs and did an expose on free wills... your average solicitor or will writing firm,on an average estate, charged something like £5,000... the banks in particular, on the back of 'free' wills charged much more.. one was around £28,000! so.. saving a hundred quid now could cost your family dear in the long run! I have been involved (via an estate agent) in doing work on several houses to get them ready for sale that were in probate. The companies, (and I have to say solicitors too), involved charge the earth. I would say £28,000 is cheap. I don't know the figures but my gut feeling would be a whole lot more than that. Quote Link to comment Share on other sites More sharing options...
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