I am now knocking on in years and am looking to make a will, I plan on doing this myself is there anything I need to be aware of when laying out my will. I assume you name your executor and then lay out your requirements, any thoughts or advice.
Thanks
Steve
Don't be tempted to "DIY". Avoid unqualified will-writing firms. Avoid general practitioner sole trader solicitors- recent changes in the inheritance tax rules in particular mean that will-writing is a job for a specialist. What you should look for is a will-writer who is STEP-qualified- he or she will have the initials "TEP" after his or her name.
Get it done by a STEP qualified solicitor, diy or cheap will writing services aren't a good idea for something that important
Thanks guys, I shall have to re think this one then
Steve
Can only agree with the above about getting a will drafted by a STEP qualified Solicitor just redone mine.
http://www.step.org
Lots of charities have done deals with solicitors to get will written cheaply, and send notes to major contributors. British Legion recently wrote to me to say that there deal was free!!
Just updated mine through my Solicitor. Not expensive anyway but worth every penny to make sure it's correct.
As an IFA I've come across some awful stories where people haven't made wills, or haven't updated them and people have lost out. Especially when they are children involved from previous relationships, which lets face it is over half the population now (me included).
I have an 18 and 16 year old, plus a baby with my new partner. I needed to make sure that all 4 of them are taken care of and it was important for me that my two eldest inherit outright and absolutely on my death rather than from my partner years down the road. I've also specified watches, jewellery, specific properties, money aside for school fees and Umiversity. Executors and guardians on both our deaths.
I've also written a letter of wishes drafted in help by my Solicitor which details how I would like my estate dealt with and how I would like my Executors to handle my estate. Not legally binding but I sleep happier knowing I've done the right things rather than leave it to chance.
A chum of mine makes his living largely from litigating badly drafted wills and trusts.
If you use a properly qualified solicitor you will, in effect, be snatching the crusts from my friend's table.
His pile in Sussex needs a new gatehouse. Please have some consideration.
We used the Co-op it was an efficient service. If you are member I think you get a discount.
If you were my client I'd be advising against that.Originally Posted by Devonian
As said get it done properly, and then you are sure, all that you want done on your demise, will be.
Just in the process of having ours done, plus PoA in place for if/when needed. Used a local TEP solicitor - simple and not too expensive. The registration of the PoAs was about £350 though!!
Thanks guys for ll the input, it looks like my plan was a bit silly. I will start to look about for a proper job as recommended.
Steve
A timely post... similar to Devonian I have two of my own and one step daughter (not that I make any distinction)... All 3 kids live with us and go visit other parents for odd weekends...
Ive a wife who's 8 years younger
Not sure about the direct inheritance as the age gap is not that massive, but, want to sure that everything is protected for all 3 of them should I or my wife die... it could get complex and a good friend of mine got massively screwed over by a greedy half sister as a result of his dads lack of foresight... I just want to make it inscrutability fair for all
I guess this would cost me quite a bit to get translated into a will?
In trust until they are 25 but they get it instead of my partner.
My partner is 13 years younger Wolfie hence me wanting to make sure my children inherit directly instead of going to my partner. Plus I wanted her to inherit separately rather than giving her 'life interest' in some of it.
The Will was not expensive through a Solicitor, it was £120 plus vat. They do get all my other business but I don't think would make much difference as my last Will with another firm was similar - they are looking for future business out of it (not that I put them down as Executors).
So not (and wiser than) outright and absolutely on death. Even so I favour discretionary will trusts as the trustees can take advantage of IHTA 1984 s144 during the two years following death to appoint fresh trusts in the form considered most appropriate at the time.
This is a very timely thread for me, reminding me that I really must get wills sorted for my wife and I.
We thought about it years ago, but got stuck trying to agree what should happen to our kids (toddlers at the time, but now teenagers) if we were to both die at the same time, e.g. in a car accident. As we couldn't think of a good solution for this then we never progressed the wills. Have others covered this eventuality in your wills?
You can appoint guardians for minor children in a will.
Trusts past 18 are not enforceable, if they want to, they can get the lot at 18, unfortunately
My poor sister is going to get lumbered with mine should we both go, not sure I've told her yet.
Cheers..
Jase
It depends on how the trust is written. If done by a competent practitioner capital and possibly also income get paid to nobody until the trustees decide to distribute. (I'm STEP-qualified, own a trust company and have been doing trust work since the 1980s so you can consider this a professional opinion).
The problem for us was who to choose as guardians. My wife is an only child. I have just one sibling, but he lives 300 miles away and we wouldn't want the kids to be uprooted from the local area, especially now they're in the middle of GCSEs, A levels, etc. But that would mean choosing local friends as guardians, rather than relatives. And who to choose etc? It's a minefield and a big ask to make of any friends. I'd just be interested to know who others have chosen as guardians for their kids, should the worst happen.
No they can't, not the way it's written.
Interesting, i thought Saunders v Vautier made it invalid. Be interested to know how it can be done while allowing trustees discretion to pay early for uni fees or to buy a house or something?
In pretty much the same situation, it's what's stopping us doing ours
The beneficiaries of a trust can only collectively direct their trustees under the Saunders v Vautier principle if they all:
1. are living; and
2. are all of full legal capacity; and
3. agree unanimously.
In practice I will almost always establish a discretionary or near-discretionary trust for a client so that the class of beneficiaries is open-ended. This avoids the risk you refer to.
We've our parents down but I would have picked our little ones God parents had our parents been too far away/unable.
So if i state 25 in my will, no matter how it's written, so long as my 2 kids are still alive, have all their marbles and both want it, they can get it at 18?
Without reviewing the will I can't give a definitive answer but that's possible.
When the UK government made some radical change to the inheritance tax rules in 2006 they effectively rendered the old (much more useful and flexible) qualifying accumulation & maintenance trusts redundant and introduced a narrower "18-25" trust.
It is unfortunate that perfectly ordinary and sensible estate planning is now penalised by increasingly aggressive tax policy, but that is a discussion for the BP. However depending on the size and make-up of the estate and how good your adviser is, there may be better alternatives.
Maybe get a solicitor unless the estate is simple
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Fair enough… and, yes, that makes sense
£120 is significantly cheaper than I thought…. If you have a contact who's competent and can do it for that kind of money, I'd be happy!!!
But, in all seriousness, I'm guessing it can be done over the phone or via correspondence, I'd be delighted if someone could make a recommendation, so, that I can get on with it
Ben
Off at a little tangent so apologies. How do people manage their money/investments/accounts? What I mean is I have 5 bank accounts over 2 banks/countries, paypal accounts, money in betting sites, investments in shareschemes, investments in the stock market, insurance polics, pensions etc etc etc etc. Also have lots of important accounts like facebook, email accounts too etc... How can you secure information but make it easier to wind up estates? Do you use a secure password tool (usually have areas for secure scans etc) and give the password to a trusted family member (or a family version)? Do you put the password in a will? No doubt much can be wound up with just bank account and NI numbers though but there is heaps that cannot be.
That does seem cheap
Quotes i've had for a pair of mirror wills for me and the wife was around £300+VAT for basic with no trusts and £500+VAT to include life interest trusts on the first death, if we each wanted to leave our half to the kids rather than each other. I assume the price will rise further once i also add in a discretionary trust on the second death.
Accessing accounts after your death using your passwords would be fraud. Whoever is administering your estate just needs a list of the account numbers and who they're with, they inform them and the account is frozen, once probate is granted, they can empty the accounts (most banks have a limit below which they will hand over the cash without probate, just a death cert)
I keep an excell doc listing all my account numbers, who their with and the phone number to ring, also all utilities etc etc. I have a printed copy stashed at home, so if i pop my cloggs, the wife has all the infor she needs to hand.
you only die once - do it properly and don't leave a mess for your loved ones (or even not so loved ones !)
the mess you could leave by prevaricating or not getting the right advice is totally out of proportion to the costs.
Much the same as I have done.
Sage advice... I really do need to get on with it...
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