Discussion
Hi,
Recently had a baby and seem to be travelling with work a lot recently and got me thinking that my wife and I should sort a will out.
I haven't go a great deal in the way of assets, only 50% of house and so on but would want it to be as smooth a process as possible should the worse happen!
What is the simplest/cheap way to sort this? Willing to pay enough to get it sorted to a good standard but think that my financial situation is pretty simple. Hope not to use it but I feel I'm old/ugly enough for it to be of use now!
Where should I go for advice?
Thanks in advance!
Recently had a baby and seem to be travelling with work a lot recently and got me thinking that my wife and I should sort a will out.
I haven't go a great deal in the way of assets, only 50% of house and so on but would want it to be as smooth a process as possible should the worse happen!
What is the simplest/cheap way to sort this? Willing to pay enough to get it sorted to a good standard but think that my financial situation is pretty simple. Hope not to use it but I feel I'm old/ugly enough for it to be of use now!
Where should I go for advice?
Thanks in advance!
Any solicitor will be able to prepare a simple will for you. Its best if you and your wife prepare wills together. Its not such an expensive thing to get done through a solicitor. You could of course buy standard will templates and fill it in yourself but its worth paying for a solicitor to make sure its done properly. Where are you based?
If you can wait a few months this work well - http://www.willaid.org.uk/
A very good idea to get one done, simplifies things hugely if the worst was to happen.
It's well worth paying a good solicitor to do it. People often think they are being clever by doing it themselves on the cheap, but a good solicitor will not only ensure your will is done properly, but they will also advise you on how to ensure your will is as tax efficient as possible.
It's well worth paying a good solicitor to do it. People often think they are being clever by doing it themselves on the cheap, but a good solicitor will not only ensure your will is done properly, but they will also advise you on how to ensure your will is as tax efficient as possible.
If your will is simple, you can do it yourself. If you die, everything to wife, if she dies, everything to you, both die together, all to kids. And name who is going to be looking after them.
Just remember to avoid the biggest mistake people make, your witnesses cannot be beneficiaries, but executors can.
Just remember to avoid the biggest mistake people make, your witnesses cannot be beneficiaries, but executors can.
We are just going through the process of sorting out my father in laws will now, so if there is one piece of advice I would give is that you need to make sure it's witnessed by someone that will be willing to swear that in was executed properly. Ma solicitor will do this.
My FiL was verify ill in hospital when he eventually signed his will, by that point we could only get it witnessed by a doctor and a nurse. When he finally passed the witnesses really don't want to be involved. It's been 6 months so far and we are still trying to get it sorted with the probate office.
My FiL was verify ill in hospital when he eventually signed his will, by that point we could only get it witnessed by a doctor and a nurse. When he finally passed the witnesses really don't want to be involved. It's been 6 months so far and we are still trying to get it sorted with the probate office.
edition said:
Where should I go for advice?
This is quite a good overview from the gov website: https://www.gov.uk/make-will/overviewTwigtheWonderkid said:
If your will is simple, you can do it yourself. If you die, everything to wife, if she dies, everything to you, both die together, all to kids. And name who is going to be looking after them.
Just remember to avoid the biggest mistake people make, your witnesses cannot be beneficiaries, but executors can.
This is the general idea for a Basic Mirror Will but there are a few more things to consider:Just remember to avoid the biggest mistake people make, your witnesses cannot be beneficiaries, but executors can.
1) Make sure any Guardians are fully aware of the role, its not like being a Godparent
2) Can the Guardians cope financially with the addition to their family?
3) If the answer to 2 is no, will there be enough in the Estate to cover this, bearing in mind it will reduce the children's inheritance. You could consider some form of Family Protection Plan which is designed for this purpose.
4) Make sure that ANY protection policies are written into trust, this way it will go directly to the named beneficiaries and avoid your estate, thus ensuring your partner gets it quicker, amongst other things.
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