Setting up a will

[japseye007]

As the title suggests....


I have no idea where to even start?
Is it an expensive process?

What are the factors to consider and will cross border beneficiaries complicate things in any way?

[foliedouce]

It depends how complex your affairs and what your wishes are.

You can get a will kit from WH Smith for peanuts or it can cost you several hundred (possibly more) using a solicitor.

Cross border can influence it depending on local laws / property ownership. eg if you own property in France, there are restrictions on how theat property can be passed on.

If you have kids, then you need to think about what happens to them should you both die. Or if just you died, would you want the mother of your children to get 100% of the estate or would you leave some in trust for them? (in case the Mother remarries, and potentially then passes everything onto new Hubby)

Scenario happened to a mate of mine, his Dad remarried, died with no will so 100% of the estate went to new (6 month) wife. That's not what he wanted or had said verbally but he never got round to making a will before he had a car crash.

Lot's to think about.

[Simpo Two]

Try to anticipate and cover every eventually, notably 'predeceasing'. Had my great-grandfather allowed for this I might now own several London properties

[condor]

It's a good idea to get the £10 diy will kit just as an aid to gather your thoughts, then once you know full names and addresses of your beneficiaries and what you'd like to bequeath you can get a proper one done.
The diy one also has a section on what your funeral arrangements should be ie buried or cremated, type of church service, hymns or special music etc. It's also a good idea to write down your financial details, whether you have outstanding pensions, life insurance policies, savings accounts, premium bonds, stocks and shares.

[japseye007]

So does a solicitor have to stamp/sign to make a will official or how do these diy ones work?

How much would the will cost to set up with a solicitor for one that isn't very complicated, no kids/wife?
If it needs to be updated due to birth of a child or similar does a new one have to be written up?

[toon10]

If it helps my partner and I have setup our wills last month (since moving into a new house together and having a baby). It cost £300 for both and wasn't too difficult. Just book an appointment at a reputable solicitor and they talk you through it. They explain the options as I have a son to a previous relationship to consider so we discussed how we wanted to split everything and then told the solicitor who did the rest. I'm not sure on the legality of doing one yourself but you can get a template for more simple wills online for about £20 if you're happy to not help fund your solicitors retirement fund.

[davek_964]

My mums will was a DIY job (which doesn't need to be seen by a solicitor) and that did the job well enough.

I got my will done a couple of years ago with a solicitor and it was simple enough. Think I paid about £200 for a simple will - name an executor, leave everything to person X and if they die at the same time as me then leave it all to people Y and Z.

[forest07]

japseye007 said:

So does a solicitor have to stamp/sign to make a will official or how do these diy ones work?

How much would the will cost to set up with a solicitor for one that isn't very complicated, no kids/wife?
If it needs to be updated due to birth of a child or similar does a new one have to be written up?

I paid less than £100 to a local solicitors, I have two sons and I'm getting remarried in the next few months so I needed to change my existing will which I made about 5 years ago following my divorce.

[Behemoth]

I had this service recommended to me http://www.lawdepot.co.uk/contracts/last-will-and-... You can check through the FAQ first to see if it suits.