Discussion
So, I guess I now have enough worth worrying about and at the age where you realise life is fragile... boohoo 
What is the best way of going about writing a will? What's the process and how much could I expect it to cost me?
Sorry if the thread has been done before, but I wanted up to date information and the PH search function... well.
What is the best way of going about writing a will? What's the process and how much could I expect it to cost me?
Sorry if the thread has been done before, but I wanted up to date information and the PH search function... well.
Go to a good solicitor.
If you have anything like much money they will advise the best way,
We have a number of blind trusts setup as the beneficiarys of our wills that are tax efficient and mean zero inheritance.
If you are in a death in service company scheme it's gets past the inheritance tax limits quite quickly.
Mike
If you have anything like much money they will advise the best way,
We have a number of blind trusts setup as the beneficiarys of our wills that are tax efficient and mean zero inheritance.
If you are in a death in service company scheme it's gets past the inheritance tax limits quite quickly.
Mike
Thanks for the info Mike, do you have any idea of what a solicitor would charge?
I have a death in service plan with work, and yes substantial investments in bonds/shares accounts, as well as usual savings and things. I thought solicitors would be the obvious way to go, but with the internet being what it is now I didn't know if there were cheaper ways of doing it and getting a like for like product. Thanks again
I have a death in service plan with work, and yes substantial investments in bonds/shares accounts, as well as usual savings and things. I thought solicitors would be the obvious way to go, but with the internet being what it is now I didn't know if there were cheaper ways of doing it and getting a like for like product. Thanks again
Wife and I did our separate wills 3-5 years ago. We included detailed discretionary trust provisions so as to avoid IHT as much as possible. Total fees were around £800.
Regarding the company death in service scheme, it will be amazing if the provisions did not include its payment under a discretionary trust, and there will be a reason for not doing so (find out). The discretion does not apply to the payment, but to the distribution. On death the benefit becomes payable and the trustees will have discretion to pay the amount among a wide class of beneficiaries as set out in the rules of the scheme.
Two critical facts:
1. You should have been asked to complete a nomination form setting out who you would wish to receive the benefits. This could be one or more beneficiaries, and in the latter case you should specify the percentages to go to each of them.
2. Do keep the form up to date. It is only accurate at the date you complete it and if, as if often the case, your circumstances change, do complete a new form.
Note that the form is not binding on the trustees: if it was, then you will not avoid IHT. What the trustees should do is to consider your circumstances at death and also see who you had nominated, and then decide how the benefits should be distributed. in 99% of cases this is all simple but where the form is not up to date and circumstances have changed, it can get complicated.
R.
Regarding the company death in service scheme, it will be amazing if the provisions did not include its payment under a discretionary trust, and there will be a reason for not doing so (find out). The discretion does not apply to the payment, but to the distribution. On death the benefit becomes payable and the trustees will have discretion to pay the amount among a wide class of beneficiaries as set out in the rules of the scheme.
Two critical facts:
1. You should have been asked to complete a nomination form setting out who you would wish to receive the benefits. This could be one or more beneficiaries, and in the latter case you should specify the percentages to go to each of them.
2. Do keep the form up to date. It is only accurate at the date you complete it and if, as if often the case, your circumstances change, do complete a new form.
Note that the form is not binding on the trustees: if it was, then you will not avoid IHT. What the trustees should do is to consider your circumstances at death and also see who you had nominated, and then decide how the benefits should be distributed. in 99% of cases this is all simple but where the form is not up to date and circumstances have changed, it can get complicated.
R.
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