Is a simple Will sufficient ?
Discussion
My old fella is stubborn..I’m sure you get the sketch. He may well live godwilling another 10 years but the realty is he’s 86 and the inevitable could happen at anytime.
Having spoken at length with him 8 or 9 years ago about preparing his estate to minimise IHT myself and my sibling set up a family property LLP to take a couple of rentals out of his personal wealth whilst retaining his rental income.
He is single and I know his will is a very simple one drawn up 25 plus years ago that basically leaves his estate in its entirety to myself and my sibling and despite me questioning whether he should consider taking advice on updating it he’s steadfastly believes it’s not necessary ?
Will a simple will suffice or is there more to consider?
Having spoken at length with him 8 or 9 years ago about preparing his estate to minimise IHT myself and my sibling set up a family property LLP to take a couple of rentals out of his personal wealth whilst retaining his rental income.
He is single and I know his will is a very simple one drawn up 25 plus years ago that basically leaves his estate in its entirety to myself and my sibling and despite me questioning whether he should consider taking advice on updating it he’s steadfastly believes it’s not necessary ?
Will a simple will suffice or is there more to consider?
Who or what created the will?
My dear old mother's will was some sort of cheapo template thing.
I got mine done properly the other day so the solicitor perused hers and turned up several potential sticking points, or stuff that wasn't clear enough, so she redid it.
I would've thought it would be a bigger issue if there were multiple people, some of whom might not be on the same page, but for the sake of a small amount of effort it's worth checking to see if there's any doubtful wording.
My dear old mother's will was some sort of cheapo template thing.
I got mine done properly the other day so the solicitor perused hers and turned up several potential sticking points, or stuff that wasn't clear enough, so she redid it.
I would've thought it would be a bigger issue if there were multiple people, some of whom might not be on the same page, but for the sake of a small amount of effort it's worth checking to see if there's any doubtful wording.
bloomen said:
Who or what created the will?
My dear old mother's will was some sort of cheapo template thing.
I got mine done properly the other day so the solicitor perused hers and turned up several potential sticking points, or stuff that wasn't clear enough, so she redid it.
I would've thought it would be a bigger issue if there were multiple people, some of whom might not be on the same page, but for the sake of a small amount of effort it's worth checking to see if there's any doubtful wording.
I agree..we are definitely on the same page and it would have been his solicitor that drew it up..however it is proper old school..simple will. My dear old mother's will was some sort of cheapo template thing.
I got mine done properly the other day so the solicitor perused hers and turned up several potential sticking points, or stuff that wasn't clear enough, so she redid it.
I would've thought it would be a bigger issue if there were multiple people, some of whom might not be on the same page, but for the sake of a small amount of effort it's worth checking to see if there's any doubtful wording.
hmg said:
to minimise IHT myself and my sibling set up a family property LLP to take a couple of rentals out of his personal wealth whilst retaining his rental income.
I hope you had full legal advice on that one. It seems odd to have taken action to suppress IHT but without doing a Will at the same time, especially if there's a hefty Debt Note involved..hmg said:
My old fella is stubborn..I’m sure you get the sketch. He may well live godwilling another 10 years but the realty is he’s 86 and the inevitable could happen at anytime.
Having spoken at length with him 8 or 9 years ago about preparing his estate to minimise IHT myself and my sibling set up a family property LLP to take a couple of rentals out of his personal wealth whilst retaining his rental income.
He is single and I know his will is a very simple one drawn up 25 plus years ago that basically leaves his estate in its entirety to myself and my sibling and despite me questioning whether he should consider taking advice on updating it he’s steadfastly believes it’s not necessary ?
Will a simple will suffice or is there more to consider?
I think it depends on how likely you and your sibling are to fall out over it.Having spoken at length with him 8 or 9 years ago about preparing his estate to minimise IHT myself and my sibling set up a family property LLP to take a couple of rentals out of his personal wealth whilst retaining his rental income.
He is single and I know his will is a very simple one drawn up 25 plus years ago that basically leaves his estate in its entirety to myself and my sibling and despite me questioning whether he should consider taking advice on updating it he’s steadfastly believes it’s not necessary ?
Will a simple will suffice or is there more to consider?
i.e. if the Will just says "I leave everything to hmg and his bro" and both of you are confident you can divide it up fairly then it's all good.
OTOH if you and your brother are going to argue over the value of your respective shares then it might be worthwhile the 3 of you sitting down, agreeing exactly who gets what, and having a will drawn up which clarifies everything in crystal clear detail.
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