Will writing and legality
Discussion
Turn7 said:
We both need to sort out willa, and I’ve seen the Freewill website.
As we both plan to pretty leave anything to the survivor, is this an efficient and legally binding option, or should we find a local legal eagle ?
If it is just the 2 of you with no other potential claimants on your estates then this might be OK.As we both plan to pretty leave anything to the survivor, is this an efficient and legally binding option, or should we find a local legal eagle ?
BUT personally I´d be happy to fork out a few quid to get the job done properly by someone who knows what they are doing
abzmike said:
If ‘we’ is a married couple does this not happen automatically anyway?
However, what happens in the event of you both passing at the same time, or if one of you is left with diminished capacity… what happens to your joint estate? Not always simple.
Valid points and hence the question I guessHowever, what happens in the event of you both passing at the same time, or if one of you is left with diminished capacity… what happens to your joint estate? Not always simple.
These free will-writing services should be adequate if your wills are likely to be simple 'mirror' wills.
Just be aware that they'll probably try to sell add-on services such as will storage and estate administration. The latter in particular is to be avoided, as it has the potential to get very expensive very quickly, so you should think about who could act as executor(s) instead.
Remember, for the will to be legal, you have to sign it in the presence of two witnesses. You then have to witness the witnesses signing the same document. Witnesses (or their spouses) can't be named as beneficiaries in your will.
I see that freewills.co.uk generally gets good reviews on Trustpilot (NB: that's an observation, not a recommendation).
Just be aware that they'll probably try to sell add-on services such as will storage and estate administration. The latter in particular is to be avoided, as it has the potential to get very expensive very quickly, so you should think about who could act as executor(s) instead.
Remember, for the will to be legal, you have to sign it in the presence of two witnesses. You then have to witness the witnesses signing the same document. Witnesses (or their spouses) can't be named as beneficiaries in your will.
I see that freewills.co.uk generally gets good reviews on Trustpilot (NB: that's an observation, not a recommendation).
Turn7 said:
We both need to sort out willa, and I’ve seen the Freewill website.
As we both plan to pretty leave anything to the survivor, is this an efficient and legally binding option, or should we find a local legal eagle ?
Very efficient, excepting a problem for the last one dyeing.As we both plan to pretty leave anything to the survivor, is this an efficient and legally binding option, or should we find a local legal eagle ?
Many people insure the house for the remote possibility of fire, but do not want to spend a few hundred at the solicitor to look after the house in the guaranteed event of death.
My background was a Public Family accountant, that probably knew more than most solicitors on wills/trusts - I still instructed a solicitor for my own will.
Actual said:
If inheritance is not specified in a will when the last one dies then the rules of intestacy will apply and the estate could be divided between parents, siblings or other relatives or eventually to the state.
or even the King or prince William depending on where you live.My wife is a solicitor specialising in wills and probate. The legal practice she works in commonly has to try and sort out estates where a free will type kit has been used and problems come to light only after someone has died. That means complications, family fall outs and long expensive delays in winding up estates. There are of course also problems with wills written by solicitors but much less so e.g. not been signed and therefore questions over validity.
It is all a bit of risk management but a good solicitor should do a better job than DIY. You get what you pay for.
It is all a bit of risk management but a good solicitor should do a better job than DIY. You get what you pay for.
I'm finding the difficult thing is deciding what we want to happen.
Either of us dies, the other gets everything, that's simple enough.
Both of us die, not sure how we'd want it shared among various siblings and their offspring.
Some of whom appear to have a lot of cash already.
My Brother raised an interesting point, if he left his money to me, should he care about where it's going when I die?
Quite likely to someone he might have met at my wedding 35 years ago, or their children who he's never met.
Likewise, I have no relationship with his wife's nephews.
Quite hard to future proof things, I can see why people get drawn into wanting complex trusts and stuff.
Either of us dies, the other gets everything, that's simple enough.
Both of us die, not sure how we'd want it shared among various siblings and their offspring.
Some of whom appear to have a lot of cash already.
My Brother raised an interesting point, if he left his money to me, should he care about where it's going when I die?
Quite likely to someone he might have met at my wedding 35 years ago, or their children who he's never met.
Likewise, I have no relationship with his wife's nephews.
Quite hard to future proof things, I can see why people get drawn into wanting complex trusts and stuff.
OutInTheShed said:
I'm finding the difficult thing is deciding what we want to happen.
Either of us dies, the other gets everything, that's simple enough.
Both of us die, not sure how we'd want it shared among various siblings and their offspring.
Some of whom appear to have a lot of cash already.
My Brother raised an interesting point, if he left his money to me, should he care about where it's going when I die?
Quite likely to someone he might have met at my wedding 35 years ago, or their children who he's never met.
Likewise, I have no relationship with his wife's nephews.
Quite hard to future proof things, I can see why people get drawn into wanting complex trusts and stuff.
Surely if you are a ‘senior’, you would never consider siblings, nor nieces and nephews. Just children and grandchildren?Either of us dies, the other gets everything, that's simple enough.
Both of us die, not sure how we'd want it shared among various siblings and their offspring.
Some of whom appear to have a lot of cash already.
My Brother raised an interesting point, if he left his money to me, should he care about where it's going when I die?
Quite likely to someone he might have met at my wedding 35 years ago, or their children who he's never met.
Likewise, I have no relationship with his wife's nephews.
Quite hard to future proof things, I can see why people get drawn into wanting complex trusts and stuff.
Pica-Pica said:
OutInTheShed said:
I'm finding the difficult thing is deciding what we want to happen.
Either of us dies, the other gets everything, that's simple enough.
Both of us die, not sure how we'd want it shared among various siblings and their offspring.
Some of whom appear to have a lot of cash already.
My Brother raised an interesting point, if he left his money to me, should he care about where it's going when I die?
Quite likely to someone he might have met at my wedding 35 years ago, or their children who he's never met.
Likewise, I have no relationship with his wife's nephews.
Quite hard to future proof things, I can see why people get drawn into wanting complex trusts and stuff.
Surely if you are a ‘senior’, you would never consider siblings, nor nieces and nephews. Just children and grandchildren?Either of us dies, the other gets everything, that's simple enough.
Both of us die, not sure how we'd want it shared among various siblings and their offspring.
Some of whom appear to have a lot of cash already.
My Brother raised an interesting point, if he left his money to me, should he care about where it's going when I die?
Quite likely to someone he might have met at my wedding 35 years ago, or their children who he's never met.
Likewise, I have no relationship with his wife's nephews.
Quite hard to future proof things, I can see why people get drawn into wanting complex trusts and stuff.
If the family members who survive you are likely to be fairly distant and / or already well-off, I'd consider leaving the bulk of the estate to charities. And that doesn't necessarily mean the big ones that seem to get the majority of bequests. Obviously this should involve a bit of due diligence to check how your money would be spent.
Just draw a family tree, and allocate how you want it to go. Then see a solicitor to cover eventualities, such as: coincidental deaths, grandchildren or children dying first, other children being born, divorces, remarriages and new grandchildren, future step or foster children within that family tree, etc.
OutInTheShed said:
Quite hard to future proof things, I can see why people get drawn into wanting complex trusts and stuff.
All you can do is review the will periodically just to check whether any changes in your, your other half and your respective families' circumstances require a change in the provisions of the will. Say every two or three years.Gassing Station | Speed, Plod & the Law | Top of Page | What's New | My Stuff