Wills, and a few questions I'm not sure of.....
Discussion
Not planning on creaming in yet - unless the TVR has other ideas, but what is the best way to sort a will out for my wife and I.
One worry we do have is our kids. (8 and 2) My wife only has her Mum, who wouldn't be able to look after them and I wouldn't want my family to have them should we meet a premature end.
We have a set of godparents which quite frankly I would trust with the kids moreso than my family. But my wife has said that kids don't automatically go to Godparents, unless specifically requested.....
Does this have to go into our will as well?
I must admit I haven't really thought about this until now, is it best to go to a solicitor, or can these do it yourself wills do the job just as well?
Thanks in advance.
One worry we do have is our kids. (8 and 2) My wife only has her Mum, who wouldn't be able to look after them and I wouldn't want my family to have them should we meet a premature end.
We have a set of godparents which quite frankly I would trust with the kids moreso than my family. But my wife has said that kids don't automatically go to Godparents, unless specifically requested.....
Does this have to go into our will as well?
I must admit I haven't really thought about this until now, is it best to go to a solicitor, or can these do it yourself wills do the job just as well?
Thanks in advance.
Having dealt with the estates of several family members over the past few years, ranging from no wills to wills drawn up by a lawyer - professionally drawn up wills get my vote, especially if there are any 'complications' whatsoever.
I got mine done professionally a couple of years ago - £80 plus VAT IIRC and I think it was worth that for the questions about things that I hadn't considered.
If you are going to nominate gaurdians in your will, you must talk to them about it and ask for their permission. You also have to think about what happens if they are not in a position to look after your kids if the unthinkable should happen to you. If they are nominated in your will, they may feel obliged, even if it would put financial strain on their family.
Andy.
I got mine done professionally a couple of years ago - £80 plus VAT IIRC and I think it was worth that for the questions about things that I hadn't considered.
If you are going to nominate gaurdians in your will, you must talk to them about it and ask for their permission. You also have to think about what happens if they are not in a position to look after your kids if the unthinkable should happen to you. If they are nominated in your will, they may feel obliged, even if it would put financial strain on their family.
Andy.
Another recommendation to go to a Solicitor. Mrs Piper is a Solicitor but we still went to a third party for advice as this is not her specialist area. We had a similar dilema as we have two young sprogs so we had to think about what would would happen in the event that we both popped our clogs prematurely. In the end we decided my parents would become Guardians, we have agreed that they would come and live in our house in order to minimise changes to the childrens routine etc. They would have control over our finances, since they are quite elderly they could employ a nanny, cleaner, gardener etc.
Another thing to think about is life insurance. We have stacked ours up as its relatively cheap. This way Guardians and sprogs would not have any money worries.
A good solicitor will lead you through all of this.
pp
Another thing to think about is life insurance. We have stacked ours up as its relatively cheap. This way Guardians and sprogs would not have any money worries.
A good solicitor will lead you through all of this.
pp
silverback mike said:
Not planning on creaming in yet - unless the TVR has other ideas, but what is the best way to sort a will out for my wife and I.
One worry we do have is our kids. (8 and 2) My wife only has her Mum, who wouldn't be able to look after them and I wouldn't want my family to have them should we meet a premature end.
We have a set of godparents which quite frankly I would trust with the kids moreso than my family. But my wife has said that kids don't automatically go to Godparents, unless specifically requested.....
Does this have to go into our will as well?
I must admit I haven't really thought about this until now, is it best to go to a solicitor, or can these do it yourself wills do the job just as well?
Thanks in advance.
I will take them, I have chimneys need sweeping and mine fields to clear.
Use a lawyer. As well as specifying who will look after the kids, you might want to make some provision for the guardians in your estate if you both die.
Equally, if one of you dies it can get complicated if there's no will. Don't just assume, for example, that your missus will inherit your estate.
Lastly, you can seperate your estate 50/50, rather than joint ownership, and leave your estate in trust with your spouse on your demise. As such, when she dies she will pass on both halves to the kids which will double the threshold for them paying Inheritance Tax.
Equally, if one of you dies it can get complicated if there's no will. Don't just assume, for example, that your missus will inherit your estate.
Lastly, you can seperate your estate 50/50, rather than joint ownership, and leave your estate in trust with your spouse on your demise. As such, when she dies she will pass on both halves to the kids which will double the threshold for them paying Inheritance Tax.
srebbe64 said:
Use a lawyer. As well as specifying who will look after the kids, you might want to make some provision for the guardians in your estate if you both die.
Equally, if one of you dies it can get complicated if there's no will. Don't just assume, for example, that your missus will inherit your estate.
Lastly, you can seperate your estate 50/50, rather than joint ownership, and leave your estate in trust with your spouse on your demise. As such, when she dies she will pass on both halves to the kids which will double the threshold for them paying Inheritance Tax.
Thanks for the advice, duly taken, we're off to the local legal bods soon to sort it.
The other timely thing I would suggest Mike, morbid though it is.
You know where all your papers, insurances, financial stuff, passwords, etc etc etc are stored and what is valid and what is defunct and the history related to each. But does Mrs Silverback?
Equally vice versa for you with her affairs? (oops could have phrased that better, but YKWIM)
Again should the worst happen how difficult would it be for executors to sort out your combined estates? Even if the executor is a solicitor extra complication adds to cost which has to be paid.
Good time to have a damn good sort out.
On the subject of sorting out things after someone has died. BE VERY VERY VERY CAREFUL WHAT YOU THROW AWAY. Even the most innocuous piece of paper which looks totally worthless can bear a number which leads to a bundle of wonga hoarded away. I know, came close to filing one in round bin. Phew......
You know where all your papers, insurances, financial stuff, passwords, etc etc etc are stored and what is valid and what is defunct and the history related to each. But does Mrs Silverback?
Equally vice versa for you with her affairs? (oops could have phrased that better, but YKWIM)
Again should the worst happen how difficult would it be for executors to sort out your combined estates? Even if the executor is a solicitor extra complication adds to cost which has to be paid.
Good time to have a damn good sort out.
On the subject of sorting out things after someone has died. BE VERY VERY VERY CAREFUL WHAT YOU THROW AWAY. Even the most innocuous piece of paper which looks totally worthless can bear a number which leads to a bundle of wonga hoarded away. I know, came close to filing one in round bin. Phew......
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