Writing a will

[Ken Tram]

1 hour ago, King Kevin said:

The other thing to consider is writing your life policies into trust [life companies do this free of charge] .This ensures it sits outside any potential IHT liability ,goes straight to the correct person and also avoids probate. For a single life policy  it's a must really , not quite so important for joint life as it automatically goes to the survivor but trusts still have a place in this scenario.

I wish I understood a word of this.

[Angry Ram]

15 minutes ago, Ken Tram said:

I wish I understood a word of this.

Makes perfect sense and is good advice..

[Cisse]

8 hours ago, StivePesley said:

Now I’m officially in my late 40s I really should stop talking about writing a will one day, and actually get on and sort it out.

Trouble is I have no idea where to start, and despite googling it I can’t seem to differentiate between what’s legit and what’s a rip-off

I don’t think I have an especially complicated life – married, two kids, home owner and all that. How hard can it be??

Anyone got any tips?

Well I got a tip for you. I like Derby memorabilia. Do you feel ok?

[Coneheadjohn]

On 16/01/2017 at 13:08, StivePesley said:

Now I’m officially in my late 40s I really should stop talking about writing a will one day, and actually get on and sort it out.

Trouble is I have no idea where to start, and despite googling it I can’t seem to differentiate between what’s legit and what’s a rip-off

I don’t think I have an especially complicated life – married, two kids, home owner and all that. How hard can it be??

Anyone got any tips?

Went through exactly the same thing last year when i turned 47.

I got a diy form and did an emergency one got 2 witnesses i put it in the safe with any insurance policies and relevant paperwork.

Rang my brother and told him where it all was and that was that.I reckon that will do till I get a bit of time to get a solicitor to draw one up.

Key to this plan is my brother,he is 100% honest and reliable,no worries for me.

Same as you really Mrs,3 kids,house etc.

No will would be a nightmare.

 

[King Kevin]

Where there's a will there's a family argument ,when my father in laws dad died  after the wake the will was read in front of the family by a solicitor .His dad was a multi millionaire ,my father in law himself is a millionaire and he has two brothers one which worked with his dad and a sister .

The bulk of the estate was left to the son who worked with the deceased but as a kick in the nuts from beyond the grave the will actually said to ++++++++[my father in law] I leave nothing .He left very little to the other son and daughter and a punch up ensued in the bedroom of the farmhouse between the different sides of the family.

The father in law then confessed why he wanted me to be there having got him out of the way.The son who inherited the fortune is now broke having blown £5-6 million in the years since. Families and money hey!

 

[PistoldPete2]

On 16 January 2017 at 19:08, King Kevin said:

The other thing to consider is writing your life policies into trust [life companies do this free of charge] .This ensures it sits outside any potential IHT liability ,goes straight to the correct person and also avoids probate. For a single life policy  it's a must really , not quite so important for joint life as it automatically goes to the survivor but trusts still have a place in this scenario.

Sensible advice king Kevin... Also having life assurance can help with probate because you have to pay Inheritance tax before you actually get the inheritance , which is typical money grabbing taxman for you. If you have a life assurance payout then you can settle the tax upfront from that payout which can speed up the process of getting probate . Mind you most people don't have to worry about inheritance tax nowadays. 

[Anag Ram]

Plenty before me have given sound advice.

I would urge everyone to do it through a reputable solicitor. I know it seems expensive but there's a frighteningly high number of cheap wills in existence which have no legal basis.

Also, be prepared for the question as to where you plan to store your will. No good having the only copy in your house if

a) your house burns down

b) no-one else knows it's there

Your solicitor will give you a price for looking after it. I chose to give copies to my two children.

[Phoenix]

Most has already been said, but if you've an extended family (divorce, re-marriage and the like) get professional advice. Also, get Power of Attorney's sorted out for yourself and your partner. Once you're incapable, it's too late, as I've discovered with my ex Father in Law.

[WhiteHorseRam]

On 17/01/2017 at 15:39, King Kevin said:

Where there's a will there's a family argument ,when my father in laws dad died  after the wake the will was read in front of the family by a solicitor .His dad was a multi millionaire ,my father in law himself is a millionaire and he has two brothers one which worked with his dad and a sister .

The bulk of the estate was left to the son who worked with the deceased but as a kick in the nuts from beyond the grave the will actually said to ++++++++[my father in law] I leave nothing .He left very little to the other son and daughter and a punch up ensued in the bedroom of the farmhouse between the different sides of the family.

The father in law then confessed why he wanted me to be there having got him out of the way.The son who inherited the fortune is now broke having blown £5-6 million in the years since. Families and money hey!

 

'Liking' this tale didn't seem right, but that's quite some story KK.