DIY Wills.

[Free At Last]

They were discussing Wills on local radio today. One of the things mentioned was the problems that could be had with a DIY Will. Examples they gave seemed to be with complex Wills.

Surely there can be no problems with a Will that is as simple as 'I leave my house, money and belongings to be shared equally between my two children 'names' (both adults),  and no one else'.  Signed, dated and witnessed. All under Inheritance Tax threshold.

Or is there more to it than that.

[Joseph_Pestell]

It's not so much about the simplicity of the will as the simplicity of your circumstances.

 

If you have only been married once and had two children, then a very simple will should suffice. But what if one of your children dies very soon after you (or simultaneously) and has children.

[Horsetan]

....Surely there can be no problems with a Will that is as simple as 'I leave my house, money and belongings to be shared equally between my two children 'names' (both adults),  and no one else'.  Signed, dated and witnessed. All under Inheritance Tax threshold.

Or is there more to it than that.

 

Who are the Executors going to be?

 

What happens if your children predecease you? Do they have children of their own? Just a couple of points that I'd be asking.....

[Torper]

Well, normally if leaving money to children provision is also made to ensure that if a child predeceases the testator leaving children of their own, these children will take the share that their deceased parent would have taken had he or she survived.  But in the OP's will they wouldn't - "and no-one else" - or would they?  Call on m'learned friends.......

 

It certainly used to be said that solicitors made far more money sorting our badly drafted wills (usually home made) than they ever did drafting wills themselves.

 

DT

[Horsetan]

Well, normally if leaving money to children provision is also made to ensure that if a child predeceases the testator leaving children of their own, these children will take the share that their deceased parent would have taken had he or she survived.  But in the OP's will they wouldn't - "and no-one else" - or would they?  Call on m'learned friends.......

If no such provision has been made, and one child predeceases, the unaccounted-for share goes back into residue which may then be claimed by the surviving child. If both predecease, with no provision for grandchildren, there may well be a problem since Intestacy Rules will then take over.

 

It certainly used to be said that solicitors made far more money sorting our badly drafted wills (usually home made) than they ever did drafting wills themselves.

It may still be true. I've seen one or two iffy ones. At the end of the day, the client wants certainty and sometimes it's better to start again from scratch*.

 

*he said, in the middle of drafting yet another one.

Edited November 1, 2017 by Horsetan

[57xx]

What happens if your children predecease you? 

 

You change your will? Unless you die of a broken heart the next day, that shouldn't be too hard should it? Would you have to mitigate your will "I leave everything to my wife..." with something like "except if she runs off with the milkman"? What happens if she decides the DPD driver is a better choice than Ernie?

[Horsetan]

You change your will? Unless you die of a broken heart the next day, that shouldn't be too hard should it? ....

 

You'd be surprised how many people don't actually attend to this, and leave it hanging.....

[57xx]

You'd be surprised how many people don't actually attend to this, and leave it hanging.....

 

As someone who still hasn't got around to writing one myself... glass houses, stones etc

[Horsetan]

As someone who still hasn't got around to writing one myself... 

 

Don't end up like my friend Alistair, who died suddenly at the age of 46, leaving a house stuffed to the gunwales with Swiss outline models and.....no Will. As he never married and had no kids, the Intestacy Rules applied, and it wasn't exactly a fun time for the relatives that he left behind.

 

He's the example I use to this day to warn my clients of the importance of making a Will.

Edited November 1, 2017 by Horsetan

[OldSutt]

From unfortunate family experiences, do not DIY will, they can only lead to problems. Use a solicitor to ensure that your wishes are met, its worth the fee.

[Welly]

Soon after my mother died, I decided to write my first will ( I had put it off, for a long story to comply with a wish of my late maternal grandmother ) and it only cost me £200. The solicitors even accepts credit card payment - I was expecting to have to write a cheque!

[Andy Y]

What happens if she decides the DPD driver is a better choice than Ernie?

Quite possible as DPD let you know when they are coming whereas Ernie was a bit on the quick side.

[chris p bacon]

Or Like my Father you can have a solicitor draft the will who gets paid to do so, then witnesses the will and also inserts himself as an executor and receives a payment for being one.

 

That took just under 3 years to sort out......

[Horsetan]

Or Like my Father you can have a solicitor draft the will who gets paid to do so, then witnesses the will and also inserts himself as an executor and receives a payment for being one.

 

That took just under 3 years to sort out......

Looks like your late father's Solicitor covered all the bases, then.

 

It really isn't any fun being a paid Executor. Certainly not now.

[polybear]

This month is WillAid month:

https://www.willaid.org.uk/will-makers

- get in quick, cos' appointments disappear very quickly.

HTH

Brian

[Guius]

Probably the reticence shown by many toward making a will has more to do with facing the inevitability of our own mortality rather than ineptitude. We all know that everyone has to die at some point, but we hope fate will make an exception in our individual case. 

 

Guy

[Horsetan]

Probably the reticence shown by many toward making a will has more to do with facing the inevitability of our own mortality rather than ineptitude.....

 

Then again, some people just don't want to do it. You can take a horse to water, etc.

 

The Firm had a client who initially came to us for help with a divorce and the subsequent settlement. He then instructed us to help him gain a Possession Order on property he had rented out. All the while my senior colleague gently nagged him to make a Will, and he simply wouldn't do it. The last we heard, he had died. God only knows what happened to his Estate - his estranged children would likely have got the lot; probably not what he intended, but too late!

 

The Intestacy Rules can cover some of your relatives, but certainly not all, whilst everyone else doesn't get a look in.

Edited November 1, 2017 by Horsetan

[PatB]

MrsB and I recently came to the astounding realisation that we've actually got some assets and so probably should make a will. Financial circumstances dictate that it'll be a DIY job, which is probably as fraught under Australian law as English but hey-ho. Shouldn't be too hard though. No previous spouses or offspring, only one child and some fairly well defined charities should she be unable to collect. Only potential hiccup is a venal brother-in-law who might decide he's entitled to a slice in spite of lacking any pressing need for more dosh.

[Torper]

I rather liked the 2007 case where the court ruled that someone who had left £8.3 miliion to the Conservative Party was clearly of unsound mind.

 

DT

[LBRJ]

MrsB and I recently came to the astounding realisation that we've actually got some assets and so probably should make a will. Financial circumstances dictate that it'll be a DIY job, which is probably as fraught under Australian law as English but hey-ho. Shouldn't be too hard though. No previous spouses or offspring, only one child and some fairly well defined charities should she be unable to collect. Only potential hiccup is a venal brother-in-law who might decide he's entitled to a slice in spite of lacking any pressing need for more dosh.

 

My bold etc

I suspect a lot of people do not actually think exactly how much they could be "worth" in the case of a terminal event.

The house is just where you live, the car is what you drive etc etc....and then its all suddenly worth X hundred thousand pounds and some one needs to sort it out!

[Joseph_Pestell]

Or Like my Father you can have a solicitor draft the will who gets paid to do so, then witnesses the will and also inserts himself as an executor and receives a payment for being one.

 

That took just under 3 years to sort out......

 

I can identify with that although, to be fair, I (as co-executor) pushed things along a bit quicker than that.

 

I am not against using a solicitor as an executor because it can be a complex business. But I do feel it would be better that it should not be the same solicitor that both drafts the will and acts as executor.

 

Anyway, this thread has reminded me that I have been meaning to change my will since my father died (two years ago on Sunday). Must get on with it.

[Torper]

On the other hand, it's quite good to have a truly independent person as at least one of the executors.  I'm not sure what's wrong with a solicitor both drafting the will and having himself, or his firm, appointed as one of the executors, with maybe one or two lay people being appointed as co-executors, provided that it is also made clear at the time that he or his firm will charge for their services in going to probate.  I've known of instances where children, with sibling rivalries, have been appointed as executors and that has led to complete breakdown of family relationships and general unpleasantness all round.

 

DT

[Bernard Lamb]

They were discussing Wills on local radio today. One of the things mentioned was the problems that could be had with a DIY Will. Examples they gave seemed to be with complex Wills.

Surely there can be no problems with a Will that is as simple as 'I leave my house, money and belongings to be shared equally between my two children 'names' (both adults),  and no one else'.  Signed, dated and witnessed. All under Inheritance Tax threshold.

Or is there more to it than that.

I think you have left out the most important part.

What do you want in the way of disposing of your mortal remains?

Bernard

[Horsetan]

I rather liked the 2007 case where the court ruled that someone who had left £8.3 miliion to the Conservative Party was clearly of unsound mind.

Would it have been the same if the testator had tried to leave that sum to the SNP?

[PatB]

I think you have left out the most important part.

What do you want in the way of disposing of your mortal remains?

Bernard

 

In my case, I suspect that the cats will have eaten me .