DIY Wills.

[hayfield]

I have known a couple of horror stories about probate and people leaving monies to charities where simple things like the amount left if before of after taxes paid (leaving the amounts left to loved ones reduced), in both occasions the charities were just money grabbers and had no concerns about the other beneficiaries, certainly those involved were less than charitable to the surviving families. A duly qualified person would have foreseen the pitfalls and in the long run been far cheaper.

[Titan]

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

 

So presumably any offspring are more likely to be Ernies. 

Edited November 2, 2017 by Titan

[polybear]

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.

 

It's even less fun being an unpaid Executor....

 

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

 

Often the hard part is trying to decide who should get what, especially with treasured possessions that you'd quite like to be looked after even when you're gone

Edited November 2, 2017 by polybear

[polybear]

I was a bit miffed with this little article:

 

https://www.aol.co.uk/money/2017/10/12/duke-of-westminster-avoided-billions-inheritance-tax/

[chris p bacon]

I was a bit miffed with this little article:

 

https://www.aol.co.uk/money/2017/10/12/duke-of-westminster-avoided-billions-inheritance-tax/

 

I'm not, I've got trusts set up and I'm glad they work.

[Welchester]

I think you have left out the most important part.

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

Bernard

 

I am not altogether sure about this (and you will surely get an authoritative response from some of the contributors to this thread), but my understanding is that funeral instructions in a will are not binding.

[34theletterbetweenB&D]

Before one's final breath and the consequent implementation of the will, it should be remembered that there may be a period of time during which accident or age and decay have robbed you of the power to make your own decisions. I write this with some feeling from having had to act for two relatives, who had both resisted provision for this circumstance; requiring me to seek deputy powers from the court of protection when the blow fell, simply to make common sense arrangements for their continuing care.

 

You might think 'it will never happen to me' but it happens to increasing numbers of people, what with medical progress and all, so you might also think about Lasting Power of Attorney arrangements.

 

On amateur wills, a good friend found herself the unexpected beneficiary of a very inexpert will, which had the effect of disinheriting the two daughters of the deceased. She had to make a statement before a court relinquishing her interest, so that the daughters actually got what remained of their late mother's much diminished estate. Had the beneficiary been a charitable body, required to maximise their income from whatever source, those daughters would have got nothing. Charities don't typically list amongst their purposes, 'recognition of poorly drawn up wills and action to ensure in such cases that relatives aren't shafted'; so the 'Knitted overcoats for three legged hairless poodles society' would have got it all.

[polybear]

I am not altogether sure about this (and you will surely get an authoritative response from some of the contributors to this thread), but my understanding is that funeral instructions in a will are not binding.

 

The problem is that funerals etc. are often arranged and completed well before a will is even read.......

[Reorte]

 

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.

What are the problems with that then (speaking as someone umarried myself, with no kids)?

[40F]

Also be wary of leaving a percentage to  a charity. If possible always leave a fixed amount if possible. That way they cannot query anything    believe me the can and do so. Talk about pound of flesh

Edited November 2, 2017 by 40F

[polybear]

What are the problems with that then (speaking as someone umarried myself, with no kids)?

 

Ultimately your estate could well end up with some never-heard of distant half-uncle living in Uagadoogoo (haven't a clue if that's spelled correctly!) - TV programmes such as "Heir Hunters"  feature such cases.

Or worse, into the Government's pocket.....

Plus, if your Estate is worth over £325,000 it will attract IHT at 40%.  Though leaving money to Charities (and Political Parties!!) is exempt, but then you'd need a Will to do so.

Edited November 2, 2017 by polybear

[34theletterbetweenB&D]

What are the problems with that then (speaking as someone unmarried myself, with no kids)?

For the deceased, none whatsoever!

 

Also be wary of leaving a percentage to a charity. If possible always leave a fixed amount. That way they cannot query anything    believe me the can and do so. Talk about pound of flesh

And what if the fixed amount happens to exceed the value of the total estate? All eventualities must be covered.

[polybear]

It may well be safer to leave the residue to a Charity, rather than a fixed amount.  That way all other beneficiaries get fixed sums/percentages, items etc. and the Charity gets the dross that's left (where the "dross" may of course be well worth having....)

[Happy Hippo]

What are the problems with that then (speaking as someone umarried myself, with no kids)?

The government takes the lot and will no doubt waste it all on.......... insert your pet peeve about government fiscal mismanagement

[Welly]

I have known a couple of horror stories about probate and people leaving monies to charities where simple things like the amount left if before of after taxes paid (leaving the amounts left to loved ones reduced), in both occasions the charities were just money grabbers and had no concerns about the other beneficiaries, certainly those involved were less than charitable to the surviving families. A duly qualified person would have foreseen the pitfalls and in the long run been far cheaper.

The solicitor drawing up my will named three major charities that are notorious for money grabbing and she said that in her experience as executor she refrains from informing any charity of their advantage until the money is actually ready to be distributed.

[Reorte]

The government takes the lot and will no doubt waste it all on.......... insert your pet peeve about government fiscal mismanagement

Not other family? Parents are still alive and I've got siblings.

[polybear]

Not other family? Parents are still alive and I've got siblings.

 

Here's the rules:

https://www.gov.uk/inherits-someone-dies-without-will

[Reorte]

So parents, and then siblings when my parents are gone. Seems straightforward enough so I don't see that I've any need to make a will.

[chris p bacon]

So parents, and then siblings when my parents are gone. Seems straightforward enough so I don't see that I've any need to make a will.

 

You've not met my family. . . .

[polybear]

So parents, and then siblings when my parents are gone. Seems straightforward enough so I don't see that I've any need to make a will.

 

One reason for making a Will would be to minimise any effects of IHT on your Estate.  For example, if it all went to your parents first (potentially incurring IHT in the process) and from there to your siblings (maybe more IHT, but on your parent's estate) then it's bad news.  Whereas if you divi it up between parents and siblings from the outset then potentially only one lot of IHT to pay.

 

Also, consider care home costs.  If it all went to your parents and then one or both of them needed to go into care then bye bye inheritance.  But if you split it at the outset then at least some will be protected, hopefully.

 

The trouble with Wills is there are so many possible future scenarios that it's nigh on impossible to cater for them all, which is why I suspect so many of us do an Ostrich impression....

[Torper]

So parents, and then siblings when my parents are gone. Seems straightforward enough so I don't see that I've any need to make a will.

So.... Are you quite happy that your parents should take the lot, as they would if you were to predecease them?  Don't any of your siblings need the cash a bit more and be able to make better use of it?  Have you no nephews or nieces or other relatives you'd like to have something out of your estate?  Don't you want to leave anything to any friends?  Are you happy that perhaps a very elderly parent may have to take on the task of administering your estate?

 

What a will does is first to ensure that a person or persons of your choice administer the winding up of your estate, and secondly that your estate is distributed exactly as you want it which may not be the same as the strict rules that apply should you die intestate.

 

DT

 

PS Have just noted Polybear's excellent point about elderly parents and care home costs.

Edited November 2, 2017 by Torper

[Bernard Lamb]

The problem is that funerals etc. are often arranged and completed well before a will is even read.......

But you need to leave instructions that will be read immediately.

What to do with any livestock for example. 

The local council will probably have a system that takes care of the paperwork re notifying various people, but it will not deal with these urgent matters.

Ensuring that the cats are looked after is rather more important than how much the sprog gets.  

Bernard

[Welly]

 

The local council will probably have a system that takes care of the paperwork re notifying various people, but it will not deal with these urgent matters.

Known as "Tell Us Once" which is offered by the Lincolnshire County Council registry office. They will take care of informing various local services such as the library and social services on your behalf which was very helpful when I registered my mother and then my grandfather's deaths in a space of 3 months. Some but not all local authorities offer this service so if yours offer this service, take advantage of it!

[Dava]

Who's going to sort out/benefit from the toy train/model/railway book/nameplate etc collections folks on here have? There can be a lot of money tied up in these, though maybe not worth as much as you might think.

 

Bequest to railway charities? The GCR Emporium has benefited from many such bequests. The Gauge 0 Guild has an Executor & trustee service who provide a good service realizing these assets for members' families/beneficiaries. Just a thought. You possibly don't want your prized collection ending up on a flea market stall...

 

Dava

[davefromacrossthepond]

Never thought much of wills, until I saw a family fight over the deceased's "stuff."