Wills & Testaments

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gbnz
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Wills & Testaments

Postby gbnz » 31 Oct 2018, 6:28pm

Anyone got any knowledge of self writing ones last will & testament? (Nb. Any recommendations in respect to paid for templates?)

Drowning a couple of weeks ago due to a brain seizure has highlighted the probability that I'll have a seizure and die on the bike sometime :wink:.

Given that I've spent the bulk of my equity going cycling ten years back, my equity is fairly straightforward & limited (Nb. Primarily pension funds). But I'd prefer to ensure that it goes to %**%$ and not $%^*(

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meic
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Re: Wills & Testaments

Postby meic » 31 Oct 2018, 6:40pm

The Money Saving Expert is always a good place to start with something like this.
https://www.moneysavingexpert.com/famil ... s/#willaid
Yma o Hyd

tatanab
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Re: Wills & Testaments

Postby tatanab » 31 Oct 2018, 6:55pm

I used a local solicitor. I gave him a flow chart of my wishes and he put it into legalese. Because it was a very simple job he did not charge me but suggested a donation of £50 to a charity might be in order.

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cycleruk
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Re: Wills & Testaments

Postby cycleruk » 31 Oct 2018, 7:28pm

Not sure if it's universal but some solicitors do free wills. Maybe it's only at certain times during the year ?
We went through the "normal" Will system and glad we did.
He went into details about if one of our children got divorced or died and the consequences it could have. Any money going to people that we didn't want it to.
There's no such thing as a tailwind.
It's either a headwind, or you're going well.

mercalia
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Re: Wills & Testaments

Postby mercalia » 31 Oct 2018, 7:31pm

Does have to be signed and witnessed by 2 other non beneficierys?

thirdcrank
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Re: Wills & Testaments

Postby thirdcrank » 31 Oct 2018, 8:28pm

A lot of charities offer a free service in the hope that you will leave them a bequest. Which used to publish a book Wills and Probate which I've used, but only two have ever been tested by the death of the testator. I think you have to be ultra careful if you want to do anything that's not totally straightforward. If anybody wants to contest a will, AFAIK, the legal fees come out of the estate, so they have nothing to lose of they feel left out. Arranging things to minimise IHT (death duties) seems increasingly complicated. eg if you leave a house, you get extra tax relief but only if you leave it to a direct descendant.

One area of financial planning that's worth looking at is the Lasting Power of Attorney. This enables you to name people who you authorise to take decisions on your behalf. The paperwork can seems daunting but it's not so bad as it first seems and definitely possible to DIY unless you want to do something complicated.

One thing about the law is that it assumes that if you didn't make advance decisions, you were happy for the law to take its course. If you die without leaving a will, your estate will be divvied up according to a set formula. If you lose mental capacity eg dementia then a Lasting Power of Attorney allows your nominated representative to act on your behalf. If there's no LPA, your next-of-kin have to apply to the Court of Protection to become a deputy. Then they have to prepare accounts for auditing annually, which is several thousand pounds a throw.
https://www.gov.uk/power-of-attorney

softlips
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Re: Wills & Testaments

Postby softlips » 31 Oct 2018, 8:38pm

For what it costs use a solicitor.

I have a few friends who are solicitors and some of the stories they’ve told me about what happens when non qualified people write wills are frightening.

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hondated
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Re: Wills & Testaments

Postby hondated » 31 Oct 2018, 9:13pm

gbnz wrote:Anyone got any knowledge of self writing ones last will & testament? (Nb. Any recommendations in respect to paid for templates?)

Drowning a couple of weeks ago due to a brain seizure has highlighted the probability that I'll have a seizure and die on the bike sometime :wink:.

Given that I've spent the bulk of my equity going cycling ten years back, my equity is fairly straightforward & limited (Nb. Primarily pension funds). But I'd prefer to ensure that it goes to %**%$ and not $%^*(

Pretty sure I know as much as you on this subject so I can offer nothing. But what I can say is that I hope you are now feeling a lot better and it was a one off.

gbnz
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Re: Wills & Testaments

Postby gbnz » 1 Nov 2018, 7:33am

hondated wrote:. But what I can say is that I hope you are now feeling a lot better and it was a one off.


Thanks, have to say the incident itself didn't bother me in the slightest (Nb. I knew nothing of it). It's purely the aftermath fighting the NHS which has caused issues (Forcing my discharge, throwing their drugs in the bin et al).

I'll be looking through the advice on wills as I'd like to get that sorted - though I suspect I'll have another 10-15 years before another major incident (Nb. Obviously I had my first 47 mile ride within 24 hr's of escaping the hospital and have had a couple of hundred miles to date - though a seized pedal thwarted yesterdays within 6 miles of the start :roll: )

thirdcrank
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Re: Wills & Testaments

Postby thirdcrank » 1 Nov 2018, 7:59am

Whoever writes your will, be careful about executors. In particular, it can be pricey using professionals such as solicitors because they will also be doing a lot of straightforward stuff suitable for DIY. A layperson acting as executor can always instruct a professional for the stuff they feel they cannot do, but they remain in control.

Psamathe
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Re: Wills & Testaments

Postby Psamathe » 1 Nov 2018, 10:33am

thirdcrank wrote:Whoever writes your will, be careful about executors. In particular, it can be pricey using professionals such as solicitors because they will also be doing a lot of straightforward stuff suitable for DIY. A layperson acting as executor can always instruct a professional for the stuff they feel they cannot do, but they remain in control.

Just out of interest, if you are mostly disinheriting family and leaving most of ones estate to charities can you nominate one of those charities to act as executor or would you need to appoint a professional/solicitor under such circumstances?

Ian

thirdcrank
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Re: Wills & Testaments

Postby thirdcrank » 1 Nov 2018, 10:43am

Psamathe wrote: ... Just out of interest, if you are mostly disinheriting family and leaving most of ones estate to charities can you nominate one of those charities to act as executor or would you need to appoint a professional/solicitor under such circumstances?


I think a situation like that is where you really do need a good lawyer if you want to avoid prolonged litigation after your death. AFAIK, There's nothing stopping an interested party acting as executor. I'd assume that an organisation like a charity would employ a solicitor anyway.

My point above was that a professional has to apply professional standards to everything they do, and they will understandably charge accordingly. If there's a house to clear, the family etc., can do that also putting it with an estate agent to sell it. The executor can still pay for legal help if there are any difficult bits.

Debs
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Re: Wills & Testaments

Postby Debs » 1 Nov 2018, 11:51am

If one is a house owner, would it be appropriate to use the solicitor who also safe-guards the property deeds?

Psamathe
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Re: Wills & Testaments

Postby Psamathe » 1 Nov 2018, 1:05pm

Debs wrote:If one is a house owner, would it be appropriate to use the solicitor who also safe-guards the property deeds?

Don't think I've got deeds. Maybe I should check. I assumed they were superseded by the more recent Land Registry. Shows how daft I am, spend £10 on a fan heater and I've still got the receipt 3 years later but spend quite a lot more on a house and I don't even know if I have a "proof of purchase"!

Ian

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meic
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Re: Wills & Testaments

Postby meic » 1 Nov 2018, 1:13pm

They returned our deeds when we registered the property.
I dont know if they are still needed or if new properties have the equivalent.
Yma o Hyd