Quizzes & Puzzles2 mins ago
Wills ( Again )
I didn't want to hijack jennyjoan's post about her will below .
I was interested to see Buenchico's advices as to doing a will herself .
So Chris ( or anyone else ) - i've had the intention for somewhile now to make a will .
I take it from your other advices that i don't need a solicitor to prepare it .
If i am to do it myself - what particular points should i include in it and is there a will format i can download?
thanks
I was interested to see Buenchico's advices as to doing a will herself .
So Chris ( or anyone else ) - i've had the intention for somewhile now to make a will .
I take it from your other advices that i don't need a solicitor to prepare it .
If i am to do it myself - what particular points should i include in it and is there a will format i can download?
thanks
Answers
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Unless your will is particularly complex (e.g. if you own agricultural land, which can sometimes make things a bit tricky) you definitely do NOT need a solicitor to prepare your will. Indeed, you might be better off doing it yourself. For example, long before I started preparing wills for a living, I had my own will prepared by a solicitor. It was only when I was doing my absolute best to get other people's wills right that I realised that he'd failed to address lots of 'what-if' questions (such as what should happen to part of my estate if a beneficiary that I'd named pre-deceased me) that really ought to have been asked.
Doing it yourself gives you time to think through all of those 'what-if' questions but you still need someone to put them into your mind first. Fortunately for you, a guy called David Bunn has done just that by writing a book for the Consumers' Association on the subject. It's in most larger public libraries in the country (and in many smaller ones too). Further, there are secondhand copies available for 1p (plus postage) on Amazon. It won't matter if you get hold of an older edition; while the law on intestacy has changed the basic stuff about drafting your will hasn't.
So I suggest getting hold of a copy of that book and reading it carefully. If you then feel confident enough to draft your own will, go ahead and do so. However before signing it (in the presence of witnesses) ask yourself again if you're really certain that you've got it completely right.
If your answer is 'Yes', go ahead and sign it. If your answer is 'No', don't tear it up; instead take it to a solicitor and say 'Please tidy that up for me'. (That way you'll still get all of those 'what-if' problems sorted out).
Amazon.co.uk User Recommendation
Doing it yourself gives you time to think through all of those 'what-if' questions but you still need someone to put them into your mind first. Fortunately for you, a guy called David Bunn has done just that by writing a book for the Consumers' Association on the subject. It's in most larger public libraries in the country (and in many smaller ones too). Further, there are secondhand copies available for 1p (plus postage) on Amazon. It won't matter if you get hold of an older edition; while the law on intestacy has changed the basic stuff about drafting your will hasn't.
So I suggest getting hold of a copy of that book and reading it carefully. If you then feel confident enough to draft your own will, go ahead and do so. However before signing it (in the presence of witnesses) ask yourself again if you're really certain that you've got it completely right.
If your answer is 'Yes', go ahead and sign it. If your answer is 'No', don't tear it up; instead take it to a solicitor and say 'Please tidy that up for me'. (That way you'll still get all of those 'what-if' problems sorted out).
Amazon.co.uk User Recommendation
yes write a will
I have done both used myself and also a solicitor - I review my will on average once every five years
executors drop dead and so on ....
and I used a solicitor once and just sort of decorated that one for future versions.... and dont have a solicitor as an executor
and yes ten out of ten for thinking: I must write a will - full marks !
dont delay - do it now !
I have done both used myself and also a solicitor - I review my will on average once every five years
executors drop dead and so on ....
and I used a solicitor once and just sort of decorated that one for future versions.... and dont have a solicitor as an executor
and yes ten out of ten for thinking: I must write a will - full marks !
dont delay - do it now !
For Psybbo:
Naming a solicitor as an executor is a lousy idea because it effectively leaves that solicitor in a monopoly position with regard to sorting out the estate. (i.e. he can't be replaced, unless he voluntarily opts out of the task, without a court order). So he's then in a position where he can charge the maximum fees that he thinks he can get away with (often substantially reducing the value of the estate) for doing what is usually a very simple task that most people can do on their own (at the cost of just a few pounds) anyway.
It's usually far more sensible to name a beneficiary of the will as an executor, as he/she will have an interest in getting the job done as efficiently as possible, with the minimum costs to the estate. (Obviously you can't name a beneficiary as an executor if that beneficiary is still a child but it's usually possible to name another family member as executor instead).
If the executors of a will decide that the task is too onerous for them, they're still free to appoint their own solicitor to seek probate on their behalf. The solicitor's fees and expenses can still be paid from the estate. However that solicitor can be put under pressure to do the job quickly (and cheaply) because, if he fails to do so, he can easily be replaced.
Further, any solicitor appointed that way will still (obviously) be in practice. If a solicitor was named as executor in the will he might have ceased practising (and be hard to locate), or have died, by the time that the testator passed away, leading to complications for the beneficiaries of the will.
Solicitors have a nasty habit of taking ages to obtain probate on a will. Up to a point, that's understandable, as they'll normally allow six months from he date of death of the testator for anyone to whom he owed money to make their claim against his estate. However it's not uncommon for solicitors to take well over a year (and sometimes several years) to obtain probate, even when the estate is very simple.
When my father died, his will named me as both sole beneficiary and executor. All I had to do was a simple bit of form filling (involving getting some information from his bank and pension provider) and to swear an oath (or, actually, to 'affirm') at a Probate Registry. I obtained probate in less than a month at a cost of only a few pounds. A solicitor would have probably charged a four-figure sum for doing exactly the same task.
Given that the executors of a will can always employ their own solicitor if they choose to do so, it's extremely hard to think of any circumstances when it would make sense to name a solicitor as an executor. The only example I know of is a friend who lives in Italy but who has property in both Italy and the UK, together with bank accounts in four different countries. She has decided to name a particular Italian solicitor as executor, as that solicitor has the specialist knowledge to deal with such a complex estate. However that decision will cost her beneficiaries dearly as the solicitor has already named her price for acting as executor: €20,000!
Naming a solicitor as an executor is a lousy idea because it effectively leaves that solicitor in a monopoly position with regard to sorting out the estate. (i.e. he can't be replaced, unless he voluntarily opts out of the task, without a court order). So he's then in a position where he can charge the maximum fees that he thinks he can get away with (often substantially reducing the value of the estate) for doing what is usually a very simple task that most people can do on their own (at the cost of just a few pounds) anyway.
It's usually far more sensible to name a beneficiary of the will as an executor, as he/she will have an interest in getting the job done as efficiently as possible, with the minimum costs to the estate. (Obviously you can't name a beneficiary as an executor if that beneficiary is still a child but it's usually possible to name another family member as executor instead).
If the executors of a will decide that the task is too onerous for them, they're still free to appoint their own solicitor to seek probate on their behalf. The solicitor's fees and expenses can still be paid from the estate. However that solicitor can be put under pressure to do the job quickly (and cheaply) because, if he fails to do so, he can easily be replaced.
Further, any solicitor appointed that way will still (obviously) be in practice. If a solicitor was named as executor in the will he might have ceased practising (and be hard to locate), or have died, by the time that the testator passed away, leading to complications for the beneficiaries of the will.
Solicitors have a nasty habit of taking ages to obtain probate on a will. Up to a point, that's understandable, as they'll normally allow six months from he date of death of the testator for anyone to whom he owed money to make their claim against his estate. However it's not uncommon for solicitors to take well over a year (and sometimes several years) to obtain probate, even when the estate is very simple.
When my father died, his will named me as both sole beneficiary and executor. All I had to do was a simple bit of form filling (involving getting some information from his bank and pension provider) and to swear an oath (or, actually, to 'affirm') at a Probate Registry. I obtained probate in less than a month at a cost of only a few pounds. A solicitor would have probably charged a four-figure sum for doing exactly the same task.
Given that the executors of a will can always employ their own solicitor if they choose to do so, it's extremely hard to think of any circumstances when it would make sense to name a solicitor as an executor. The only example I know of is a friend who lives in Italy but who has property in both Italy and the UK, together with bank accounts in four different countries. She has decided to name a particular Italian solicitor as executor, as that solicitor has the specialist knowledge to deal with such a complex estate. However that decision will cost her beneficiaries dearly as the solicitor has already named her price for acting as executor: €20,000!
When I made my Will, my solicitor actually advised AGAINST appointing him as Executor.
As he pointed out, appointing a beneficiary wouldn't be a problem - if that person thought they needed a solicitor to assist execution of the Will then THEY appoint one who will be under THEIR direction - much more satisfactory.
As he pointed out, appointing a beneficiary wouldn't be a problem - if that person thought they needed a solicitor to assist execution of the Will then THEY appoint one who will be under THEIR direction - much more satisfactory.
PS: If you now want to change an executor to your will, it's dead easy and won't cost you a penny.
Simply type out the following:
"This is the first codicil to the will dated [date of your existing will] of me [your full name] of [your full address].
1. I revoke my appointment of [name of solicitor] of [address of solicitor] as executor.
2. I appoint [full name of new executor] of [address of new executor] as executor.
3. In all other respects I confirm my will.
Date: [Date of you signing the codicil]
Signature: [Your signature]
Signed by [your full name] in our presence and then by us in hers:
[Signatures of the two people who witness you sign the codicil, with their names and addresses printed underneath]"
That's all it needs. Just sign the codicil in front of your two witnesses (who must not be beneficiaries of your will) and get them to sign (and print their names and addresses). Then put the codicil in an envelope with your will. (It's best not to pin or staple them together).
Job done (and at zero expense)!
Simply type out the following:
"This is the first codicil to the will dated [date of your existing will] of me [your full name] of [your full address].
1. I revoke my appointment of [name of solicitor] of [address of solicitor] as executor.
2. I appoint [full name of new executor] of [address of new executor] as executor.
3. In all other respects I confirm my will.
Date: [Date of you signing the codicil]
Signature: [Your signature]
Signed by [your full name] in our presence and then by us in hers:
[Signatures of the two people who witness you sign the codicil, with their names and addresses printed underneath]"
That's all it needs. Just sign the codicil in front of your two witnesses (who must not be beneficiaries of your will) and get them to sign (and print their names and addresses). Then put the codicil in an envelope with your will. (It's best not to pin or staple them together).
Job done (and at zero expense)!
I feel it necessary to add my twopennorth.
My experience is that the Wills which go wrong are homemade ones. Unless your will is very simple or unless you are competent it is very easy to get it wrong.
It might be worth spending £100 - £200 to have a will professionally drawn up. At least if the professional cocks it up your beneficiaries have the benefit of their professional indemnity insurance.
I have recently dealt with a relatively simple Will which was meant to give a life interest to the long term girlfriend, unfortunately, key phrases were missed and we have a partial intestacy as a result. Not good. And the beneficiaries lose out.
Up to you, but my advice is to be very very careful. If you are lucky, you may find an obliging solicitor who will look over your completed will for a few quid.
My experience is that the Wills which go wrong are homemade ones. Unless your will is very simple or unless you are competent it is very easy to get it wrong.
It might be worth spending £100 - £200 to have a will professionally drawn up. At least if the professional cocks it up your beneficiaries have the benefit of their professional indemnity insurance.
I have recently dealt with a relatively simple Will which was meant to give a life interest to the long term girlfriend, unfortunately, key phrases were missed and we have a partial intestacy as a result. Not good. And the beneficiaries lose out.
Up to you, but my advice is to be very very careful. If you are lucky, you may find an obliging solicitor who will look over your completed will for a few quid.
^^^ Even if you're going to use a solicitor to prepare your will (whether through the excellent Will Aid scheme or otherwise), I still recommend reading the book from my link above first, then making an initial draft yourself and just getting the solicitor to tidy it up. Far too many solicitors (i.e. the vast majority of them) seem not to consider all the 'what-if?' questions that really ought to be asked.
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