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Writing A Will
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I have no idea how to decide what to leave to who - my only asset is my shared ownership house (my half is paid for) and I have a nephew and niece plus a friend's two daughters that I would like to leave something to and some for the local animal sanctuary (who are offering a free will writing service). I also want to ensure my own dogs will be taken care of. Obviously this is all hopefully some time in the future (I'm late sixties) but having a younger friend currently in a coma and unlikely to come out of hospital has made me think that I need to sort something.
Should I be thinking of set amounts, or percentages and how do I work out how much to leave to who? Any thoughts?
Should I be thinking of set amounts, or percentages and how do I work out how much to leave to who? Any thoughts?
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No best answer has yet been selected by lankeela. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.I'm hoping I can manage to die without a dog as I would hate for mine to have to go back to a Rescue. Do you think you can manage to live longer than the dogs you have Lankeela as that will save you one worry? Divide the rest in percentages. Perhaps 20% each for the 5 people/charity you mention. No need to give actual amounts as you won't know what they are.
Don't worry about your dogs, there are organisations like this https:/ /www.do gstrust .org.uk /help-a dvice/d og-care /canine -care-c ard
Research them now and take action so you know they will be looked after.
I believe a percentage of your assets is better for big bequests, and fixed amounts for charities and 'others'.
I would word it that I bequest friend's daughters x amount each; animal sanctuary y amount and the residue to be divided between nephew and neice (after your funeral expenses, and settlement of all monies owing)
I have no idea how much your estate will be worth so it's up to you to decide how much your specific bequests should be
Research them now and take action so you know they will be looked after.
I believe a percentage of your assets is better for big bequests, and fixed amounts for charities and 'others'.
I would word it that I bequest friend's daughters x amount each; animal sanctuary y amount and the residue to be divided between nephew and neice (after your funeral expenses, and settlement of all monies owing)
I have no idea how much your estate will be worth so it's up to you to decide how much your specific bequests should be
With regard to your dogs, it's worth remembering that your will might not be looked at by anyone until quite some time after your death. So it would be best to ensure suitable provision for them in a different manner.
My cats are signed up with the Cat Guardian scheme and I also subscribe to the Cinnamon Trust. You might want to look into the Dogs Trust Canine Care Card or the Blue Cross Pets into Care Scheme:
https:/ /www.th eralphs ite.com /index. php?idP age=77
(As an aside, I'll mention that the Cinnamon Trust also tries to provide dog walkers for people who're still alive but who can no longer walk their dogs).
With regard to your will though, there are no rules. My own instinct (and the way that my own will is worded) would be to go mainly or wholly with percentages. That way, if the value of your estate changes a lot (e.g. because you have to use some your share in the house to pay care home fees), it will still be simple for your executors to work out who should get what.
My cats are signed up with the Cat Guardian scheme and I also subscribe to the Cinnamon Trust. You might want to look into the Dogs Trust Canine Care Card or the Blue Cross Pets into Care Scheme:
https:/
(As an aside, I'll mention that the Cinnamon Trust also tries to provide dog walkers for people who're still alive but who can no longer walk their dogs).
With regard to your will though, there are no rules. My own instinct (and the way that my own will is worded) would be to go mainly or wholly with percentages. That way, if the value of your estate changes a lot (e.g. because you have to use some your share in the house to pay care home fees), it will still be simple for your executors to work out who should get what.
you can define set figures, say for a charity or a person, and then percentages for the balance to the rest of the beneficiaries - and also, add a clause that if any beneficiary dies before I do and I have not adjusted my will, their percentage or defined sum will pass in proportion to the other beneficiaries - or you could nominate someone else to take up the slack...
I am actually the administrator of our breed rescue, and there will be arrangements made for any dogs I still have at the time of my death with whoever takes over from me when I can no longer do it. Think I will take the advice offered here to go with percentages, hadn't thought about how it might decrease in value or other costs that might need to be covered. Thanks all - makes you think when someone you know is seriously ill especially when they are younger than you.
I'd have no objection to using a free will-writing service.
However, before you do so, take time to think about the "what if?" questions that any decent will-writer should want you to consider.
For example, my own will names two executors but goes on to state that if one of them should pre-decease me then the other shall be the sole executor. Further, it names two beneficiaries but goes on to state that if Beneficiary One dies before me, then his share will pass to Beneficiary Two but if Beneficiary Two dies before me then his share shall pass, upon trust, in equal shares to each of his two children.
However, before you do so, take time to think about the "what if?" questions that any decent will-writer should want you to consider.
For example, my own will names two executors but goes on to state that if one of them should pre-decease me then the other shall be the sole executor. Further, it names two beneficiaries but goes on to state that if Beneficiary One dies before me, then his share will pass to Beneficiary Two but if Beneficiary Two dies before me then his share shall pass, upon trust, in equal shares to each of his two children.
The charity uses Farewill, which seems to have good reviews. Will start jotting stuff down and think of some answers to questions raised. One things that springs to mind is who would be responsible for selling my house - and presumably I would have to notify them that they are a beneficiary and would need to be prepared to do the necessary?
Before you see a solicitor you need to decide:
1. Who you want to be your executors. Ask them first. You only need one but you should name a spare in case your first choice dies or becomes incapacitated before your passing.
2. Who will be your beneficiaries and what should happen to their bequest should they die before you.
3. Don't forget to specify any items you want to go to a particular beneficiary. (I leave my 10 carat solitaire diamond ring to Barry)
4. You can specify your wishes for your funeral, if it is important to you - burial, cremation, service/no service.
1. Who you want to be your executors. Ask them first. You only need one but you should name a spare in case your first choice dies or becomes incapacitated before your passing.
2. Who will be your beneficiaries and what should happen to their bequest should they die before you.
3. Don't forget to specify any items you want to go to a particular beneficiary. (I leave my 10 carat solitaire diamond ring to Barry)
4. You can specify your wishes for your funeral, if it is important to you - burial, cremation, service/no service.
Farewill offer an Executor service so think I will go with that to save family or friends having to sort it and have cut down the charities I was going to support to make it simpler and will (hopefully) be able to make some donations to them instead while I am still compos mentis. Will just leave the one that is offering the free will service. Have also found details of local university hospital for body donation. Thanks everyone for advice.
Between £900 and £2000 depending on how much the estate is worth. Problem is I don't have a lot of contact with my nephew and niece who are the main beneficiaries and I wouldn't want to burden them with things like selling the house. Not going to be worth a lot to be honest probably around £60,000 before fees.