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So like the title says.
Im not sure what to include or if I even need a lawyer.
Other than the house, me and the Ms. don't really have much in the way of assets.
Everything, including bikes, fishing gear and my autographed Ned Overend Specialized jersey from 1999 will go to our son.
Anything else I need to be aware of?
Any plans for your funeral? Who will be executors?
If your son is under 18, who looks after him if you die?
What happens if your son dies before you? And is married but separated from a horrendous partner who can claim half? Or gives you grandchildren you want to help?
Harsh, but that's the sort of thing our solicitor got it drilled down to.
Any other family? anyone likely to contest it? If not its no huge issue to do a diy will if it really is simple. diy guides available online
I believe the shortest will upheld in court was scribbled on a bit of scrap paper " all to mum"
If it really is simple tho it should be pretty cheap to do. Our lawyer did Julies for free as we have a good relationship ( and they hoped to get to do the probate stuff which will net them a few bob)
Cancer research will do a simple will for you for free ( in the hope you give them a donation)
https://www.cancerresearchuk.org/get-involved/leave-a-legacy-gift-in-your-will/free-will-service
Pretty much all of the above. I'd take advice from a solicitor, it's usually free to guide you.
A simple will is fairly cheap and as TJ says a lot of charities do a free will month, although there are sometimes criteria like age.
You might want to include a trust for a variety of reasons, e.g. your son's age, tax implications, etc.
A will can be rewritten as circumstances change. In MCTD's example you hate your child's spouse and put everything into trust for their children.
Or you can try for an all-encompassing will that'll cost a fortune and might still need to be changed.
The best advice that I can give is make a will and make everything simple for the survivor(s):
Joint names on utilities, insurance and bill-paying bank accounts (keep a bike account 🙂 ).
Keep financials simple and up to date, bin the rubbish and make sure that people know where to find stuff. It's frustrating and upsetting to find a pile hidden in the loft after you passed a "complete" estate list to the executors
Ours was very straightforward - everything goes to surviving spouse, or of both of us cop it, divided evenly by kids when youngest is 18. One family member nominated as carer for under 18s, who also got chunk of money each year to do so.
We downloaded a will online (Scottish one, cos different) and filled it in.
All co-signed and witnessed with in laws both having a copy.
Why not use a lawyer? Avoid any pitfalls. For example in Scotland you might want to leave everything to your spouse but should be aware that if you do the will could be challenged as you can't completely disinherit your children. Inheritance tax issues?
It isn't expensive and doesn't mean you been to use that lawyer to deal with the estate.
And don’t forget Power of Attorney
Ok I’m assuming that is some while off yet but everyone should look at it as they get older and still have capacity
It's only when needed, that you find out any issues with a Will...
If both you on your OH were killed, would both your Wills work to ensure your son was safely got through to 16/18/21 etc?
IMO it's one of those spends that does justify the expense of ensuring it's correct.
Ours was very straightforward – everything goes to surviving spouse, or of both of us cop it, divided evenly by kids when youngest is 18. One family member nominated as carer for under 18s, who also got chunk of money each year to do so.
We downloaded a will online (Scottish one, cos different) and filled it in.
All co-signed and witnessed with in laws both having a copy.
But as IRC says by saving £100 on a lawyer you've got a headache there for the surviving spouse - because children in Scotland are entitled to a share of the movable estate. I suspect 99% of the time they don't want it because they'd rather see the other parent in a better position but there will be times when someone, especially a manipulative partner(!), decides they should be getting whats rightfully theirs.
I don't know if there are similar pitfalls in England.
Get a lawyer.
Spouse has to out-survive you by a certain number of days to inherit everything.
In Scotland, children get 25% of the transferrable estate (I think) if a single spouse dies.
And don’t forget Power of Attorney
Ok I’m assuming that is some while off yet but everyone should look at it as they get older and still have capacity
Pretty much everyone over 18 should have a PoA (and a will). If you are incapacitated suddenly, and no one can access funds or make decisions for you, its a bureaucratic nightmare - MrsMC has gone through this with her parents in the last 18 months. We've just got my parents PoAs sent off to be registered and deciding whether to do ours now or wait 2 years when youngest is 18.
You need to make sure the Ned Overend jersey bequest is locked down tight - people will contest the will over that kind of thing. 🙂
Seriously though, you'd probably get away with doing it yourself, but I'd want the security of having a solicitor draw it up, and why not do the PoA stuff while you're at it? One of those things that no-one sees as necessary until it suddenly is.
My mates a will-writer if you're anywhere near Preston?
The problem with back-of-an-envelope "all to mum" wills - as explained to me by a solicitor changing me a not inconsiderable amount of money - is that it's not 'protected'. So mum might get what little is left over after several years of care home fees and funeral expenses.
So with all the usual caveats, I am a Will Writer, not trying to sell you anything but if you need some advice please drop me a direct message.
Other than the house, me and the Ms. don’t really have much in the way of assets.
The sad fact is that we are all worth much more Dead than we are alive, especially if we die young. Life Insurances, Pension Pots etc pay out big lump sums. Depending on your personal situation and the arrangements you have in place already this means that you can quickly run up against inheritance tax issues that are easily avoided with a bit of planning.
The other big issue that has been highlighted already is the need to appoint a guardian for your son. A Will is the only practical way to do this.
Loads of information on my website https://www.will-probate.co.uk/helpful-information/ all split into bitesize video chunks.
Oh and don't forget Lasting Power of Attorney.
In Scotland, children get 25% of the transferrable estate (I think) if a single spouse dies.
It's a third (assuming there is a surviving spouse, half if no spouse).
(Incidentally the spouse is also entitled to a third as a minimum, if children exist, or half if not.)
Fortunately, ignoring/being unaware of these rights doesn't invalidate a will, the rights are regarded as a debt on the estate that is settled before the terms of the will is applied to the residue.
Thanks so much for the advice, especially those that offered advice via PM.
I have decided to go with a professional will writer and add in a few specifics as mentioned here (dont let son's future ex-wife take half, etc.)
Cheers