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Wills

(6 Posts)
CEvert Wed 27-Mar-13 17:06:49

When you made a will, do you need to register it?
And if so, who with?

Where is the best place to store you will?

In the will questionnaire i have seen it asks for cash gifts in £ amounts.
Also it asks for your savings in £ amounts
As time goes by, these will vary, so is it best to list them in amounts and then change them in the future?

mumblechum1 Wed 27-Mar-13 18:31:49

OP, I'm a will writer and always advise my clients to store their wills at the Probate Office's storage facility because it's safe, not going to go out of business and at £20 as a one off fee is much cheaper than the commercial storage companies which charge an annual fee,..

So far as the other aspects, you need to be careful with cash gifts, to specify whether they are free of tax but more importantly to be absolutely sure that your estate will be able to pay them without causing problems to your residuary beneficiaries. For example, if you leave a gift of £20k to someone but only have £2k in the bank in savings, your residuary beneficiaries may have to sell your house to pay the balance, even if they wish to live there.

So far as stating your current savings, the only reason I ask my clients about this is to work out whether they're liable for inheritance tax. Because most of my clients are young couples their circumstances are likely to change a lot over their lifetime so their current savings are almost irrelevant.

CEvert Thu 28-Mar-13 16:31:40

But does the will get registered on a national database, given a specific number, who the will is from , which wrote the will etc ....?
And would the probate storage facility destroy old wills or keep them together if a new will is written?

mumblechum1 Fri 29-Mar-13 15:01:20

No, there's no national database, though in my view it would be helpful. When a new will is written, it revokes any earlier will, but I still advise my clients to destroy the original of the old will to avoid any confusion.

CEvert Wed 03-Apr-13 12:46:48

Lets say you have mirror wills with your common law partner.
If one of you changes the will without consulting the other party, would the other person be able to find out?

mumblechum1 Wed 03-Apr-13 13:46:28

Nope. Most mirror wills are written specifically so that they are not mutual, ie not locked in to one another. This is to avoid the possibility of a couple splitting up but still being obliged to leave their estate to one another.

If they are married and then divorced, though, the decree absolute revokes an earlier will.

BTW, in your original post you asked "As time goes by, these will vary, so is it best to list them in amounts and then change them in the future?"

I normally phrase those gifts (if the client wants me to) to state that the trustees will pay either the specific sum or an equivalent sum taking into account inflation.

OP if you're struggling to write a DIY will I'm happy to advise via my website www.marlowwills.co.uk at no charge.

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