Wills - basic or not?

[overkeen]

I am about to purchase a property. I am also a business owner with 2dc.

I don't have a will and need to arrange one.

Do I need a fancy schmancy one from a solicitor, or will one of the cheap online ones cut the mustard? Any benefits from property or my business would be split 50/50 between dc, so not overly complicated.

Any advice welcomed!

I'd get it done properly

@overkeen I don’t know the cost of an internet one but we had a simple pair of mirrored wills drawn up a couple of months ago for DH and I through a solicitor and it was £180.
Would much rather that and know that it was all proper than do it a cheaper way and something not be right 🤷🏻‍♀️

Worth getting proper advice. Should kids (or in future your grandkids under 18) inherit for instance you might not want them to get cash until 25 or something.

DD is retired solicitor - DH and I just redone our wills. Ours are very simple as it's straight to spouse then DC.

Advised to keep very basic and any pieces you specifically want to go to DC or friends/ other family members; example is my wedding band is going to DD, you put this into a letter and explain to DC. Ours are all young adults now so we explained all this to them.

Itemising in a will can hold up the process as items need to be valued which adds on a cost.

Do it properly with a solicitor.

And have a discussion with someone about business succession. It's easy to assume that the business will go to the children, but there are complications if one, or the other, or both don't want the business. That's one of the simpler complications. Succession and business inheritance problems in family businesses can underly some of the hardest problems to resolve that I come across with clients as a business consultant.