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Wills - What do we need to know, and is it better to do it "properly"?

12 replies

Beccadugs · 03/01/2014 21:32

Title says it all really.

My parents were horrified to discover that neither DH nor I have wills. He says he thinks we can DIY it with a kit from WHSmith.
I disagree, as I think it is too important and complicated especially as we have a baby on the way. I think we ought to pay to do it with a lawyer who will cover everything, and possibly include things that we haven't or wouldn't think about.

His view is that it is not that important anyway as I am his wife so if he died without a will everything would go to me. Is it really that simple?

What is the general consensus?

Thanks!!

OP posts:
RestingActress · 03/01/2014 21:51

In theory you and your DC would be the main beneficiary...but...if someone dies intestate then I think it delays everything massively, and you could be left without any money for a long time as I believe accounts are frozen to stop anyone spending the deceaseds money.

I don't know the full info but would advise you get your wills written pronto to protect yourself.

I can highly recommend a MNer - mumblechum who has an ad in the small ads section (can't link sorry but sure she will be along herself)

She wrote our wills simply and efficiently and was really pleasant and helpful.

RestingActress · 03/01/2014 21:53

Have bumped her thread into active convos but it's here:

www.mumsnet.com/Talk/small_business_ads/1892254-Still-putting-off-making-your-Will-Special-Offer-for-Mumsnetters

And no I'm not on commission, just really impressed with her help

Beccadugs · 03/01/2014 22:12

Thanks! I did read about her but couldn't find her ad! Will email in the morning!!

OP posts:
specialsubject · 04/01/2014 11:50

time for your husband to get real. You do need wills, and with a dependent you also need life insurance and nominated guardians in case you both die before the child is independent.

you should also both have independent access to money, and should both know how the household finances work.

Minnieisthedevilmouse · 04/01/2014 12:08

We did this recently. It's not even about the money necessarily. It should make you think about and work out what happens if you both go together.

For us it was clear mil expected to have kids (2 at 3 &1). She's in her mid sixties. This was IMO ridiculous. Only feasible if happened tomorrow. What if happened in 8yrs? What's her health/wealth/age to be like? What about fil whose 75 now? If he's sick she's carer. With two small kids???

So it made us put plans in place. Nicely, kindly and thoughtfully, definitely. We have a back up letter explaining the above should questions be asked too just incase. So our thoughts are clear.

I don't know what your situation is but yes it's silly not to plan. You have a child (or will do) and a duty thereof. Again IMO.

Beccadugs · 04/01/2014 12:32

specialsubject that us exactly how I feel!

We do have access to seperate finances and both have life insurance to cover the value of our house and a funeral (beneficiary to each other).

I agree minnie older parents are not the way forward and we've both agreed that siblings aren't suitable (and would cause divisions financially too) so have some friends in mind, but obviously need to ask them!!

OP posts:
mumblechum1 · 04/01/2014 13:16

Flowers to Resting Actress for pointing out the paid-for advert. I'm not allowed to, MNHQ get antsy if I link to it.

mumblechum1 · 04/01/2014 18:00

The things I normally ask people (apart from obvious stuff like names, addresses, contact details etc) are:

Marital status; if a couple are likely to marry, I write in a clause to state that the wills remain valid after marriage - otherwise, they would automatically be revoked.

Whether they have any assets outside the UK; if so, I'll advise on whether they need to make a separate will in that country to cover that property.

Whether they are a director of a limited company; if so, I'll advise on various aspects regarding those assets

Whether there is anyone who could consider themselves a dependent and therefore have a claim, such as a step child

Ask about the value of their estate and provide information and advice about inheritance tax

Ask whether they wish to specify anything about funeral wishes, such as a particular religious ceremony, organ donation, etc.

Find out whether they would like to leave a gift of personal possessions to anyone

Ditto re a specific cash gift

Talk about guardianship, and give guidance as necessary.

Even in the most straightforward scenario, ask when they'd like their children to inherit, and what they'd want to happen if one of their beneficiaries dies before them

And various other aspects depending on the individual circumstances of the client.

The disadvantage of a WH Smith form is that it can't ask you about your individual circumstances and offer tailor made advice.

Musicaltheatremum · 10/01/2014 18:09

Get it done properly. My husband knew for many years he would die young so we made a lot of planning for me and our children (who were 16 and 18 when he died) we changed things as the years went by. We also had a nominated person who would look after the children if we both died before they were 18.
I need to look at my will again now I am widowed.
Also, if you are young think about critical illness insurance. Can pay off mortgage if you become unable to work if unwell with a chronic disease.
My husband was a lawyer so although never did wills etc knew enough to know it was important.

Sneezecakesmum · 11/01/2014 10:30

Can thoroughly recommend mumblechum Smile

Follyfoot · 11/01/2014 10:35

Me too Smile

mumblechum1 · 12/01/2014 10:40

Thank you sneeze cake and folly foot ! ThanksThanksThanksThanksThanksThanks

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