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Will

8 replies

Pictureiswonky · 26/05/2018 06:35

I hope someone can help me with this. I'm not British and the UK rules around wills are very different to what I know.

I'm based in England. I'm divorced, have one child and own some property (small mortgage). I work full time and pay into a pension.

Do I really need a will? If I died, I'd want everything to go to my child. Would that not be the default, and therefore a will is redundant?

If I do, would you use a will writing person, or just a DIY pack? In reality my will could not be simpler. "Everything I own goes to my son"

Thanks!

OP posts:
Namethecat · 26/05/2018 06:49

Yes you can buy a simple will. It has to be witnessed ( signed by two people) But saying you are leaving everything to your son it a little too simplistic. If you were to die next week. How old is your son ? If he is under 18 who will care for him ? Who is going to carry out the process of the will/ your wishes ( the executor) Do you have property ?
Until your son is an adult it is usually a parent or next closest family member ( if you are unmarried) who is classed as next of kin so they would technically be entitled to your estate if you died . Spend more time thinking about your will, maybe take advice from a free 30 appointment. Also as awful as it might seem what would you want to happen if you and your son die at the same time. Who would inherit then ?

Pictureiswonky · 26/05/2018 06:55

Thank you. You are right. I had not though if what would happen if we both died together. I had assumed he would by default have to live with his father.

He's 15 and I do own property.

Can the NOK be someone abroad? I really have nobody here I could ask for such responsibility.

OP posts:
Pictureiswonky · 26/05/2018 06:57

I had assumed he would by default have to live with his father

This is meant if I died before he's an adult, of course

OP posts:
KERALA1 · 26/05/2018 07:01

Take advice. There is a lot you need to be aware of when making a will

Pictureiswonky · 26/05/2018 08:09

Thank you both.

OP posts:
BiteyShark · 26/05/2018 08:13

You definitely need a will. It's surprising how many scenarios you don't think of yourself and a will makes it very clear on what your wishes are. It also makes it easier for the person carrying out those wishes to get probate and act accordingly.

I did a will at a solicitors and it was only a few hundred pounds so not terribly expensive for peace of mind.

Sophiesdog11 · 26/05/2018 09:32

Until your son is an adult it is usually a parent .....who is classed as next of kin so they would technically be entitled to your estate if you died

Sorry Namethecat but that is complete rubbish. Her son is her beneficiary whatever age he is and would therefore get her estate. It will be held in trust until 18 without a will. A will enables her to specify a different age for him to inherit, or even lump sums at different ages.

Op, you need to decide what age you want DS to inherit, who you want to be trustee(s), whether you want to specify for him to have money drip fed for driving lessons, car, uni etc, or just left to the discretion of the trustees.

If you think he will live with his father, and both are happy with that, then state that. Would you be happy for his dad to be a trustee of the money? You can use solicitors as trustees but it will cost!

You also can specify who inherits if you both die together, as others have said.

My DC have inherited at 18, from a cousin of mine, we have guided them to do a basic DIY will each, leaving the money to each other, and to cousins if both died together. But that is a very straightforward scenario compared to yours.

In your situation, using a professional for will writing is the best idea, as they can give suggestions as to what you need to consider. There is a MN poster who does them - I think it is marlow wills and she comes highly recommended by others.

If you dont make a will and your DS inherits at 18, would he cope? Would his father guide him to use the money wisely or would he fritter it? My niece also inherited as per my DC. She has since died herself, young and unexpectedly, and has seemingly frittered a lot of her inheritance, from what her parents can tell. Whereas DH and I are both quite money savvy, so are guiding our two to invest it and keep it for house purchases.

Pictureiswonky · 26/05/2018 09:47

Thank you again. A lot to think about. It would be rare for me to die in the next 3 years, but you really never know.

I fully trust his father to do everything in our son's best interest, if the situation arise, but still best to put everything in writing.

I will speak to a solicitor.

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