What difference does a will make if you're happy with the intestacy rules

[FinnyStory]

DH and I have never had wills, we've never had assets over the limits that would mean they do anything but automatically pass to each other. However, I keep hearing how important it is to have a will, so what difference would it make.

We basically have the house, which is jointly owned, so would go to the other owner, outside of the estate. Plus some cash and other savings, mostly in ISAs 50/50 in sole names, so the remaining partner would have access to "enough" in the short term until matters were resolved. Plus a car each and some personal effects but no valuable jewellery or family heirlooms.

Assets apart from the house well within the £270k limit where a portion would go to DC. If it did accumulate so that it edged over the limit, we'd both be happy for the stated amount to go to DC

Is there anything to be gained from writing a will that says I leave everything to DH and do I need a solicitor to do that (as it's so straightforward).

Do we write a joint will or individual ones?

It's all a lot quicker with a will. Every account you ring up that is in a sole name will want to see the will, and if it is below probate level, that's it done money is transferred over.

A will just makes everything run smoothly.

What is the probate level?

A will isn't just about money. You can also specify who you want to look after your children (assuming they're minors) and how that will be funded.

(And can we just check that you're legally married/civil partnered, and not "common law" husband and wife as the latter makes a will even more critical).

a will would usually also set out what you would want to happen if you and your DH died at the same time (or in relatively quick succession).

Do you own your house as joint tenants or tenants in common?

Yes, as pp, not having a will slows everything down as the surviving partner won’t be able to prove your intentions (or their right to act as executor) and will have to make applications for those things.

Also, inheritances do funny things to people and straight forward wills stop people falling out (“Great-Aunt Doris said I was to have the second-best Monet!” “Well, which one is that?” “Well she said I should take whichever painting I liked to remember her by. I’m taking all of them.” Etc) Spell it out in a will and uncertainty disappears.

If you are literate and use a standard template (available from Smiths or Amazon) you can easily do a simple one yourself. Just check that nothing in it is ambiguous (Eg list your properties or shares by name and number) or can be interpreted multiple ways (Eg don’t use phrases like “my favourite” or “best”, Or “my other account”, actually name things) and get two witnesses (non-beneficiaries) to watch you sign.

Legally married with adult children.

The intention when we bought the house was joint tenants (that's the one where it automatically passes to the other owner?) but I don't remember specifically being asked about that by the very unpleasant conveyancer. We were very young and he was very big and important and I absolutely wouldn't stand for being treated like that now. I have also always been a bit uneasy about the job he did for us, for no real reason other than that he was rude and unhelpful. How would I go about checking? We were married at the time if that makes a difference to what would have been normal.

I think with intestacy a portion of your assets over a certain amount automatically goes to your dc. That might not be an issue now if there isn't much, but what if your assets rise ? You may inherit or win the lottery, then you may wish to ensure your dh inherits it all otherwise your dc will be liable for inheritance tax.

I've done probate for several relatives. Whatever you try to do, after a death, the first question is always 'is there a will'. If there is, you cut out a whole layer of 'stuff needing doing'.

Leaving a will is the one thing you can do, to make it easy for your estate to be dealt with.

As PP days, it also gives you a chance to say what would happy if you both did at the same time.

Also a reminder to get POA in place for each other, possibly also for DC

https://www.gov.uk/power-of-attorney

We had our wills written by

https://www.marlowwills.co.uk

Is a Mumsnetter who did our wills for us. All very straightforward and very reasonable.

OK, thank you.

The reason I'm thinking about it now is that DH goes in for an operation next week. No reason to think he won't be fine but we've just had the consultant's meeting explaining the risks....so we don't have a lot of time if we're to do it before then.

As I understand it, if we use an off the shelf pack, we need 2 executors who can be anyone including beneficiaries. ie including me and DH? So it could be me and my dad for DH, DH and my dad for me? And we need two witnesses who must not be beneficiaries. Could the witnesses be our DC if they are not named as beneficiaries? Or my parents? One of the reasons I've put it off is that I don't want to explain our financial situation to friends, it's much healthier than most would assume!

I've just been doing probate etc for my parents who died a month apart. It is so much easier with a will and ensures you make the most of all the allowances if you and your dh leave everything to each other, and then whoever dies second leaves it all to your children.

With wills in place, I've done inheritance tax and probate for both parents in 4 months from the first death. Without, it would be dragging on for ages and much more expensive

I don’t understand the comment about friends and not wanting them to know about your finances? If you mean because they will be witnesses all they do is witness your signature, not read the document. You’re right it’s only your business.

Also with the question about how you hold your house have a look at your Legal report from the time - there’s usually a standard paragraph about it. That’s the easiest way

You need your will to say what would happen in the event your DH had died ie who was next in line to inherit things - presumably your children.

And I got my nextdoor neighbour to witness mine and DH's wills. They didn't read the things, just saw the signatures.

We also used Marlow Wills - a strong recommend from us.

Also please remember that a will that is basically "all I leave goes to him and all he leaves goes to me" means that if either of you marries again then your children may be cut out of receiving anything -- even sentimental items, jewelry, etc. that could end up as the property of the stepparent.

I know that Georgia but I don't think there's a way around it without cutting DH out? I don't have anything of sentimental value, I don't feel that way about things and I don't have any jewellery of any value, not even an engagement ring.

Wills are invalidated on marriage unless they are made with the marriage in mind - so if you did get married again you would have to make a new will.

@finallyhere ans AnnaMagnani, thank you very much for your recommendations of Marlow Wills.

OP, you were asking if your DCs can witness your wills, no they can’t; if they did so, they would lose their entitlement to your estate.

Remember that although you may currently be below the £270k, if one of you dies and the survivor receives their death in service benefit (typically 3 or 4 times salary, that would push over the £270k. Depending on whether that’s in a discretionary trust, that could cause problems.

Also, if your home is held as tenants in common, it doesn’t automatically pass to the survivor and so would again probably you push past the £270k automatic interspousal gift.

I suggest that you get your wills properly drawn up by a member of the Institute of Professional Willwriters or a solicitor.

Just to pick up on Georgia’s point, the simplest way to protect the estate against a second marriage is a Life Interest Trust. This places each spouse’s share of the house in Trust for the children, whilst allowing the survivor to carry on living there till,they die or remarry.

What happens if the survivor wants/needs to move?

if the survivor wants/needs to move?

These are the sorts of questions a will writer would go through with you both, to make sure that you have covered all the eventualities.

This one didn't apply to us, so I don't remember how it works. I understand it is possible to either explicitly allow the possibility of moving to a different house or keep it at the one house.

Covering all the eventualities, event house you had not considered, is for me the big benefit of using a will writer.

if you don't wish to pay upfront for a will, there are charities that will cover the cost in the hope that you will leave something to them in the will. Clearly, it's your choice whether you wish to or not.
For example Cancer Research: www.cancerresearchuk.org/get-involved/leave-a-legacy-gift-in-your-will/free-will-service

Other charities offer similar schemes if you google around.

I've had a quote from a friend who works for a firm of solicitors but she's more or less told me to go elsewhere, as her firm is expensive. What would expect to pay for a straightforward will like this?

If the survivor wants to move, they can do so, and the trust then applies to the new property. Any leftover cash is split between the survivor and kids, pro rata.

So far as fees go, there’s always going to be a variation. I’m qualified with 20plus years experience and charge £400 for a pair of mirror wills inc. life interest trusts. It could be less in other parts of the country with less experienced lawyers.

We paid £750 mirror wills in a South East city. So mumblechum is cheaper and recommended by many.