Making a will

[DistingusedSocialCommentator]

Have you used a solicitor or online free wills?
We used an online, free wills outfit - but thinking of updating it.

What is the point of using a solictor other than ensuring its watertight?

Ours is straightforward, ie 30% of the estate to one of our children. The other two get nothing and we will write this in the Will to ensure clarity

Our 6 GC, all three siblings have 2 children each and all sub 10 yrs of age will have an equal split of the remaining estate. We have cash and 3 properties all paid for.

IMO it is a simple and straightforward Will.

We are worried if we are lucky enough to leave most of the estate behind, the GC will be able to access their share at 18 and in our judgment there is always a big risk they could be easily led by a GF/BG/OH or a small chance just blowing it away.

All help is greatly appreciated.

Btw - the Will must be easy to revise as we may do that. Please, I do not want anything re how we are splitting etc but advice/help on as above and the bit about access at 18.

Thanks - posted in AIBU for traffic.

You need an IHT/estate planner.

Oh yes. Mumblechums is the username on MN for a lady that works there I think.

The dcs of a friend of mine were left very substantial sums in trusts by an estranged grandparent. IIRC they could access the money only at 25, but it took forever to wind it up - presumably because the trustees (solicitors) were milking it for every letter and email they could charge for.
Just saying.

When it comes to any legal document, the wording is absolutely crucial, and this is where laypeople can trip up, not noticing that there is some ambiguity or that all eventualities haven't been considered. I have a friend who is a lawyer and has made a very good living advising people trying to dispute wills. It is an extremely expensive thing to do so most people can't do it and lose out, and even those who do go to law and win lose huge sums in legal costs. So much better for the testator to get it right first time with professional help.

I work in advising on Life insurance, etc and we always say that death brings out the greed in people.

Sadly seen it with my own family - hence ensuring our wills, power of attorney, etc are water tight.

The satisfaction of knowing everything is arranged to your liking is worth a few quid.

You will also need to have a formal review of your will every few years. For example IHT tax laws or trust laws may change in the future.

Sorry, but its total BS
"If you actually care about your family use a proper solicitor"

Many comple DIY wills it does nnot mean they dont "care......"

Thanks but we dont

As we have already gifted to all three substantial cash amounts and one an apartment. We did this as they work and if they were work-shy, there would have been no money

To all - All very helpful posts one way or another

The Trusts, FM said it was 150 to set up

Another asked whats the point of using a solictor

ATM, we know the percentages we are leaving and who to and who not to.
2 of our children will give us supporting statements theat they are writtne out of our Wills.
We will want to know what it costs to set up and utilise a trust at todays rates. Any complex issues surrounding these trsuts as the law stands

I guess a solictor wont advise but may give opinions if asked

What is the approximate cost to set up a Trust as per our op - and use a solicitor in greater London - what are the pitfalls of a Trust. The only reason we will be doing Trusts is to try and ensure GC dont have access to everything at 18 but most likely at 25

TBH, what we want to leave and whom to is straightforward - its the age restrictions that worry us that we want to inc in our Wills

Thanks all.

Fair enough. Our estate planner set up our trusts and did our wills for us as we were dealing with properties and investments in more than one country. But I am sure you will sort it out.

Trusts with age restrictions are straightforward, you’re not seeking to do anything unusual. You’ve had a couple of good recommendations on this thread including Marlow Wills - give them a call and arrange a discussion. Trusts don’t have to be administered by a solicitor, you can appoint your children to manage and make decisions on behalf of their children - unless there’s an enormous backstory whereby you don’t trust your children to have your grandchildren’s interests at heart.

I'd let them have the money at 18 and not have trusts. Trusts are a pain in the neck and expensive.

Use Marlowe Wills it's mumblechum a mnetter of some years.

I have more complex needs than you but my will writer this morning has quoted £100 for a vulnerable persons trust and a property trust is £250.

If you are disinheriting some of your children (even for good reason) you need to see a solicitor to make sure it is documented properly. Also, your eatate looks big enough that you probably need some tax planning advice so choose a decent firm.

Thanks to almost everyone here for their help, all of it noted

Last question as it is still not clear. In the present day, what does a solicitor on avg charge to enforce, look after a trust? I guess its depends on where the money is ie cash, shares/property etc, but it it was cash and the benefactor was going to take it in one go, what would the solicitors cost be and do they have an anula charge for looking after the paperwork until it needs to be actioned?

Cheers

Just to clarify - are you in England, Wales or Scotland?

One point I can't see made yet regarding the phrasing in your will: a solicitor will draft the wording in accordance with your wishes, something that slips people up is for any grandchildren that may or may not be born at the time of your deaths. I've seen instances where a daughter or daughter in law is pregnant when the parents pass, and due to wording it's one GC that won't be included in any pay out. Or you pass away, another grandchild is born, all the others get their pay out at 18/21/25 except the youngest. Just something to think about when speaking to the solicitor.

You won't get a one size fits all regarding charges unfortunately. They all vary, and although it is sometimes a small percentage it soon adds up.

@DistingusedSocialCommentator you don’t seem to have a very high opinion of the legal profession.

If you are wealthy enough to own multiple properties etc etc, I think it would be wise to spend a few hundred quid ensuring your wishes are properly recorded.

I keep thinking this thread can’t be real, as it’s quite goady, but maybe it’s just your style of writing.

Good luck to you and your legal team. Keep googling!! It’s almost as good as spending 5+ years at university 😜

Honestly your will is NOT straightfoward and do not try and nickel and dime this sort of document by claiming that that your partner looks on the internet!

Cutting out children is not easy and of course you wont be there to discuss what you really meant and who knew what will you?

I speak from bitter experience regarding what people think will happen when they die including a friend whose parent assumed that by not making a will something would automatically happen anyway.

Why do you keep asking on here over and over the same form of the question about costs? People will answer from their own personal experience or make something up or tell you what their mum's will or their next-door neighbour's trust cost, or what they think their cousin told them about their will - just ask a solicitor! Or ask several!

What is the point of using a solictor other than ensuring it's watertight?

Isn't that the important part?

There are so many stories on here about disasters and family fallouts and awful behaviour due to badly constructed wills, no will at all, the will of a surviving spouse being altered following the death of the first, or, worst of all IMO, the surviving spouse marries again late in life, forgets to immediately make a new will, dies and the new partner gets the lot.
We were advised that trusts (as well as being tenants in common for any and all properties) are the only way to ensure that the correct assets go to the intended recipients, especially if there is a need to delay access until a particular age. Peace of mind is very important.

I'm a financial adviser who works in a parallel area. I am just about to drop £1200 into ensuring our Wills, LPAs, and trusts are done correctly because it's important to make sure your wishes are clear.

Our circumstances are different, but just as complex.

Don't be that person that thinks a cheap WHSmith kit will do and cost your estate in legal fees when it's contested because that is not what you want. Plus you should be discussing estate planning because if you own multiple properties you will probably be over the IHT threshold easily (dependent on where they are).

Thanks, as per my previous posts, we are aware re IHT woes but we have as posted earlier already gifted, what most would consider to be "considerable amounts.

We are over the IHT, easily over it as it stands but we do use our tax free allowance every year and have been for about 6 years but have no plans to do much more than that. The reason for that is we have seen people give away too much and children change, even turn on you, ours are really good but never say never. It's easier for us to give away money to our children, GC but nigh impossible to ask them for help as we have never needed to do that. There is always the possibility that our children's other OHs may cheat/leave as is possible by one of our children. This is one of the main reasons we are now concentrating on our GC. Importantly, 2 earn an excellent salary one I never even dreamt of and though they are sensible, its easy to upgrade the next car from an 70/80k car to 125k car, so we dont want to give them the extra temptation

Importantly, what would happen if we wanted to move to another part of the area of England or our children did, we'd need money to buy another property and since we've left work, our income is not that great.

Yes, it hurts, for every 100k over a mill, 40k of that down the drain to our dangerously foolish gov to waste on faraway wars to make them look good but its a risk that we are prepared to take ATM. As the days, and months progress then the years, we may change our stance

few have said or implied they find it difficult to understand why we can't spend a few quid on a solicitor. The reason for this is simple as we have come across a few stupid and selfish b.... Our Wills are relatively straightforward, ie percentages-wise but its the age our GC can access to this that will result in us finding the right, capable solicitors. Importantly, I don't want them to eat away what we hopefully leave behind with their OTT prices/costs/hidden costs/etc IMO.

You may have not read my earlier post where me and my OJ processed all of the paper on a leasehold property when we gifted that to one of the children and cash to others.

We have never wanted a penny from anyone nor expected it but we have always been careful about not throwing our money away.

Today, there was a story in the media re some grandchildren, fie in all I think that felt that having been left 50 quid each by grandfather was wrong - not sure who the 500k went to. The judge ruled in favour of the will as grandad had stated his GC rarely visited him in the hospital - (I may have got bits wrong but its close to that or is that)

So we may change or wills like we inted to now and if the benefactors want to argue/fight, sobeit as we have made it clear to the 2 kids and they agree and will put it in writing.

Thank you and the majority of others who have genuinely tried to help and or honest and constructive posts.

No way will we pay 1200 - ideally about 400 but max of about 5oo and we have looked up the links posted by other helpful FM's

You need good legal advice. That cost included our power of attorneys being arranged.

You may have gifted some money but that could still be taken into account for IHT if you die within 7 years of doing so.

Just because you can do something yourself doesn't necessarily mean you should.

FYI my parents are worth over 1m. Trusts have been arranged to remove certain finances from the estate to be available when 25 and not before for varying reasons.

I honestly worry you are being naive and setting yourself (or your estate) up to fail.