Don't know where to start with writing my Will - any advice?

[MrsSteveBackshall]

I've posted on Money matters here about writing a Will. Grateful for any advice. Thanks.

I'm planning one, too. These are my steps so far:

1. list all bank accounts
2. list all other assets (jewellery, books, furtniture, etc.)
3. list beneficiaries (DP/DH, DC, parents, friends, etc.) and start matching asset(s)/amount to person
4. any special arrangements needed for children? Consider what you want to happen both if you die and if you and DP/DH both die. Guardians should be chosen and, if appropriate, be given money to use for DC's benefit.
5. name an executor, but choose someone who is going to actually do it well. Mine is NOT going to be DH, as he is useless.
6. Re-read everything and make sure that, if one beneficiary pre-deceases you, their inheritance goes to the person you would next-most like to help.

It's a bit pointless appointing a solicitor before you have done all this, as you will only waste fees and time while the information is assembled.

P.S. I'm not trying to make out I have a huge estate, but even small amounts of money and assets can mean a lot.

Put what funeral arrangements you'd like and how these are to be paid for.

Consider what you'd want if some of you died together eg you and your DCs but not your DP.

If there is anything that isn't valuable but you feel would be appreciated by a specific person, say so.

You could include requests for your children's guardians about where you would like them to live/go to school etc.

Thanks for both of those posts. Really useful. It's actually quite a lot to think about, isn't it?

Indeed! And the more you have in order by the time you see a solicitor, the better (and cheaper).

If it is really a simply will, though, there is no reason why you can't write it yourself.

I thought solicitors charged a fixed fee for wills? Mine was £115.

Obviously a good idea to get it all organised before you go though.

I don't think it will be that simple though, pluperfect (see link). And at the moment, my IFA is guiding me through the process - not a solicitor. Is that a bad move?

Please see a solicitor.

I say this so often over the years on MN. DH is a solicitor who specialises inthis area of law. He can make far more money froms orting out badly drawn up wills - either DIY or so called will writer ones - than he does from making a proper will in the first place.

For a rough idea of cost for a proper bespoke will, DH charges £125+VAT for a single or £175+VAT for a couples set of wills.

Thanks MN, DH and I off next week and have just decided that we're going to make wills.

I must be a grown-up.

Thanks, Hulababy. Interesting that your DH makes so much more from botched jobs than drafting the real deal at the outset.

My IFA is coming next week to go through this with me. I guess he needs a call from me saying I've decided to go the solicitor route. Can a solicitor advise on how to divvy up your assets WRT inheritance tax? Do they keep up to speed with this stuff too? And is it the same cost even if your estate's a bit complicated? Thanks.

Costs do vary if there is a lot of tax planning type stuff.

The IFA should have good contacts with soliitors s/he can refer you to. My DH works closely with IFAs both passing on work to them, and them referring work to him. But I really would get a solicitor to do your will, not an IFA.

My DH specialises in thsi area of law so he keeps up to date with all of it constantly. He regulalry goes on courses and meetings, he uses some forums related to the area he works in (when at work) ans keeps up to date reading the news, law magazines, etc. I would assume anyone working in this area of law (or indeed any area of law) would keep up to date.

Make sure you choose your solicitor carefully though - I work in tax and we see a lot of botched wills that have been drafted by solicitors. Tax planning not so much an issue these days for simple husband/wife mirror wills due to ability to transfer tax-exempt bands- there are still IHT plannign opportunities available for the very asset rich however.
We have done our own wills - its extremely straightforward if you do your research and are relatively savvy - but probably best to go to a solicitor if you're unsure for peace of mind.

It's good to hear these estimates. I have to nag DH into doing his, too, only he doesn't want to do anything organised (even open his bills), so I may just have to do it without him and leave him a shock instead of money!

Thanks for more posts. I'm a lone parent, and so am not after DH/DW mirror wills, but my own bespoke one. I will need tax advice WRT inheritance tax.

Can I state in my will that DS is to be bequeathed my home at a certain age, and give the option of his dad raising him here until that time, so DS doesn't need to move?

How does nominating guardians, etc, work in the context of DS's dad and I not being together? I am the resident parent, but we both have parental responsibility. So presumably I can't just dictate the care arrangements for DS if his dad's still around when I'm not? I mean, I'd like it if DS could spend regular evenings/weekends with my parents, and still be in contact with my friends (who no longer have anything to do with XP, but have a relationship with DS). Can I set this out in my will, or would it simply be up to XP, as DS's dad? Is it worth us drafting wills together, even though we're not together?

Thanks.

If you have a good relationship, ask him!

It would be unreasonable for him to deny access by your parents to DS. If ex is uncomfortable with your friends, DS could always see them with your parents until he is old enough to be taken out by the friends? (Ex may appreciate the break from DS, depending on his work and social commitments)

In turn, you should point out to ex that, should he die, you will honour his requests for DS to see ex's parents and friends.

As for the house, if it was your original home, it might not be a big deal for him to move back in!

If your relationship is not so good (and it seems a shame, as you are offering something to him as well), it might be a matter for a family law solicitor before the will is drawn up. However, hopefully it will not be necessary!

Hi, I answered your other thread on Money with detailed advice about what to do (I'm a professional willwriter - my contact details if you're interested are: [email protected]).

Agree with not to do a diy will. Solicitors do make more money from sorting them out than from drawing up wills for people.

Also, try to avoid naming either a bank or solicitor as executor, it will be very expensive. When we drew up wills in the UK the solicitor named themselves as joint executor without asking and passed it off as a minor thing.

I don't call £100+VAT an hour + expenses a 'minor thing'.

I never even suggest that my clients appoint me as an executor. Willwriters who do that are potentially rip off merchants.

www.willaid.org.uk/

ooops, posted itself!

What I meant to say is that I did my will with a local solicitor who donated her time as part of the Will Aid program which runs each November. It costs £75 for a single will. www.willaid.org.uk

Getting your Will right is really important. I would recommend either using a solicitor or a reputable online site. The main things to watch out for, which last weeks Panorama programme highlighted, was the executor and probate elements. What alot of will writing companies and also solicitors do is suggest that they become your 'professional executor' rather than appointing family and friends. This is where they charge large fees, but only on your death!!
I've recently made a will with www.glosslegal.co.uk which was excellent.