Sorting a Will today...

[marlinspike]

Really good point to sort out your will in respect of children from previous relationships. My neighbour and her brother gave up their share of her parents house so that their impoverished sister and children could live there. She remarried but passed away after a few years. The kids left home asap and the husband has inherited a house now worth £400k with no sign of the kids seeing any of it. Best to make provision in writing rather than rely on others to carry out your wishes when you've gone.

 

[colnerov]

Hi, Try and keep it simple and straight forward as said up there /\. I did mine last year at the age of 68, I'm single, no dependants, one sister and countless cousins. So it was left to her (and her kids as alternative inheritors) and just her as executor plus a solicitor from the practice. Cost £250.

Neighbour over the road has just done hers, two daughters one wayward and one a nightmare doesn't want to leave them a lump some because of addiction and mental health problems. if she doesn't leave one anything she will just contest the will. she wants to leave a small amount to her deceased husbands child from a previous marriage. She has had two bites of equity release from the property, so they will want the estate settled in a timely manner. She has an executor whose strong willed enough to deal with the girls. So she's had to set up a trust to facilitate and limit exposure. Cost £3000.

Families eh.

Colin

 

[500e]

Charities can be a nightmare my SIL left a sizable chunk to a well known charity, they rang the solicitor one of 2 executors to say was the estate agent the cheapest they could find FFS they were getting a 6 figure sum
Others that contest every penny spent on sorting things out
As @rtcosic says "If you are assisting an aged with their will, please discourage them from leaving little bequests of money or keepsakes to friends and neighbors" dont leave it in your will ,
Make a list of WISHES I think it is called for the executors to carry out at their discretion.
We look at ours every 4/5 years to check addresses and see if the law has changed, at 83 I am floating closer to the top of the heap.
This is one of the most sensible and informative threads with a lot of good advice + no deviation really strange.

 

[Morrisman]

Its also very important to make sure they have Living Power of Attorney, just in case you need care and you dont have the capacity to deal with it.
Let them have ALL you account details. Nightmare talking to suppliers and Banks if not.

I drew up my will several years ago, everything goes to my daughter. I've thought about giving her all my bank account details, building society, P bonds etc, just in case. As mentioned, it could be hell for her trying to find out where my vast wealth is stashed away if I pop my clogs unexpectedly.