Crosswords0 min ago
Making a will
I need to make a will and have a a couple of questions.
a) Is it better to go to a recognised professional firm of willmakers or to a solicitor? I have been hearing of a couple of occasions where a will has been made and the firm has gone out of business/into receivership etc and the will could either not be traced or had not been finished properly and was null and void.
b) If I have say £10000 in Premium Bonds and state I wish to leave them to a specific person, what happens if I need the money and cash them in (obviously before I die) do I have to change my will at some expense. (this is only an example, it applies to anything I leave)
c) Is it better to lodge the will with the writer or keep it at home. Is there a charge for lodging it?
a) Is it better to go to a recognised professional firm of willmakers or to a solicitor? I have been hearing of a couple of occasions where a will has been made and the firm has gone out of business/into receivership etc and the will could either not be traced or had not been finished properly and was null and void.
b) If I have say £10000 in Premium Bonds and state I wish to leave them to a specific person, what happens if I need the money and cash them in (obviously before I die) do I have to change my will at some expense. (this is only an example, it applies to anything I leave)
c) Is it better to lodge the will with the writer or keep it at home. Is there a charge for lodging it?
Answers
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My opinion but find someone to write your will who offers safe storage and registration on the national wills register. This is the go to place for people who are looking for a will and is operated by the law society.
Your example of premium bonds is not a good one as they cannot be willed or given away and must be cashed in on the death of the holder. The cash value goes into the estate.
If something has been willed to someone and you have disposed of it then they don't get it, as simple as that, however this may then "unbalance" your will and you might with to change it to make it reflect your wishes. eg you might dispose of the item that you have willed to your "favourite person" or it might get damaged or broken and if you don't change your will then the person wnho you most wanted to leave something to would lose out.
My actual will is lodged in fireproof storage at the solicitors who drew it up. An electric copy is on their secure server but this is more so i can change it easily if I need to. I have copy at home and my executor also has a copy and details of where the actual will is. My will is also on the national wills register.
Your example of premium bonds is not a good one as they cannot be willed or given away and must be cashed in on the death of the holder. The cash value goes into the estate.
If something has been willed to someone and you have disposed of it then they don't get it, as simple as that, however this may then "unbalance" your will and you might with to change it to make it reflect your wishes. eg you might dispose of the item that you have willed to your "favourite person" or it might get damaged or broken and if you don't change your will then the person wnho you most wanted to leave something to would lose out.
My actual will is lodged in fireproof storage at the solicitors who drew it up. An electric copy is on their secure server but this is more so i can change it easily if I need to. I have copy at home and my executor also has a copy and details of where the actual will is. My will is also on the national wills register.
If your will is straight forward I would say a will writer is OK.
In my case it was not so I went to a solicitor.
If you leave premium bonds to somebody and they are mentioned in your will and they do not exist at the time of your death thr beneficiary will not get them so there would be no need to change the will.
Why not leave a percentage of your estate to each person instead?.
Have you considered standby benficiaries?.
My father, husband, myself and children travel on the same boat / aeroplane once a year.
There is a small chance we could all die at the same time.
I keep my will in my bank and my father's so they do not go missing.
The solicitor who drew up my parents will and mine dealt with my mother's estate but has now retired so it may be best not to leave it with a solictor / willwriter.
In my case it was not so I went to a solicitor.
If you leave premium bonds to somebody and they are mentioned in your will and they do not exist at the time of your death thr beneficiary will not get them so there would be no need to change the will.
Why not leave a percentage of your estate to each person instead?.
Have you considered standby benficiaries?.
My father, husband, myself and children travel on the same boat / aeroplane once a year.
There is a small chance we could all die at the same time.
I keep my will in my bank and my father's so they do not go missing.
The solicitor who drew up my parents will and mine dealt with my mother's estate but has now retired so it may be best not to leave it with a solictor / willwriter.
I used my Bank, they also keep it centrally, and I have a copy at home, also used the percentage system, so however much or little I have at the end, each beneficiary will receive their % of my assets. If you have any jewellery or sentimental items you want to go to a specific person put them in the Will first and they then come out of the residue value to be shared.
I believe you will be better served by having your will prepared by an experienced solicitor, before you do make sure the executors of your will have agreed to act in this way, the executors are often the major beneficiaries but they do not have to be, do make sure they are aware of the location of the original will. Whatever you decide to do have your will professionally written, the legal profession have been able to earn a good deal of money from DIY wills. I would not use any organisation that insists on being an executor of your will.
It will not matter if you leave something you no longer own it is a very common thing to occur, remember you are unable to give what you do not own.
I would suggest you have the original will left in the strong room with as many copies as you please making sure that the sleeve gives the location of the original.
It will not matter if you leave something you no longer own it is a very common thing to occur, remember you are unable to give what you do not own.
I would suggest you have the original will left in the strong room with as many copies as you please making sure that the sleeve gives the location of the original.
Use a solicitor. Choose a fairly large firm and they will have a specialist probate department, that not only drafts wills but spends most of its time advising and acting for executors.
Avoid anyone, will writer or not, that wants to be an executor. There's big money to be claimed as a professional acting as executor. One reason why will writers can be so cheap in doing the will is that they might get to be a paid executor. They may be charging as a percentage of the value of the estate. Ordinary executors can always employ a solicitor, as and when needed, to help them, and pay for those necessary services, as they arise, out of the estate,.
No will writer needs to be legally qualified. He could be a bus driver or anyone else who fancies doing it The 'professional' ones have their own exams, but solicitors or counsel they are not. They claim to be better than solicitors because they only write wills. That does not bear examination. Yes, but solicitors write wills and act for and advise executors in administering the estates, negotiate with the Revenue and deal with every aspect from valuations and conveyancing to dealing with disputes, and claims by dependents; they know the consequences of every word in a will . The will writer is not qualified, nor does he or she have the experience, to advise or do all those things, matters in which a solicitor has had to pass exams , and then be articled, to qualify as a solicitor.
Avoid anyone, will writer or not, that wants to be an executor. There's big money to be claimed as a professional acting as executor. One reason why will writers can be so cheap in doing the will is that they might get to be a paid executor. They may be charging as a percentage of the value of the estate. Ordinary executors can always employ a solicitor, as and when needed, to help them, and pay for those necessary services, as they arise, out of the estate,.
No will writer needs to be legally qualified. He could be a bus driver or anyone else who fancies doing it The 'professional' ones have their own exams, but solicitors or counsel they are not. They claim to be better than solicitors because they only write wills. That does not bear examination. Yes, but solicitors write wills and act for and advise executors in administering the estates, negotiate with the Revenue and deal with every aspect from valuations and conveyancing to dealing with disputes, and claims by dependents; they know the consequences of every word in a will . The will writer is not qualified, nor does he or she have the experience, to advise or do all those things, matters in which a solicitor has had to pass exams , and then be articled, to qualify as a solicitor.
Good answer Fred. The solicitor we used was very helpful. I retained executorship and bought some of his time and expertise to do the bits that I didn't want to do. Because he is a general solicitor with experience beyond will and probate, he was able to help me to deal with foreign investments and the ins and outs of changes of ownership. At no time did he push for further fee paying work.
You cannot will premium bonds to someone but you can leave them in the deceased person's name for up to twelve months after their death and any winnings will be added to their estate to be shared out. Mr BD's dad died in December and we have chosen to do this with his premium bonds. You never know - they could win.
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