A Will Or Not?

[bond]

I have no children, no spouse and no intentions for either. I have a mother and a best friend who I would want to have half each of my estate/assets if I die (I have no debts). If I have written a letter to this effect that they have half each (only to be opened on my death), would it be honoured, or is it worthless and everything go to the state?, ie do I still have to complete a formal will and have it countersigned blah blah by officialdom.

[Jackdaw33]

Not a wise move. Should your mother survive you she will receive everything under the intestacy rules. She would then be at liberty to give half to your best friend is she so chooses. You need to make provision for what will happen to your mother's share if you predecease her. A very simple will to this effect will cost you nothing. All you must ensure is that none of the beneficiaries of your will are witnesses to your signature.

[Jackdaw33]

Sorry,I meant to say if your mother predeceases you.

[Buenchico]

As it stands, the letter you've written has no validity. When you die everything will go to your mother. If she predeceases you then it will go to your aunts and uncles (if any) or otherwise to the Crown:
http://www.hughjames.com/wp-content/uploads/2014/03/Intestacy-Rules-October-2014.pdf
(There would, of course, be nothing to prevent your mother - if she was still living - from honouring the terms of your letter by voluntarily giving half of what she received to your friend).

However you don't have to "complete a formal will and have it countersigned blah blah by officialdom". OK, you do do need to draw up a proper will (see below) but there's no need for any 'officialdom'. My own will was witnessed, by a couple of people I simply happened to be working with that day, in a Tesco car park!

Copy and paste the following onto a blank sheet of paper, changing the names, addresses and other details to meet your requirements:

"This is the Last Will and Testament of me, James Bond, of 42 Acacia Avenue, Newtown, in the county of Nowhereshire.

I hereby revoke all former Wills and testamentary dispositions made by me.

I appoint Fred Bloggs, of 46 Acacia Avenue, Newtown, in the county of Nowhereshire, and Martha Bond, of The Larches, South Road, Anothertown in the county of Whatshire as the Executors and Trustees of this Will. Should either of the aforesaid persons predecease me or be unwilling or unable to act as Executor and Trustee I appoint the other person alone as sole Executor and Trustee.

I desire that my body be cremated after a ceremony in accordance with the traditions of the Church of England.

I devise and bequeath all my real and personal estate whatsoever and wheresoever situate unto my Trustees, upon trust, to sell, call in and convert the same into money, with power to postpone such sale, calling in and conversion for so long as they, in their absolute discretion, shall think fit, without being liable for loss.

My Trustees shall hold the net proceeds of sale and conversion of my ready money, upon trust, to pay thereout all my just debts, funeral and testamentary expenses.

Subject as aforesaid, my Trustees shall stand possessed of the residue of my estate, upon trust, to distributes in accordance with the following provisions:

Fifty percent thereof to my mother, Martha Bond of The Larches, South Road, Anothertown in the county of Whatshire.

Fifty percent thereof to my best friend, Fred Bloggs, of 46 Acacia Avenue, Newtown, in the county of Nowhereshire.

Should either Martha Bond or Fred Bloggs predecease me, I leave the whole of the residue of my estate to the surviving beneficiary.

In witness whereof I, the said James Bond, have to this my Last Will and Testament set my hand this tenth day of September in the year two thousand and fifteen.

[Space for your signature]

Signed by the said James Bond, the Testator, as and for his Last Will and Testament in the presence of us both at the same time who, at his request and in his presence and in the presence of each other, have hereunto subscribed our names as witnesses:

[Space for the signatures of the witnesses] "

Then all you need to do is to find two witnesses (who must NOT be your best friend or mother), sign your will IN THEIR PRESENCE and get them to add their signatures underneath. (It's best if they print their names and addresses as well).

After that, all you have to do is to store your will in a safe place and TELL YOUR MOTHER AND BEST FRIEND WHERE IT IS!!!

[hc4361]

For clarity, can I add to Buenchico's answer that the executors in his example are also the beneficiaries.

[Jackdaw33]

An executor can be a beneficiary; a witness can not.

[Buenchico]

As Hc4361 points out, my draft document appoints the beneficiaries as executors as well. In a simple will that's usually the best way forward (as anyone who isn't a beneficiary will either want paying for the task or have no interest in doing it particularly well).

Unless Bond has complex financial affairs (such as owning a farm, which tends to complicate things) his mother and best friend could probably seek and obtain probate with very few difficulties. However they could still choose to appoint a solicitor to do the job if they preferred to do so, with his/her fees coming from Bond's estate.

[hc4361]

I agree, the beneficiaries as the executors is by far the best way.

[lankeela]

Interesting, I have been putting this off but this has made me consider making a wiII. I honestIy thought it wouId cost money to do.

[DaisyNonna]

Why not make a will? Or do you just want to be difficult?

[Peter Pedant]

what you have written can be summed up as

I have heard about wills and how you leave things to people in them.
I dont want to do this, so I have written a letter. Is this as good as a will ?

very short answer - No

You know about a will and what it does - why not write one ?

Your title should be A will or Won't ?