I've just prepared my will

[vickster]

The advice seemed to be not to use a main beneficiary as executor. I only have 3 family members named in the will. The others are already as rich as Croesus and would probably be insulted by meagre gifts!

 

[Pat "5mph"]

Bear in mind the friendly family solicitor originally envisages at will-writing time could have long retired or died when the time comes.

True, but are we not supposed to review wills and executors every few years?
Anyway, being an executor of a will is very stressful, wouldn't wish it on family or friends.

 

[vickster]

Currently, I don't think being an executor of my will would be too arduous and I've made a gift of thanks to them in the will. I think between them, they would know everyone personally I've left stuff to

 

[Profpointy]

The advice seemed to be not to use a main beneficiary as executor. I only have 3 family members named in the will. The others are already as rich as Croesus and would probably be insulted by meagre gifts!

I've never heard that advice before. My understanding was it being entirely normal to name the main or sole beneficiary as executor. That's what I've done. They're getting my dosh, so they can fill in the forms - and have got a reasonable incentive to make sure they do get the dosh and it doesn't get eaten away by fees.

 

[vickster]

Nope, that certainly wasn't what my form said but there are no rules about it

 

[Profpointy]

Nope, that certainly wasn't what my form said

well it's a bit of a cheek expecting someone who's being left your tea set to do it surely

 

[vickster]

well it's a bit of a cheek expecting someone who's being left your tea set to do it surely

Why? I asked a couple of friends. I have made provision in my will for them so...they are two very good friends of 20+ years. I'd be happy to do the same for them, as long as I'm not left any children!

I'd like to think they'd be saddened by my passing, not insulted

 

[Profpointy]

Why? I asked a couple of friends. I have made provision in my will for them so...they are two very good friends of 20+ years. I'd be happy to do the same for them, as long as I'm not left any children!

I'd like to think they'd be saddened by my passing, not insulted

Actually I'd done something similar for my "plan B" executors on my old will - ie to cater for the (now ex) Mrs and myself being killed in the same incident. Not an implausible scenario for younger people in good health

 

[Soltydog]

Thanks @vickster as I'm getting very near 50 its probably time I really thought about making my will, As a cyclist I suppose we are all vunerable & our number could be up at any time (but hopefully not) so I'll get my arse into gear & sort mine out too

 

[Profpointy]

Thanks @vickster as I'm getting very near 50 its probably time I really thought about making my will, As a cyclist I suppose we are all vunerable & our number could be up at any time (but hopefully not) so I'll get my arse into gear & sort mine out too

DIY will is pretty easy, but I'd suggest buying a book (must be UK not US law - so watch it if buying on amazon), rather than a form. Alternatively, pay a lawyer (maybe £100) to top-and tail what you want with the right legalise. If you get someone sensible who'll send it you in MS word, you can then change it easily enough, and re witness it from time to time to avoid going back and paying. I'd avoid "will writing service" type people - they're basically door to door salesmen who've been on a one day course and can talk the talk. I found I knew more about wills than the bloke the Mrs got in once. To be fair, he did know just about enough, so wasn't strictly a charlatan, but it was pretty lightweight.

 

[Ganymede]

Some charities will do it for free I believe, as long as you are leaving them something. So if you have a fave charity you were intending to leave money to - a larger charity - it might be worth investigating.

Friend of mine died recently and made his sole beneficiary the executor. She hired lawyers as it was horribly complex (the will was challenged) and it took 2 years to get probate, but she was in charge. A learning experience for all concerned....

 

[Jimidh]

Some charities will do it for free I believe, as long as you are leaving them something. So if you have a fave charity you were intending to leave money to - a larger charity - it might be worth investigating.

Friend of mine died recently and made his sole beneficiary the executor. She hired lawyers as it was horribly complex (the will was challenged) and it took 2 years to get probate, but she was in charge. A learning experience for all concerned....

My friend is just going through the same situation with his parents' estate and he is more than a year down the line and is still somewhat off getting final resolution and incurring fairly hefty legal fees in the process.

A lesson I need to learn as I haven't got round to doing this yet even though my wife and I have talked about doing it for years but it's something you think you will never need to at our age.

 

[rich p]

March is free wills month

http://freewillsmonth.org.uk/

 

[brand]

What a bizarre thing to have to do when you aren't planning on dying anytime soon!

I guess mine is fairly simple having no dependents and little close family!

Thanks to @jefmcg for agreeing to take the cat (and a couple of bikes)

Got any firewood? standing trees included!
I left mine to a mate...now an ex-mate, daughters said they would challenge it anyway as they want my house as a holiday home. They have already told me what they're going to change. They are keeping the woodburner though.

 

[w00hoo_kent]

My friend is just going through the same situation with his parents' estate and he is more than a year down the line and is still somewhat off getting final resolution and incurring fairly hefty legal fees in the process.

When my mother died we used my wifes (and the 'family') solicitor to deal with things, he is the executer of our Wills, we will change things when he dies/retires and risk the chances that it happens within days of us both dying. He said of the argument over my mothers estate "for this amount I wouldn't bother contesting things, get solicitors arguing with each other and we'll just end up with all the money." In this instance, we were looking primarily at a semi-detached 3 bed house in Kent, so not a piddling sum. He did have someone basically spend the whole inheritence by contesting it.