Where to keep a Will?

[blup]

..... and so can a Bank!

Don't touch a bank, far more expensive than a high street solicitor. The co-op is the exception as they offer a support service as well as a full executor service.

Blup

 

[blup]

Nothing complex about that - standard survival clause.

Distribution of Residue
...
To receive any gift or property under this Will a beneficiary must survive me for thirty (30) days...
...

Then you have a wipeout clause to cater for the scenario, that everyone you left a share to dies.

It really is the most simple thing to deal with in law. It only gets complex when you have trusts or people with disabilities and benefits.

Lol, your average Joe doesn't understand a survivorship clause, as Chris Tarant said the questions are easy when you know the answers.

Blup

 

[ajohn]

What do your kids get?

Simple - what's left is divided up amongst them. For that option a will isn't needed.

No kids. Tricky one. Close relatives need to be found, if dead their children or even their offspring if dead. There are companies that specialise in this. Say there were a number of brothers and sister. What's left is divided between them. If dead it's then subdivide between any children and so on. If no one is found the state gets it. I received parrt of one of my aunt's estate this way a few years ago. No will. I have a brother so it went 50 - 50. Another of her relatives who had died had 4 kids alive so went 25-25-25-25,

Where a will is needed. One of my wife's relatives. Fairly rich. His will left all to a brass band but only after his wife had died. One is needed when ever some one wants to do something other than leave it to the kids. His solicitor was probably a very happy man. Valuations and all sorts to organise. He collected paintings and some antiques.

Obtaining probate isn't that difficult. The most difficult part is the value of the estate. Money and goods. Goods are only worth their resale value. Valuations may be needed but often realistic values can be guessed. It all depends on how much some one is leaving really.

I filled on in for a friend. Her partner had died and they were not married. It took me about 1/2hr. She had been quoted £1200. The house and content remained as they had done but probate gave her access to any of his funds.

Some people#s idea of needing houses to be joint owned between a husband and wife aren't aware of the true facts. Sorted when my father died before my mother who wasn't a part owner. No problem and legally checked at the time. She can just live their until she dies. It's then part of the fathers estate but a solicitor will probably transfer it before the transfer on sale - for obvious reasons. I was my fathers executor so could sign the forms.

 

[Harry Bloomfield]

..... and so can a Bank!

A bank, even more so than a solicitor. A bank will employ a solicitor, as well as wanting their pound of flesh. A solicitor can claim up to 25% of the value, of the estate, as I almost found to my cost. The work around I used, was a then new ruling I found, from the Law Society - where if all beneficiaries are in agreement, they can nominate an individual to act as the Executor, instead of the solicitor. It has to go before a judge, and you pay a fee.

 

[Murdochcat]

Better get round to a will sometime I suppose.
Assuming she survives me, wifey gets it, which is fairly simple. If we go together then it doesn't matter.
Gov gets almost 40% anyway.
The cat's 20, so he won't need much for long.
I have a brother but he's also ok, and lives well within his means so doesn't need money. I hardly see him.
A uncle died intestate and I was executor. I remember waiting a while for things but a will wouldn't have made much difference.
Passwords will be more of a problem.

Now someone will correct me I expect.

government doesn’t get almost 40%

40% only kicks in above certain values, meaning below those values it’s tax free

 

[charliegolf]

That rather depends on what your will says

Dork knows everything mind. I know this, because he regularly tells everyone.

 

[Justin Passing]

government doesn’t get almost 40%

40% only kicks in above certain values, meaning below those values it’s tax free

Yeah, they do. I can do sums.
It's 325 or 650 for a couple.

Depends on the estate obviously, but if you have a bit of property in the SE, ..... nearly 40%.

 

[Justin Passing]

Oxymoron alert.

Please stop making it up as you go along. You don't know what you don't know & this is why we employ professionals. OK, I know that for lots of folk it doesn't matter where it all goes, 'cos when you dead you dead & nothing much will matter to you anymore. If you have not much to leave as your legacy then you probably don't care much for where it all goes.

I would certainly roll in my grave & I would certainly try my bestest to break out as a zombie if the current Mrs. Lards offspring inherited any of my lifes work.

If there's no will there's a process to decide who acts as executor. It's called something else which I forget, so what.
Nothing made up, god you're an arrogant little pr*ck.
You keep going on about people not knowing stuff, when you're one of the most ignorant people on this forum.

If you have not much to leave

Irrelevant.

 

[charliegolf]

I've been an executor twice, one for my Dad who was intestate. It's not rocket science. It gets interesting if you don't want your spouse to inherit and favour his/her kids over yours when they go. Still not rocket science.

 

[Justin Passing]

. dupe

 

[cwhaley]

I don’t have much to leave; two up two down terrace.

That could be financial security for your son. I told my Dad to spend and enjoy all his money (he worked for over 50 years). He's leaving my brother and I the house -- it's a lot of comfort for the future.