Simon K

Hi all,

Im a father of two children and have a woman, so need to consider a will. Im not married although we live together. I have a few assets, a fully owned large house, half a business and half my parents house, so not a normal setup.

I know many of you are well to do guys, in similar situations, so wanted to pick your brains before I set out and starting talking to these companies. What decisions, issues, conditions do I need to work out first before I visit these people ?? Anyone got a trust setup, as I like everything to go to my children, but need to consider the issue if both parents go, who looks after the kids, and monies ,etc.

Difficult subject really, as no one likes to cosider thier death, let alone someone else looking after your kids. But, I need to do it. I have see these will writing companies as people that charge tons if they see your situation is quite ££££.

Anyway, Wills, talk to me :-)

SBK

EddScott

I would consider exactly what you have and where you want it to go. What provisions you want to put in place for you and yours and go speak to a solictor for the will, a good IFA for the finances/assets and maybe an accountant.

What I wouldn't do is use on of these will writing firms. Bit of a con IMO.

Evolution Stu

iTrader: (2)

Having had two done professionally by lawyers, I recfently changed mine using an online firm and havent regressted it, it is very easy to do and easy to amend at any time you like, without further fees.

I used this one, whome I also did my entire divorce with for about £60
http://www.quickie-divorce.com/?gcli...FeMLtAodGSZZ4g

Evolution Stu

iTrader: (2)

Having had two done professionally by lawyers, I recently changed mine using an online firm and havent regretted it, it is very easy to do and easy to amend at any time you like, without further fees.

I used this one, whom I also did my entire divorce with for about £60
http://www.quickie-divorce.com

andy97

iTrader: (1)

I would recommend a using a good solicitor and a good tax accountant in conjunction. Setting your affairs in order isn't always the best move unless you have mitigated your tax liabilities for your partner and children. Whilst you are doing a will set up power of attorney incase you become incapable of making decisions the moments before your death. I know it's sounds ghastly but you really need to think hard about all of these aspects.

David Lock

Did you cut Kieran out of your will then?

dl

speedking

I would say don't worry too much about getting all the details sorted. It's more important to have something that covers the main points.

We had a Will writer round the house who was like a double glazing salesman. Discount if you sign today etc. !

In the end went to a solicitor who did a good job, reasonable price, stores it for free.

Hanley

+1

Speak to a solicitor, think we payed £110 for the drafting of the will and they also keep hold of it

Midlife......

iTrader: (2)

One of our local solicitors is good on probate....... hundred odd quid but at leat I know it's been done properly. My mum died intestate and it was quite difficult.

Get it done soon as well as I am sure you are aware there is no such thing as a common law wife and she might end up with nothing.........

Shaun

Lee247

My Solicitor drew up my will. £75 plus vat. He has a copy as well as myself. I am safe in the knowledge, when I go to meet my maker, my Kids are getting the lot

marcevs72

iTrader: (5)

have used a solicitor a couple times now when i have changed/up-dated mine before going on tour.worth the few quid it costs as you know its done right.

tarmac terror

iTrader: (2)

whichever route you take - make sure that those who need to know, know that you have a will and know how to get access to it. I personally would also make sure that those closest to you know the detail of what is in it.

Flyinspanner

Check with your bank, mine ( Barclays) included a free will writing service with my account, done by an independent law company.

You don't want to die without a will (intestate) as all bank accounts etc are frozen, even joint ones, which will make life extremely difficult for your family in an already traumatic time.
You can even pre pay and sort your own funeral if you want them to not have to worry!
( not done that bit yet!)

Simon K

Hi all,

Many thanks for your input. Ive been reading up on wills, and executors and was amazed at what solisitors charge if they do this role. So, I would apoint my brother or Mrs to do this.

I was also amazed at how unmarried father's dont really have much say in where the kids go if their mother dies. I will have to have all this written up in her will, and mine.

I was also shocked at how much IHT would be required once my assets were calculated. Where as I would like my lady to keep the house, she would have to dowsizes to pay off duty. This, to me, all seems wrong.

I am with Barclays, so will find out about this free will writing thing. Was it with any particular type of account ?? Ive got my business / personal accounts with them.

The hardest part of all this, is if myself and lady were to go, who would look after the kids. My lady doesnt like my brother, and I dont like her brothers. Both out parents are too old, so a real sticking point that has lead to many arguements. If I was to look around my family circle, no one seems to be in a solid relationship, no one seems to right, so what do u do ??

Man, being a grown up is hard at times :-) Why cant I just return to my childhood, go out on my grifter, eat cola bottles, get pocket money from my dad, and look forward to Saturday evenings 5pm, A-Team.

Eh ?? Where has it all gone ?

SBK

SBK

Midlife......

iTrader: (2)

If you both die (god forbid) then the kids will essentially be made a ward of court and they will be looked after by whomever the court decides......always with the interests of the children first.

AFAIK a will decides on asssets and you can't make out a will which decides on who looks after the kids. That's the way i understood it from my will making.

I have decided on my sister as executor.

Shaun

andy97

iTrader: (1)

Being married would help with transfer of wealth if one of you died. Also you can start to gift your assets to your kids/ relatives as your get much older. Doing this in the correct amounts to bring you under the IHT thresholds.

Sorting out who looks after your kids if both of you die whilst young is probably the hardest part of setting up wills/power of attorney. You seems to have a reasonable estate, dont skimp on professional advice re your tax and will. It will come back to bite your wife/partner and children if you get it wrong all because of saving a few quid now.

speedking

Travel everywhere separately

Turbohot

I have a will, but I also have a will (as wish) to tweak it a bit. I have Barclays Additions Plus account. Through that, I can apparently make a new will on line. Not sure whether to go to my solicitor or just use Barclays, as I pay them extra for priviledges.