Making a will

368100

I'm in my late 30s and have just bought a house so am Considering making a will. I dont have any out of the ordinary assets really, just the house (mortgaged but would be paid off from life policy) and a death in service benefit of 4 times annual salary so I guess it would add it to be substantial enough.

I've no kids so would intend at the minute to give to my nieces and nephews rather than it going to siblings (I dont want anything going to one in particular).

I know my solicitor will advise properly but has anyone any tips from experience of things to look out for? And what age were you when you made a will?

donkeykong5

368100 wrote: »

I'm in my late 30s and have just bought a house so am Considering making a will. I dont have any out of the ordinary assets really, just the house (mortgaged but would be paid off from life policy) and a death in service benefit of 4 times annual salary so I guess it would add it to be substantial enough.

I've no kids so would intend at the minute to give to my nieces and nephews rather than it going to siblings (I dont want anything going to one in particular).

I know my solicitor will advise properly but has anyone any tips from experience of things to look out for? And what age were you when you made a will?

Are you in a credit union. If so I would make my will with the solicitor connected to their branch. They are completely trustworthy and won't rip you off.

Claw Hammer

There are a few things you should do.
1. Draw up a family tree showing all of your siblings and their children. Have names and dates of birth for each of them as appeared on their birth certs. Also include any names they habitually use including married names This is critical. It is amazing how often people use names other than those on their birth certs with potentially ruinous consequences. You make a gift to "my niece Mary" and it turns out another niece everyone knows as Dolly has Mary on her birth cert and demands the gift intended for her cousin.
Draw up a letter of wishes. This should set out what you want to happen. Think about the residue clause. It happens quite often that people inherit money shortly before death from a sibling. The result can be a much larger residue than was thought about when the will was made.
When you go to a solicitor bring the family tree and letter of wishes. Indicate what you want to happen and keep copies. Insist that everyone is identified properly. Eg my nephew john, son of my brother William born x date. Decide where you want the original will kept and decide on a means of notifying people where to find it when you pass away. Ensure that there is no prospect of the will being stolen or "going missing" to the benefit of your siblings.

Dolbhad

As previous posters said think about who you want to leave it to and have the details. Give a detailed list of all your assets etc.

Also need to decide who will be executor ie who does the paperwork for the probate estate. Be aware of CAT thresholds if the gifts.

FYI a subsequent marriage does invalidate a will so just to remember that if personal circumstances change. Credit unions can be linked to a solicitor who may not charge for a will or consultation but would be worth checking out whoever acted for you in the purchase of your house.

368100

Great tips, thanks all