Making a will and putting things in trust

[journolud]

We're lucky enough to have something to leave our sons and having not updated our wills since they were little and their future would have been entrusted to friends if we'd died we finally got round to writing new ones.

This all comes under the "free wills" service that proliferates nowadays and is a no brainer but inevitably there's a soft sell on things like POA and putting things in trust to protect, as far as possible tier inheritance. I think I understand it all but am still in the cooling off period but just wondered if anyone else has gone down this road and if so what sort of costs they ran to?

We're early 60s and looking forward to spending a bit of the money we've managed to build up but doesn't seem unreasonable to start making some provision looking ahead.

 

[Mazzarelli's Swiss Cheese]

Not nice to think about I know, but do assets in trust get chucked into the marital pot in the event one of them divorces?

 

[denislawsbackheel]

Firstly power of attorney has naff all to do with trusts, and in my opinion setting POA up is more important than writing a will.

Secondly, according to Paul Lewis, the financial expert, trusts don’t do for ordinary folks what you want to do. They only become effective for the likes of multi millionaires.
See

Don't trust trusts!

You may be tempted to put your house into a protection scheme, but don’t, says Paul Lewis.

www.radiotimesmoney.com

Thirdly, most free wills are for basic mirror wills between partners. I doubt they remain free if you want to start complicating things with trusts.

 

[dickie davies]

We're lucky enough to have something to leave our sons and having not updated our wills since they were little and their future would have been entrusted to friends if we'd died we finally got round to writing new ones.

This all comes under the "free wills" service that proliferates nowadays and is a no brainer but inevitably there's a soft sell on things like POA and putting things in trust to protect, as far as possible tier inheritance. I think I understand it all but am still in the cooling off period but just wondered if anyone else has gone down this road and if so what sort of costs they ran to?

We're early 60s and looking forward to spending a bit of the money we've managed to build up but doesn't seem unreasonable to start making some provision looking ahead.

Do not use a free will service
Ring a local solicitor and get a price for them to write everything up correctly

 

[halfmist]

The usual reason why firms offer a free or cheap will writing service is they want to be named Executors on your death . They then get a blank cheque for their services for being in control of your Estate. A very important consideration is registering your will with the National Will Register. This means your latest Will is on a public record and avoids an unscrupulous relative destroying a copy they may find lying around your house after your death.

 

[The Light Was Yellow Sir]

The usual reason why firms offer a free or cheap will writing service is they want to be named Executors on your death . They then get a blank cheque for their services for being in control of your Estate. A very important consideration is registering your will with the National Will Register. This means your latest Will is on a public record and avoids an unscrupulous relative destroying a copy they may find lying around your house after your death.

You could just not have unscrupulous relatives as well….

 

[halfmist]

You could just not have unscrupulous relatives as well….

If there is money involved and they don’t think they are getting their fair share, scruples go out of the window.

 

[N1985]

Leaving everything to my daughter and my niece. Nobody else in the will. I'm not funding a piss up in the Maldives for 50 year old relatives.

Much rather fund drug fueled boat parties in Ibiza.

 

[The Light Was Yellow Sir]

If there is money involved and they don’t think they are getting their fair share, scruples go out of the window.

Sounds like you’re either absolutely loaded and/or your family is full of scallies, which is a shame..

 

[Big Joe Corrigan]

We're lucky enough to have something to leave our sons and having not updated our wills since they were little and their future would have been entrusted to friends if we'd died we finally got round to writing new ones.

This all comes under the "free wills" service that proliferates nowadays and is a no brainer but inevitably there's a soft sell on things like POA and putting things in trust to protect, as far as possible tier inheritance. I think I understand it all but am still in the cooling off period but just wondered if anyone else has gone down this road and if so what sort of costs they ran to?

We're early 60s and looking forward to spending a bit of the money we've managed to build up but doesn't seem unreasonable to start making some provision looking ahead.

My younger brother and his wife have done it to protect the kids inheritance, cost them about £3000 total. I spoke with the same solicitor, but she said she couldn’t do anything for as I still had a mortgage.

 

[halfmist]

Sounds like you’re either absolutely loaded and/or your family is full of scallies, which is a shame..

Yes and no . We just want anything that is left to go where we want it too. Every family has a black sheep.

 

[halfmist]

My younger brother and his wife have done it to protect the kids inheritance, cost them about £3000 total. I spoke with the same solicitor, but she said she couldn’t do anything for as I still had a mortgage.

Sounds a bit of a lame excuse. Mortgaged property can be put in to a Trust but you would need the permission of the lender.

 

[denislawsbackheel]

Mate of mine set up a trust to protect everything like above. Costs him a lot of money to run it properly.
After ten years a new IFA took one look at it and said it was worthless.

 

[Kirkstall Blue]

We recently changed ours to “mirror wills” we employed a solicitor it’s money well spent. If either of us go into care one half is protected plus everything will go to the three children or blood relatives.

 

[Xhavenjoe]

As they say, where there's a will , there's a relative.

 

[Kirkstall Blue]

Do not use a free will service
Ring a local solicitor and get a price for them to write everything up correctly

A couple I know tried to do an online will, they have done nothing but argue ever since and still haven’t finished making one.
A solicitor is best if it’s complicated by step children they can help sort out what is the best solution

 

[Kirkstall Blue]

Yes and no . We just want anything that is left to go where we want it too. Every family has a black sheep.

One black sheep ? I had one of those will tracing people ring me and my sisters up recently, right out of the blue a very distant relative died intestate. Someone I’ve never heard of so heir hunters ring and I’m to get a share of what is a huge tree.
It might not be much but have to wait until they trace everyone.

It only goes to prove make a will, even if you have hardly any assets you can still get a will from the post office, just write where you want “what’s left” to go and get it witnessed by a neighbour sorted.

 

[Frank the Yank]

As they say, where there's a will , there's a relative.

My mate says it s bit differently. “ where there’s will there a way. When there’s a will with money, there are relatives. “. Something like that.

My mom’s cousin died without a will in Florida. What a shitshow and what a story. Bottom line they are going to end up with some large. Long, painful story. Had to do just about fuck all and will end up with a nice chunk. Like they opened the front door and found a wad of cash but they almost blew it.

 

[KS55]

Jarndice v Jarndice

 

[goat boy]

My solicitor told us to set up a trust to stop a situation where one of us dies, remarries, and some portion of our estate winding up with whoever that person is rather than my kiddiewinks. Is this not right? There was a cost to it but not horrific.