Why Wills and trusts are crucial.

Discussion in 'Finance, Property, Law' started by BiscuitsAB, Sep 14, 2012.

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  1. BiscuitsAB

    BiscuitsAB LE Moderator

    The benefit of making a Will

    A Will is a legal document that allows you to determine who will benefit from your property and possessions when you are gone.

    · Certainty that your property and assets and business interests will be received by the people you have chosen

    · You can name Executors who will manage the administration of your estate and carry out your instructions.

    · You can name Guardians to look after any children you have

    · Peace of mind that you have reduced the burden and stress on your loved ones after you are gone.

    · A Will can help you protect the value of your property or savings for future generations by minimising the effect of Inheritance Tax or residential care fees upon the value of your estate.

    But without a Will:

    · Your unmarried partner will not benefit from your property or possessions at all
    · Your spouse or civil partner may not inherit all of your property and possessions
    · The family home may have to be sold to distribute your estate according to the law
    · Your estate could end up going to those you did not wish to benefit
    · The Court will appoint Guardians for your children under 18 – they may not be people you would have chosen
    · Children from a previous marriage may not receive anything at all
    · You have no control over who administers your estate
    · The administration of your estate can become more complicated
    · Your funeral arrangements may not be as you would have wished

    When there is no Will, strict inheritance laws called the Rules of Intestacy apply. These rules dictate who can administer your estate and who can benefit.

    A will is just the first part of a basic estate preservation plan.
    • Like Like x 3
  2. A well structured and clear Will, also makes probate a lot easier and cheaper if you choose to use a third party.
  3. Is it right to assume that a will made three years ago at Chilwell remains valid?
  4. Same question hear are wills held in Glasgow still valid one we lave?
  5. A will should remain valid unless

    You have married ( and the original will was not written in contemplation of this )

    You have produced a new will

    It has been destroyed
  6. Sixty

    Sixty LE Moderator Book Reviewer
    1. ARRSE Cyclists and Triathletes

    Biscuits, I think I'm right in saying the law on wills and inheritance differs a fair bit in Scotland. Not sure if you want to cover that too?
  7. Yes - assuming none of the conditions in my answer above apply.

    Your will should be returned you you from Glasgow on completion of service.

    Also a note to add 90%+ servicing soldiers have wills - but most spouses don't - though its just as important for the reasons Biscuits gave above.
  8. Obviously a will is a good thing.

    My late wife never had one and I just sort of took everything over when she died last year, including bank accounts, with no hassle what-so-ever. I have an adult step-daughter who received jewellery, photographs and cash, but It was entirely up to me as who got what. I have no idea if that is the correct way of sorting these things out.

    My brother used to sell wills and was pretty switched on with the system, and he told me that although you can put just about anything onto a will, the bit about any preferred funeral arrangements is not legally binding, for good reason, but is usually adhered to.

    I, like I suspect the majority of people, do not have a will.
  9. If you have kids, and a paid off house, don't forget to put it in joint names (if you are prepared to do this). This splits the property into two parts for inheritance tax purposes.
  10. BiscuitsAB

    BiscuitsAB LE Moderator

    Mate I'll defer at the moment to anyone based north of the wall on that one, as you rightly state Scots law is different in many areas. However give me a week and I'll be able to get up to speed on any of the more subtle differences as applied to wills and trusts.
  11. BiscuitsAB

    BiscuitsAB LE Moderator

    Go stand in the fecking corner! you've got it back to front :)

    What you're thinking of is Tenants in Common, which does what your talking about.
  12. Sorry yes, plenty of the 'older' generation haven't done this, and you can leave your kids with a hell of a tax bill, for a very minor paperwork procedure.
  13. So whats the going rate for a will assuming you dont want 1001 stupid clauses in it?
  14. BiscuitsAB

    BiscuitsAB LE Moderator

    Good question and the answer is how long is a piece of string. £50 to £500 depending on where you go. And don't assume that just because you use a £500 solicitor to do the will its going to be any better than a £100 from a will writer. I've seen some shocking will's written by law firms.

    And thank you for the leading question. Having a will by itself is often like getting into a car putting the key into the ignition but not turning it (or pressing the start button). A lot of the time it is less than half the job that needs doing.
  15. Isn't there some specific legislation with regards to inheritance tax from those who have received Armed Forces compensation?
    (yes, I'm being lazy, I should search for it).