Considering--

Mr Lou and I have had a will for a while, as we were aware with not being married how complicated it could be.
After Mr Lou's Dad died we went and changed ours straight away, so that the solicitor would handle everything, not the executors, as he had found it too stressful, you have enough to deal with when losing a loved one.

[Ruffy]

Originally Posted by -Ralph-

Does my wife need one? She has no assets, other than the house which is already legally half hers (so I assume would become completely hers on my death without having to go through probate as part of my estate and vice versa?). I am named on her pension.

I think automatic transfer between spouses depends on how the house is held: "joint tenants" or "tenants in common".

Also consider the chain of events if you were both killed in the same incident e.g. car crash, plane crash on hols etc. Even worse if you add your son into the mix. It isn't that improbable. Apparently in such situations the youngest died last ...

Sadly just a couple of the points I have picked up through dealing with both parents' and some grandparents' estates over the years and taking advice on my own situation.

It can be a complex area, but it can also be simplified somewhat. You need professional legal advice.

I have thought about a will for a while now.

Thing is, I'm still young at 26, and I have no assets. Even my bike is not really "mine" til I have paid off my loan (even though I loaned the money from my own ltd company)

Not married either, after 9 1/2 years.

So bit pointless getting one now?

[Ruffy]

Originally Posted by davepreston

its a difficult time for those left behind so make it easier in any way you can, and a will just makes things easier and as said easy enough to do

Originally Posted by Bri w

Spot on Dave, couldn't put it better. Your fee is in the post

+1. As DP says, it's difficult enough as it is dealing with a loss. However my experience is that there is some comfort (however small) to know that the deceased put some effort into plans to make things easier for those left behind.

My rule of thumb was simple:
Q: Do I want the state getting it's grubby mitts on any more of my estate than it was entitled to?
A: No!
Conclusion: Avoid intestacy rules by getting a good will drawn up.

(BTW, I'm not squeaky clean - I still need to update my own due to change in circumstance.)

[yorkie_chris]

Originally Posted by Owenski

Once mini owenski is here it'll be a priority task.

Yeahyeahyeah you're full of crap.

Once mini owenski is here priority tasks will be changing nappies, trying to get any sleep you possibly can.

So do it now

[dizzyblonde]

I made a will a few years back, it needs changing.

[punyXpress]

Originally Posted by -Ralph-

If somebody can explain to me why, and I find the reasons compelling, I'll go get it done without delay, but "yes" isn't convincing me to rush out to a solicitor.

Think this has been covered, but one thing you ( and others ) might consider is guardianship of your son and how their expenses on his behalf may be dealt with.

[L3nny]

Not read all the thread but I used to work for a will writing company when I was about 20 and writing one yourself is very easy. Also remember that a will is not legally binding it is simply your wishes. Anyone who want's to contest the will can and if they have a valid argument usually win.

the company I worked would write the wills over the phone using a template and 90% of them just followed the template.

If all you want to do is look after your wife and kids and you don't make a will that's what will happen anyway especially if you have a joint mortgage and not too many assets. Most of the time it would take 10 minutes to write and 15 mins to be checked over by the companies solicitor so if you are paying £100 or more and don't have any specific or comlicated clauses in there you are being overcharged.

The only time making a will is vital is if you have a lot of assets and you want someone other than your immediate family to get it. i.e. you own your house outright youself and live with your girlfriend and want her to live there after you die.

Be careful of adding a solicitor as an executor on your will as they will charge a lot to look after the estate and usually don't do much unless there is a problem. Add your best friend or close family member as your executor and if they need help they can always ask a solicitor later.

I don't have a will myself as I am worth about 50p and have no kids.

[embee]

It was explained to me that it's generally not a good idea to have a solicitor as executor as said above, it can last as long as it takes and while there are funds in the estate they'll get paid (unless a solicitor would like to spell out the folly of that statement). Friends/family can ask for help if needed as said.

Partners living together with no formal marriage/partnership must get wills writen pronto. If one dies the other is entitled to zilch, even if they've been together for 30yrs.

Even if you think you have little or nothing, just get a will which says everything goes to person X. At least you are not intestate. Person X can then do what they want with the little you leave.

Hmm.... now who shall i leave all my debts to??