Anyone know about wills?

TimTom · 16 Aug 2018 at 16:16

I know I should ask a solicitor but I've got two fairly simple questions that someone might know the answer to.

1) I've changed my address since I made the will. The solicitor knows my current address but the will still shows the old one. I assume it doesn't matter?

2) I bequeathed a small specific sum of money to a named relative but sadly they've just died. I assume that doesn't matter either as far as the will's concerned? If he's not here, he can't get it so I guess it just goes back into my estate?

wnb · 16 Aug 2018 at 16:23

I don't know my bum from my elbow but I would just cross out your the old address and write the new one down.

ElliorR · 16 Aug 2018 at 16:24

What you talking about Will(i)s?

novaenough · 16 Aug 2018 at 16:31

ElliorR said:
What you talking about Will(i)s?

1, No idea
2, it could still go to their estate and be passed onto their beneficiaries?

I've no idea though, I'd be checking with my solicitor if it were me.

Minusorange · 16 Aug 2018 at 16:44

I know you should fire at them when given the order

antijoke · 16 Aug 2018 at 16:52

Yeah I know a thing or two about Wills...first one is Will Smith, second is Will.I.Am and the third is Prince William, AMA....

peterwalkley · 16 Aug 2018 at 17:04

1) Shouldn't be a problem
2) Depends exactly how your will was worded. It would either go back into your estate or become part of their estate (e.g. go to their spouse, children)

Updating your will is probably the wisest course of action to make your intentions clear.

TimTom · 16 Aug 2018 at 17:30

peterwalkley said:
1) Shouldn't be a problem
2) Depends exactly how your will was worded. It would either go back into your estate or become part of their estate (e.g. go to their spouse, children)

Updating your will is probably the wisest course of action to make your intentions clear.

Thanks. You're right, I know. It's just that I initially thought about just making a new will as my current one's quite old but I asked the solicitor the cost and he said around £400! I realise an update would be less, but even so!

peterwalkley · 16 Aug 2018 at 17:36

TimTom said:
Thanks. You're right, I know. It's just that I initially thought about just making a new will as my current one's quite old but I asked the solicitor the cost and he said around £400! I realise an update would be less, but even so!

Unless your will is hugely complicated 400 quid sounds very expensive. Start here: https://www.moneysavingexpert.com/family/free-cheap-wills/

TimTom · 16 Aug 2018 at 17:41

peterwalkley said:
Unless your will is hugely complicated 400 quid sounds very expensive. Start here: https://www.moneysavingexpert.com/family/free-cheap-wills/

Thanks again. I thought it was expensive too as it's fairly straightforward.

AHarvey · 16 Aug 2018 at 18:06

As @peterwalkley said, should be fine but I'd update it anyway.

Copy the existing one, print, resign with witnesses. Won't cost you anything and it'll be up to date.

EDIT: I've just seen the link to cheep free wills..I worked for a massive estate planning business. Nothing is free or cheap.

We offered wills from £0 to £400, the same Will. We made money from storage.

The cheaper wills were online and used to upsell, so yes, you'll get marketing calls and in many cases, you make them executer and they charge a large % for that so ends up costing your family more.

TimTom said:
Thanks again. I thought it was expensive too as it's fairly straightforward.

Depends on who the executor is? if it's the solicitors what % of the estate do they get? Does it involve storage? We used to charge £30 a year or £300 lifetime for storage, that went straight in to the sales people's pockets. Sell a thousand Wills with yearly storage and you've got £30k a year before you even start working.

Wills, specific gifts and wording and memorandum of wishes need to be carefully worded. "I leave Dave a Rolex watch" for instance, if it's not there when you die the estate will need to purchase one. If you said "I leave Dave the old Rolex watch with serial number XXX" then if it's not part of the estate when you die you don't have to provide it, it's just marked as missing.

TimTom · 16 Aug 2018 at 20:53

AHarvey said:
As @peterwalkley said, should be fine but I'd update it anyway.

Copy the existing one, print, resign with witnesses. Won't cost you anything and it'll be up to date.

EDIT: I've just seen the link to cheep free wills..I worked for a massive estate planning business. Nothing is free or cheap.

We offered wills from £0 to £400, the same Will. We made money from storage.

The cheaper wills were online and used to upsell, so yes, you'll get marketing calls and in many cases, you make them executer and they charge a large % for that so ends up costing your family more.

Thanks, I didn't know some of that. I've got family members as executors and my solicitor stores for free ( just charges a lot to draw it up!). I didn't even think about copying the existing one and getting it re-witnessed.

AHarvey · 16 Aug 2018 at 21:50

TimTom said:
Thanks, I didn't know some of that. I've got family members as executors and my solicitor stores for free ( just charges a lot to draw it up!). I didn't even think about copying the existing one and getting it re-witnessed.

To be honest, you can write a Will up on a napkin as long as it's properly signed and witnessed. Shortest ever Will just said "All to wife!"