Writing a will, we are in our late 40's?

Question

I have 3 sons from previous marriage, my present husband has no children but one neice. We need guidance??

Answer 1

Talking to your lawyer is a very good idea. Find someone outside the family to be your executer or executrix who can't be manipulated by the heirs but who also knows your wishes.

If there are children or future grandchildren who may be dependent set up a trust fund for them, don't rely on the sibs or half sibs to take care of them, no matter how they promise.

You might think about having living wills and discussing those with all your children as well so that everyone knows what is wanted, what is going to happen and there will be no disagreements about what course to take.

You might also consider doing an ethical will, which is not a legal document but something about who you are , what your values are , etc. so that future grandchildren will have a written record of what gramma and grampa were like.

Answer 2

You don't necessarily have to see a solicitor, but it does make things easier. The only criteria for making a valid will is that it is written (so it can't be a 'video will', although there's nothing wrong with doing that also), witnessed by a couple of people who are not beneficiaries, it states that it is the last one and revokes all previous wills and it's signed and dated at the end (no text after the signature will count as being part of the will). It can be written on anything - one soldier wrote his will on an egg shell saying something like 'all to mum' - but paper is recommended! You can buy will-writing kits from WHSmiths which you may find helpful, but not necessary. So agree on who you want to leave it to and write it down with witnesses.

Answer 3

By the time you get done with fees to prepare a will and your beneficiaries pay taxes and fees, you will not be doing anyone any favors by leaving them anything. Look into a revolkable trust instead of a will where your assets are distributed through a trustee to those you wish to transfer titles to assets. Up to a certain dollar amount there's no taxes for those you love to worry about, no probate time or fees, and it can be modified at any time. A trust costs more to set up than a will so why not get those who you are leaving assets to pay for it. It will sure cost alot less for them to pay $500 or so now than thousands in taxes when you pass away. Your will can be contested any children, neighbor, former friend, whatever for whatever reason. Your trust cannot be disputed. Don't forget about other associated paperwork like durable power of health care attorney forms and such. Read books by Suze Orman. You will be enlightened about your life, money and death.

Answer 4

Best to see a solicitor if things are not straightforward. It costs, but the peace of mind will be worth it.

Answer 5

Go talk to a lawyer in your area. There are too many issues (especially since you are in a second marriage) and your question is too broad to address on this forum. (I'm also not licensed)

Talk to as many lawyers as you need to until you find one that you trust.

Answer 6

See a solicitor.

It will cost you but will be worthwhile in the long run.

Answer 7

See a solicitor, otherwise if you die together it gets spread all through your relations