Me and my partner are currently purchasing a property (first time) and have not got wills set up as yet. How do we go about it?
2007-01-29 04:37:01 · 15 answers · asked by jarf 2 in Business & Finance ➔ Personal Finance
You pose an interesting question because you mention that you are purchasing the property with your partner, as opposed to a spouse. I don't know what partner is defined as, whether you are referring to a gay partner, a business partner or simply your opposite-sex non-married partner, however, in any of these cases, I would recommend going a step beyond a do-it-yourself will kit. This is not an area that should be left open to chance.
The ultimate purpose of a will or trust is to kick in at your death and give direction to the distribution of your estate. That being the case, if you are unmarried at the time of your passing but have a partner as defined above, your partner could face significant problems at that time with only a will in place.
What I would recommend is a meeting with a local attorney who specializes in trusts/estate plans. I'm assuming from what you said that you are purchasing this property jointly, the attorney can set something up for each of you that would protect either of you in the event the other passes. A trust is a private document that doesn't need to be filed, so no one can meddle in your business like they can with a will. A trust will cost you a little more than a will, however, it's more powerful and worth every penny down the road when it allows significant assets in your estate to bypass probate. (A good trust will cost you roughly $1,300 - $1,600 depending on your assets.)
The trust will also include powers of attorney that will give each other rights in a situation where if one of you becomes mentally and/or physically unable to make decisions, it will also include documents which will allow each of you to specify your preferences when it comes to life support. The trust also includes a pour-over will which covers anything you do not mention specifically.
2007-01-29 05:46:01 · answer #1 · answered by Josh 3 · 0⤊ 0⤋
Yes, but you should look into a Trust. If you live in the States a will doesn't just transfer property/money over to the survivor. The survivor must pay big Probate fees and other people can challenge the will. A Revocable Living Trust cannot be challenged. (Well it can but they will loose). You said "partner" if there isn't a marriage the family of the deceased could challenge the will and may get the assets the will says are the survivors.
Suze Orman's book "9 Steps to financial freedom" has a big chapter on the difference and what you need.
2007-01-29 13:20:27 · answer #2 · answered by mldjay 5 · 0⤊ 0⤋
You can get a kit from bigger newsagents or branches of WH Smith but why bother? It's only a bit of paper with instructions.
A solcitor will only charge about £75-£100 to draw up Wills for both of you. It takes about an hour and uses standard formats that's why it's cheaper than you'd expect. For peace of mind and to ensure that your Will is safe from challenge or bickering it's worth it.
There'll be no bother about who will witness it because the office will do that for you. They'll also keep it safe for you. Just tell your descendants who's holding it.
The main thing is that you will not be floundering in pre-conceptions that will not work in practice , you won't forget anything important and the solicitor will ensure that you'll phrase it to say exactly what you mean it to say. You'll be amazed at how many Wills are contested because they're sloppily worded or don't explain their intentions in a correct manner.
2007-01-29 13:06:35 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You can buy a package to do it but don't, it's really not worth it. Contact a solicitor and get them written properly, particularly if you are not married as this makes things slightly more complicated. Hopefully, you will have to revise your wills many times before somebody finally needs them but in the unfortunately event that you need one you don't want to put your partner in the dreadful position of having to wade through the legal minefield which generally comes with home written wills. It really really is a false economy.
2007-01-29 14:18:20 · answer #4 · answered by gerrifriend 6 · 0⤊ 0⤋
Yes, you can get the forms from a stationers. But some DIY wills are an expensive legal nightmare, because the writers are not skilled in using language which is legally acceptable as clear.
2007-02-03 05:28:35 · answer #5 · answered by fred35 6 · 0⤊ 0⤋
Yes, you can just use a kit. Check the laws in your state for how many witnesses you need (most states require 2). Also, you will need to sign in front of a notary public who will then notarize the document.
2007-01-29 12:45:45 · answer #6 · answered by auskan2002 4 · 0⤊ 0⤋
Visit www.willaid.org.uk - find your nearest solicitor by postcode, arrange with them that you'll pay £75 TO A CHARITY and in return they'll do your will for you. Nothing is in it for the solicitor. Its a government initiative to get more people to write a will. I've done this myself. I donated to the ms society. It's worth it.
2007-01-30 18:17:31 · answer #7 · answered by Boogles 1 · 0⤊ 0⤋
If there is a property involved then I suggest you do it right and see a lawyer to complete a proper will.....it will be worth the money!
2007-02-05 21:43:44 · answer #8 · answered by lg 1 · 0⤊ 0⤋
Get a kit is the best way and read the rules thoroughly. This is for UK.
2007-02-02 14:41:00 · answer #9 · answered by Professor 7 · 0⤊ 0⤋
yes you can get standard wills which may be right for you. If your affairs are complicated then it would be better to seek legal advice
2007-02-03 11:25:56 · answer #10 · answered by groovydude 2 · 0⤊ 0⤋