A tip when writing your will
Many people, when writing their will, name several people as Executors - often all their children, because they don't want to offend any one of them.
This can actually cause problems for the person trying to sort out the estate when you go. Often, only one person ends up taking on the task, but if there is more than one person named, many organisations require all the executors to attend meetings, collect
documents etc. Some insist on a letter of authority from the other executors before releasing stuff. My Dad's bank even insisted on us both being there if we wished to open an executor bank account. It becomes a right pain.
My tip is to name just one person - whichever one you think wil have the tenacity, patience and ability to sort it all out.
Comments
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If it is just a change of address then I would say no,if there are changes but only minor then a codicil (amendment) to your original will suffice,
And one thing we were told when making wills is never to write in a specific amount to any one,just a percentage of the remaining estate
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It's wise to name a second executor as a back up. It should be clearly worded that the second exec only acts in the event of the first declining or being unable to act.
Taffy, in English law there is no need to make another will because you move house but obviously the solicitor, or whoever holds your will, needs to know where you are. If you specifically named your house in the will - eg I leave number 2 Fore St to my brother - then you need to make amendments.
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Yes, I'd agree with that way of doing it TW.....
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Yes, you must remember to tell whoever holds your will if you move. We received a letter from a solicitor the other day addressed to the previous occupier advising them of a merger and hence a moving of their will to a different storage address. The only
problem is that we have lived here for over 30 years!0 -
We have had our Wills back from the solicitor as they have ceased trading. We now need to re-write them and change executors
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A very good post Ian, on the advice of our solicitor we have a lead executor who can 'speak' for all the others but needs their consent for any action. We discussed it with all of them and they agreed on our choice (eldest daughter).
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Keep a certified signed copy of your will. They can easily be lost, even if lodged with solicitors or another organisation. My old friend's will was lost, even though the organisation keeping it admitted they had drawn up a newer will, staff witnessed the
signature, and were supposedly holding the official copy. All she had was an unsigned 'Customers Copy' which had to stand because no signed copy of the newer will could be found.0 -
Following on from Val's comment, it might sound like an obvious statement but let your executor/family know where your will and/or Power of Attorney is being kept, i.e. in the safe/strongbox under the bed/with the solicitor. If it's in the safe - do they
know where to find the key?
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We had a solicitor who specialises in Will writing, to draw up our wills and she recommended two Executors. Incidentally, does anyone know if we need to re-write our wills as we have moved since the originals were written?
No you don't need to re-do your Wills. However, you will need to change your address that's in your Will. I think this will be done as a codicil
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My Dad told me where all his paperwork was about two weeks before he died. This included a copy of his will, which was in an envelope with the name and address of the solicitor where the original was stored.
Trouble is, when I went to collect it, they explained that Dad had asked for it to be transferred to another firm of solicitors 20 years ago (he must have forgotton).
That firm had been taken over by another firm.
The new firm had gone bust and their business transferred to yet another firm.
When I finally tracked them down, they required a letter from my brother (the other executor) to say that he was happy for me to go on my own to collect it.
What a performance! Think ahead when doing your will!
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My advice when your writing your wills , leave it all to me
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my advice would be to make sure you keep info upto date.
my dad had a complicated life which my brother and I were able to sort out relatively easily because he left clear details (particularly Important as we had a stepmother to consider)
mrs Steve
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My initial comment regarding wills/estates is try to keep your wishes simple - eg "I give £xx to my dear friend(s)...; the remainder of my estate to be divided equally between xxxxx". I was an executor, with my sister, for my mother's estate; she passed away a couple of years ago.. My sister was unwell (sadly, she too passed away a few months later) so she agreed that I would undertake the duties on my own. There is provision in law for some of the named executors to either totally opt out of or to let another named executor do the work keeping them informed - this is on the Probate Form you have to fill in.. I found both the Inheritance and Probate departments very helpful and answered any questions I had in a sympathetic manner. I was able to complete the task without much trouble. The advice I would give is this: firstly, get your will written professionally and then review/update it as necessary; next, keep it in the family, so if possible, have 'family' executors ( saves the large fee charged by professionals!); ensure that your executors know where your will is and keep your financial affairs tidy! There are some excellent guides available which take you through executor duties step by step. Finally; do not be afraid to discuss this with your family, tell them where the orignal and copies of your will are and where your paper work is! This may sound morbid but if handled appropriately it will make the duty easier when the inevitable happens.
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