Creating a will

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mymyherewegoagain
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Creating a will

Postby mymyherewegoagain » Tue Nov 26, 2019 11:50 am

Can anyone recommend a lawyer who they’ve used to create a will? Also, if you can give me an idea of how much a lawyer charges to create a will. There are lots of options to create wills on-line, any experience with that? Thank you in advance for any insight you can offer.
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chorister
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Re: Creating a will

Postby chorister » Tue Nov 26, 2019 5:44 pm

We used Samir Hussain at Gregsons https://www.gregsons.co.uk/team/samir-hussain/ and found him very good and helpful, and also very patient when we changed our minds.  I'm not sure about the charges - it probably depends on how complex your affairs are, but I'm sure he would not be at all offended if you asked for a quote.  Hope that helps. 
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mymyherewegoagain
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Re: Creating a will

Postby mymyherewegoagain » Tue Nov 26, 2019 10:05 pm

Thank you.
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SouthLondonDaddy
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Re: Creating a will

Postby SouthLondonDaddy » Mon Dec 02, 2019 9:58 am

If your will is simply: give X to my wife and Y to my children, and appoint my sister as guardian of my minor children etc, writing it is a very banal task and you will basically get the same service from pretty much any solicitor. Where it can get complicated, and expensive, is if you want to create a trust so that your assets, including payouts from life insurance, is managed by someone for the benefit of your children.
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SW12dadfincladviser
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Re: Creating a will

Postby SW12dadfincladviser » Mon Dec 02, 2019 5:25 pm

My wife and I recently had our wills reviewed and updated due to changes in the law since last done 5 years ago. We used Toby Fountaine who is very professional and does not talk in jargon.
toby.fountaine@thomasmansfield.com,  07747 219962
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muddyboots
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Re: Creating a will

Postby muddyboots » Mon Dec 02, 2019 11:30 pm

sw12dadfincladvisor
Would you mind explaining which law you are referring to ?
I wonder if it would apply to me as ours are over 5 yrs. Anything specific or general?
Thanks

Ps, are you for or against trusts? I’m risk averse and worry any trust will still me there when needed and if trustworthy ...
Can it go wrong I’d you set someone up to manage something in potentially many years from now
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SouthLondonDaddy
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Re: Creating a will

Postby SouthLondonDaddy » Tue Dec 03, 2019 11:15 am

What does for or against trusts mean? In what context are you considering one?
Trusts can be a very complex matter, and proper professional advice can be expensive.

I am not sure what you mean about a trust being there when needed.

It is common, especially if you have children who are young or are just 18, to create a trust in your will so that, when you die, all the assets go the trust, not directly to your children. For example, you could decide that assets remain in the trust till your children are, I don't know, 23, and only then is the trust wound up and the children get the money. Before then, someone needs to manage the trust; you would probably want to specify that the trustees (those who manage the trust) can use the income and capital for the benefit of your children, eg to pay for school fees ordinary expenses etc.

Could a trustee mismanage the trust and misuse the money? Yes, of course that's possible, but from the grave there will be very little you can do...
AFAIK in these case many people choose a trusted family member to be their children's guardian and to manage the money. Of course the risk that the trusted family member misuses the money is there.

If you are a multi millionaire you can think of paying for a professional trustee, but if you're an average family it would probably be excessive and too expensive. Plus think of how it would look if your will were to say: dear sister, please look after my children, but not after the money I am leaving them.

You can also set up a trust while you are still alive, but that's a completely separate matter. Eg you could want to donate certain assets to children or grandchildren now; that can be complex because there are loads of inheritance tax implications.
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muddyboots
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Re: Creating a will

Postby muddyboots » Tue Dec 03, 2019 12:03 pm

Sorry, I was not very clear.
I was referring to when the trust is managed by an external company.
We discussed with with an advisor years ago and I didn’t like it.
For the moment we have a trustee should it be needed for our children.
I think it was mentioned In relation to my husband to have his payout, pension etc put in trust should something happen to him to make it easier... didn’t like the idea.
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SouthLondonDaddy
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Re: Creating a will

Postby SouthLondonDaddy » Tue Dec 03, 2019 12:09 pm

I see. How about a will whereby if you die, your partner/spouse manages the assets, and viceversa, and only if you both die is a trust created?

You have a trustee or a guardian? Would you be comfortable with the same person acting in both roles?

Life insurance should always be written in trust - it doesn't cost anything, and it means the payout is considered an asset of the trust, not of the deceased, so no inheritance tax. The relationship between the trust which receives the payout and the trust created by your will is something that requires professional advice.

 
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daddydaycarerocks
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Re: Creating a will

Postby daddydaycarerocks » Mon Dec 09, 2019 12:44 pm

Its worth waiting until the free Will weeks/months happen - Trinity Hospice do them regularly and you can then leave them a little donation (great cause I think). 

Also, google 'Free Wills Month' - next one is in March
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SW12dadfincladviser
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Re: Creating a will

Postby SW12dadfincladviser » Mon Dec 09, 2019 6:00 pm

Hi Muddyboots - the change in law I was referring to was the residential nil rate band. And the question of trusts will be very specific to your circumstances, and what you are trying to achieve. As SouthLondonDaddy mentioned about a guardian being the trustee, this is what I have done. The guardian for the children is also a trustee and the executor for my and my wife's wills.
 
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windmill26
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Re: Creating a will

Postby windmill26 » Mon Dec 09, 2019 7:34 pm

I can recommend Bullimore Suggitt in Wimbledon,we have used them recently for our wills.
Their fee is also competitive (which is a bonus 😉 ).
bullimoresuggitt.com
 
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GEORGE AT KILLIK
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Re: Creating a will

Postby GEORGE AT KILLIK » Tue Dec 10, 2019 9:08 am

Killik & Co on Northcote Road have a Will Writing team and our prices start at £125 (inc VAT). Please feel free to pop in if you would like to find out more. 
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mymyherewegoagain
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Re: Creating a will

Postby mymyherewegoagain » Tue Dec 10, 2019 9:23 am

Thank you to everyone for your suggestions.  I will contact all the lawyers recommended, so far my quotes have been GBP500 - GBP900 for the same thing!???  I think the will will be very simple - appointing a guardian and leaving all assets to a spouse and one child, problem is some assets are abroad.
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