tlf67482 wrote:Does anyone know of a good source or could reply with a list of the type of things you should consider when drafting up a will?
I can think that what happens to money, jewellery, car, house and perhaps funeral desires needs to be included but is there anything else to think about?
There are lots of things to consider when making a Will, which is why anyone doing so should obtain advice from a qualified professional. Because Wills are seen as loss leaders the advice is relatively cheap compared to its value.
One important decision is who to appoint as executors. If all the beneficiaries are adults and the estate is straightforward you can generally just appoint the main beneficiaries, normally the surviving spouse and/or the children. However, if there will be minor beneficiaries the executors will also have to act as trustees, overseeing their inheritances until they come of age. This can be quite an onerous job, and some potential executors would not want to take it on, particularly if they aren't main beneficiaries themselves.
It's fairly unusual to be specific about things like cars, as they are normally just part of the general estate. A common mistake in home made Wills is to leave a specific asset, such as "I leave my Ferrari to Fred" only for a disappointed Fred to discover that the Ferrari was sold a year before death and replaced with a Lamborghini (which, of course, he doesn't inherit).
Unfortunately I've even seen this in the case of a house - "I leave my house at 10 Downing Street to Jeremy" but then the testator moves to a different house and forgets to make a fresh Will.
In any event, it's quite unusual to deal with the house in the Will. The vast majority of houses owned by married couples are owned as joint tenants, so that the house
automatically passes to the survivor irrespective of what the Will says.
And I would never advise a client to include funeral instructions in the Will. I recall all too vividly when I was a trainee solicitor (or articled clerk as we were called in those dim and distant days) being asked to read a Will to the family of a wealthy client who'd died. The second clause expressed how they wanted to be buried in a specific location - just as the ashes from the crematorium were drifting overhead! I needed to do some swift `editing' but ever since I've reminded clients that it's not unusual for the Will to be read after the funeral.
One thing I am not too sure of is say husband dies and wife is living. Should the husband give his share of any house to the children when this happens? e.g. Wife continues to owns 50% and Child 1 and Child 2 both inherits 25% and just say Wife can live in house until death?
Although there may well be cases, such as those mentioned in the thread, where this is a sensible option I would not generally advise it, particularly if there are no children from previous marriages. Splitting ownership between the surviving spouse and children is often problematic, and I've seen all too many cases where quite nasty arguments have arisen. These can be both relatively petty ones about who should pay for repairs and improvements and very serious ones about trying to force a sale. It's a sad fact of life that parents and children don’t always get on and a relationship which seems good at the time the Will is made can very easily turn sour years later.
There are also the "3D" risks of death, debt and divorce. A child who's a part owner of the parental home may die (who inherits their share in the house?) be made bankrupt (so the creditors want to force a sale to get their share) or get divorced (so the ex-spouse wants to force a sale). All three are remarkably common, and often when they're least expected.
Finally, there’s also the potentially very important loss of the capital gains tax exemption on half the value of the house. Whilst the surviving spouse continues to enjoy this the children won't, and this can often mean an otherwise avoidable tax bill of tens of thousands of pounds when the house is sold.
Can you say in will that the executers should give £X to this person and £X to this person to avoid solicitors/lawyers from charging for their time to do this?
Yes, these are just ordinary legacies. The executors don't need to involve solicitors at all if they don't want to, and can simply administer the estate themselves.