Updating Wills

I would allocate a certain amount to each grandchild and include a note in the will that ensures any additonal grandchild should be included in the same way by the executors.

That's my policy, Carol and I am adding specific bequests like certain items of jewellery and the few antiques I possess.

We have done a three way split between each of our three children. Then it's up to them to provide for their children as and when the time comes.

I buy National Savings Childrens Bonds for the grandkids so they are helped out when they are eighteen.

WE are doing an equal split between our 3 and have also gone down the route of NSCBs for help with Uni and extra's they may need then.Just wondering they will be worth in real tems when they are cashed in though,as I intend to be round for quite some time yet.

We have just redone our wills and it was worth doing as our original will was not correctly worded in respect of probate law today. We have lodged them at the probate office which at £20 each is far cheaper than leaving them with a solicitor or bank who charge an annual fee. We havent made bequests to grandchildren just their parents.

We saw our solicitor a couple of years ago so that we could create a Power of Attorney for both of us. We have given this 'power' to my eldest daughter and this will allow her to make decisions for the last remaining of us should we not be able to take decisions ourselves. At the 'end of us' (!) what remains money-wise will be split 3 ways and I would expect my lot to give a bit to their children from that. However...the way things are going,there won't be much!!!

Unfortunately we are 'cash poor, asset rich' [although 'rich' is not a word normally associated with our family] in that our 'assets consist of our home, a flat which is rented to provide an income and some 'High Income' ISAs. In the absence of occupational pensions we need this income now to pay bills and have very little spare to invest for the DGC, although they each got a modest lump sum for their bank accounts when they were born.

Thank you for comments, although there is no concensus so far they are giving me food for thought.

Just a thought but my sister updated her will when her husband died and didn't think it would cost much they sent her a bill for £500 she was shocked , she then realised that it would of been oh so much cheaper to just make a new will with a different solicitor.. so its worth asking 'how much' before you decide what to do..

i am thinking of changing the wording on my will and have been told i can buy a will from W.H.Smiths for about £28.00 and you do not have to use a solicitor at all the only cost is the purchase.has anyone used this method i would be interested to hear before i go ahead with it.

I am just about to update my will as I now have a dgd! My mother gave £5000 to each of my brothers gs but my gd was born after she died! I think I will follow carols suggestion.

lillian solicitors love people who draw up their own Wills. they make more money out of home made wills than they do out of drawing up a Will.

eg:

"My Wife shall be allowed to live in the property for so long as she wishes or until the same is sold"

The Wife being a second wife and the children of the first wife inheriting the property and being entitled to sell the same!

Cannot stress strongly enough that a 'do it yourself' will is such a bad idea, as is using a will-writing company.

Having your will drawn up by a solicitor should give you peace of mind - firstly that you have been advised by a professional person who is obliged to draw up a document that sets out and follows your intentions, and secondly, that he/she will be covered by indemnity insurance. The Law Society will give you details of all private client solicitors in your area. (just google Law Society) Otherwise word of mouth is usually fairly reliable. All solicitors are regulated by the Solicitors Regulation Authority. Will Writers are not necessary members of any professional body and will therefore not be obliged to carry any kind of indemnity insurance.

A good solicitor will help you with sorting out the various relations to whom you do/do not want to leave bequests and advising on trusts and other vehicles that can be used for education purposes for GC etc

If you own your own house and have a couple of insurance policies, your estate could very easily be over the IHT threshold. A good solicitor will be able to advise you on tax saving measures that can be taken both before and after death.

It will cost you .... and it should do so. So, you may have to pay £200-£300 for your will (and if you have a complicated estate with property abroad, rental properties, trust funds of your own etc etc then it will be even more).

I am sorry but I do get so cross about the general reluctance and short sightedness there is with regard to paying for legal advice. It actually saves so much in the long run.

I agree with Granb if you have anything worth leaving you should pay for a decent solicitor to draw up a good Will. We only have one DD, so everything is fairly straightforward. However, it was only after she produced DGS and DGD that I re-read our Will and noticed that our solicitor (a probate and will specialist) had already built in that our assets would go to 1)each other, then 2) DD then 3) DGC. I was quite taken with the fact that our unborn DGC had been built in, even before they were thought of. If When we die, our money will go to DD and of course she can will that wherever she likes, but if all three of us went together (for some unlikely reason), poor old son-out-law would not get a look in.

My aunt was left a widow, and her deceased husband had not made a Will, despite be very ill with COPD. When he died, she discovered that he had never even put the house in joint names !!!!!! She got everything eventually through probate, but it was a horrendous ordeal for her. And it cost about £1600 years ago.

Good morning! What an interesting message board and something that is close to my heart. How refreshing that so many people are aware of the complexities of passing away without a valid Will (intestate) and also the importance of making a Will to ensure what is left over goes to who they want, ie the beneficiares.

As grandparents, no doubt you have made Wills to ensure what is left of your estate passes to who you wish it to. However, a Will will not guarantee what is left in your Estate when such time comes.

The big area of concern for most people nowadays who may describe themselves as asset rich cash poor is property and protecting such property to ensure it remains within the estate to be passed onto your beneficiaries.
Care home fees can range from anything from �700 per week to �1000 per week. Unless you take measures during your lifetime to ensure that the state does not include your property within any financial assessment then any sale proceeds of such property may very well go to the state to fund your care!

With an average property price of say �180000 the value of your estate maybe greatly reduced if say care is required for say two years. You can soon build up a care home fee bill of �40-50000 with 12 months care home fees!!

So a Will in short will not guarantee that what is left will go to your beneficiares - its what you do during your lifetime to protect your property.

So how can you do this? Well its actually quite simple - you change the way your property is owned and build in trusts within your Wills to ensure that the value of your property is not included in any financial assessment for care.

It should be noted that if your assets - both property and liquid - ie cash/investments exceed � 23250 then you will have to pay for your care yourself. This can be prevented with careful financial planning and estate planning.