ChatterBank3 mins ago
No Will
If I die without leaving a will, I have my own house, probably worth about 200,000 and have four children (all grown up) - then what is the procedure with no will.
If I do make a will, can I leave the house jointly to my four children, so that they can continue to live in it until the youngest child reaches 18/21 ?
I am really not sure what would happen ?
If I do make a will, can I leave the house jointly to my four children, so that they can continue to live in it until the youngest child reaches 18/21 ?
I am really not sure what would happen ?
Answers
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If you leave a will the executor can immediately apply for probate, which (unless the estate is very complicated) will only take a few weeks to be granted. Further, the executor can have limited access to your estate, prior to probate being granted, to settle certain urgent matters. (e.g. paying undisputed urgent bills).
If you die intestate someone will have to apply for letters of administration. The process can take longer and nobody will be able to do anything with a single penny of your money until the grant of representation has been made.
I'm also nearly 60 (well, 58 next birthday, anyway) but I drafted my first will around 30 years ago. I've since been managing director of a will-preparation company. Even though I'm no longer 'in the business' I'd still regard it as absolute madness not to have a valid will.
A few thoughts:
1. Choose your executor(s) carefully. It's NOT necessary to use a solicitor and their services can result in unnecessary expense. Name one or two people as your executor(s) who are likely to outlive you. (Your children are the most obvious choices). If they decide that they need professional help they can then use a solicitor if they so choose. (That's better than forcing them to do so).
2. If romance comes your way, remember that marriage automatically invalidates any will (unless the will specifically states that it was written 'in contemplation of marriage'). You'd need to write a new will.
3. Keep your will somewhere safe and (most importantly) tell your executors where it is! (It's likely that the provisions of thousands of wills are ignored every year, simply because nobody can find those wills to execute their provisions).
Chris
If you die intestate someone will have to apply for letters of administration. The process can take longer and nobody will be able to do anything with a single penny of your money until the grant of representation has been made.
I'm also nearly 60 (well, 58 next birthday, anyway) but I drafted my first will around 30 years ago. I've since been managing director of a will-preparation company. Even though I'm no longer 'in the business' I'd still regard it as absolute madness not to have a valid will.
A few thoughts:
1. Choose your executor(s) carefully. It's NOT necessary to use a solicitor and their services can result in unnecessary expense. Name one or two people as your executor(s) who are likely to outlive you. (Your children are the most obvious choices). If they decide that they need professional help they can then use a solicitor if they so choose. (That's better than forcing them to do so).
2. If romance comes your way, remember that marriage automatically invalidates any will (unless the will specifically states that it was written 'in contemplation of marriage'). You'd need to write a new will.
3. Keep your will somewhere safe and (most importantly) tell your executors where it is! (It's likely that the provisions of thousands of wills are ignored every year, simply because nobody can find those wills to execute their provisions).
Chris
a.Here is a sample Will to give you an outline of requirements.
b.Only sign your Will in front of your witnesses.
c.Store within access of your beneficiaries.
http://www.legalwills.com.au/Sample5.pdf
b.Only sign your Will in front of your witnesses.
c.Store within access of your beneficiaries.
http://www.legalwills.com.au/Sample5.pdf
Tiggs, if you see a solicitor to draw up your Will, you can ask him to draft it then ask him not to bill you until you get back to work - March isn't that far away (sorry...) We drafted out what we wanted to do on a bit of paper, each of us leaving stuff to each other then specific different small bequests from each of us. That way, the solicitor only had to put it into legal-ese and send it to us to sign and have witnessed.
We put stuff with the Wills too about what we want to happen when we die, in case we should go together and nobody else will know, then we told our executors the details about the solicitors where the Wills etc are being kept.
It felt a bit like tempting providence in doing it, but it secures the future of any assets you might leave, and people who have children really ought to think about doing it and not just putting it off. It's sensible - I have seen so many arguments amongst family where there wasn't a Will to work on.
We put stuff with the Wills too about what we want to happen when we die, in case we should go together and nobody else will know, then we told our executors the details about the solicitors where the Wills etc are being kept.
It felt a bit like tempting providence in doing it, but it secures the future of any assets you might leave, and people who have children really ought to think about doing it and not just putting it off. It's sensible - I have seen so many arguments amongst family where there wasn't a Will to work on.
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