Will

[jennyjoan]

I need to make out a will but know that the receivers of any money I will be leaving cannot be Executors (don't know much about law).

Anyway I don't want the receivers to know that they are in my will. What other areas could I explore - thanks. JjCon

[Peter Pedant]

Where else would you go for a will ?

Priest ? Gardener ? I am sure each cheerfully would have a go

There are will writing firms of which one of the contributors on these threads was an owner - Buenchico.

[ubasses]

Any money you have left to your siblings will be divided between their children if they predecease you, under your current Will.

[dunnitall]

JJ yes it would be your last Will and Testament whatever date, and as Ubasses says.

[jennyjoan]

Aren't you better off not having money then one wouldn't be worried about wills. Mind you I don't have thousands but I am a wealthy woman dead. LOL

[Peter Pedant]

If your siblings are dying...
and you have possible beneficiaries you dont want to inherit

then you should hire someone who can write such a document
and not try it and see yourself.

You should make it clear that if one sibling dies then their share goes to their kids or not. You have a choice. - and how do you do that ? by going to a lawyer and not trying an M&S takeaway

[Peter Pedant]

Oh give your money away whilst you live and not bother about a will ?

yes you could do that .... somehow I thought you might come up with that suggestion....

[dunnitall]

You're right pp, when it's complicated or you need to specify conditions, one needs a solicitor.

[jennyjoan]

Thanks Peter and to all and sundry - I have gleaned good information here.

[jennyjoan]

Peter I couldn't give it away as I need to know I have this for a "rainy day" should I live a little longer.

[Peter Pedant]

then you need to go and see solicitors and write a will

[Buenchico]

I've come to this thread late and I admit to having only skimmed through some of the previous answers. However it seems clear that we've at least established that the beneficiaries of your will can also be executors (and that it's witnesses who can't be beneficiaries).

However you seem to be assuming, JennyJoan, that you need a solicitor to make a will and that everything has to be done in their office. You certainly don't need to use a solicitor but (unless you're 100% confident about doing it yourself) it might be best to use one as a final step. The reason I write that is that some solicitors are better than others (and some are totally useless!) at asking all the questions that really need to be asked. (e.g. if you leave something to Beneficiary A, the first thing any decent solicitor should ask is what you want to happen if Beneficiary A actually dies before you do).

So (before you go anywhere near to a solicitor's office) I suggest heading to your local library and getting hold of a copy of this book:
Amazon.co.uk User Recommendation
(It's in almost every library in the country - or you could simply buy it from Amazon anyway).

Then draft your own will. If you're 100% confident that you know what you're doing, you can go ahead and sign it in the presence of witnesses but it might be better to then take that draft to a solicitor and ask him/her to check it and tidy up any problems for you.

Please don't let a solicitor talk you into letting him/her be an executor; it's far better to appoint people that you know and trust. (They can still obtain professional help, with the costs coming from your estate, if they think that they'll need it).

If you use a solicitor to finalise your will you don't need to worry about finding any witnesses. The solicitor and one of his/her staff will do that job for you. If you decide to do it all yourself though, your witnesses can simply be any (non-beneficiary) adults and there's no need for any great formalities. (The witnesses just need to affirm that they've actually seen you sign your will).

My own will was signed and witnessed in a Tesco car park, with the witnesses simply being a couple of people I was working with on that day!

[tamborine]

IHT is due after first £325k @ 40%. If your estate is worth £500K, Mr Taxman will commandeer £165,000 leaving £335,000 to divide among the beneficiaries.

If your estate is less value than above I would copy out your old Will updated, get 2 friends or bank to witness it & keep in bank, informing bank to present Will on your Death Certificate.

[jennyjoan]

Thanks Chris and Tambo - oh my estate is much lower than £335,000 very definitely.

There are a number of things to ponder.

[jennyjoan]

Just another question - if I was to end up in care - how much am I allowed to have in savings to give to beneficiaries.

[Buenchico]

>>>IHT is due after first £325k

Unless JennyJoan is a widow and her husband left everything to her. She would then have inherited his IHT allowance, meaning that she could leave £650,000 free if Inheritance Tax liability.

>>>& keep in bank, informing bank to present Will on your Death Certificate

I'm not a great fan of using either solicitors or banks to store wills but I certainly do STRONGLY recommend ensuring that the executors know that it exists and where they can find it!

[Buenchico]

Oops! Crossed posts. I now see that my bit about IHT is irrelevant. Sorry!

[jennyjoan]

Chris that was one question I had in mind of upon my death that executors know where the will is.

[jennyjoan]

I am drawn to just telling my friend's young son and his wife of where to find it - maybe if I draw it up myself and did indeed copy my old will and updating it and just keeping it in the house - would that be okay.

[jennyjoan]

If I presented the will to the friend's son and wife and we all signed it together - is that valid without the presence of a solicitor. Sorry for all this.

[jennyjoan]

Chris - have read your answer more thoroughly and you have answered my question. Thanks all for replies.