Quote:
Originally Posted by Jack91
Hi all,
Had a major whoopsie at work last week, got me thinking about how im nearly 30 and got house, cars and stuff and no will.
Really messy family, want it all to go to my partner of 6+years but we arent married. I can see it being contested by my family but im adamant they get 0.
Do i have to pay for a solicitor or will an online one that i print out be ok?
Also, should i name a power of attorney? I cant imagine my partner would make smart decisions in selling my stuff if i died.
Experiences?
Nb:never married, no kids
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The term you're looking for is "executor". And yes, your will must have one.
They are, for want of a better explanation, the administrator of your will. They will do the necessary paperwork, dispose of any assets required, and makes dispersements.
Since it sounds like what you are proposing is straight forward, a dowloaded version or "diy kit" should suffice. Subject to the following:
Pick yourself an executor and get their consent (not necessary but advisable). Ideally you need a mutual friend, somebody who is smart and good with paperwork.
Get the will witnessed. You don't have to, but again it is advisable to shown and explain to them the contents of the will. They could be called upon to not only verify their signatures, but also your intentions.
Your executor can have an interest, so using a mutual friend or even your partner's relative is permissible.
Witnesses can not. They must be a independent as possible.
Do NOT get SCAMMED into any of the offers to prepare your will for free (or even cheaply) on the proviso that they act as executors. My naive BIL did that, and most of his estate went to pay the lawyers.
Keep it SIMPLE. "I bequeath all my assets, goods, chattels, personal effects, rights and entitlements, to Ms Sarah Jane Smith, dob 1/1/1970, currently of 1 penny lane, etc."
The BIGGEST mistake people make in writing their own, is complicating it. Especially by listing assets. This can cause the will to be compromised, and can lead to its whole validity being challenged. The number one mistake is listing joint assets that pass by survivorship.
And please, ignore every stupid scene you have ever seen in a movie. Trying to leave your bug collection to cousin Frank, or your playboy collection to your brother, can literally open up Pandora's Box.
(If you do have any bizarre wishes like that, put it in a letter to your Partner, and ask her to gift them.)
If your will is going to be anything more than that simple, pay a lawyer to draft it, but keep your executor, and don't allow the lawyer to even hold the will.
Now, having said all that, one thing you might want to consider is the possibility of what happens when the old franger breaks.
Cos when that happens, dollars to doughnuts, you'll want at least some of the money held in trust for Jack Junior.
This possibly can easily be anticipated in a will, but its a job for a professional.
NB: My Brother died while his bun was still in the oven, and without re-writing his will. His life insurance went to his window, who being rather naive and easily led, invested it all in a property for her parents to live on. His child never saw a cent.