Planning for later life Wills etc

[MRG]

We have had a consultation to discuss writing a will and we’re being pushed towards a Family Protection Will/Trust. It all got a bit sales like so I stepped back and intend to approach my solicitor however I’d be keen to hear if anybody has any views.

Everything is fairly straightforward family with children other than a child from a previous marriage to also be considered. This makes a mirrored will difficult

[bfcjg]

Do your own, you can buy a kit from Smiths for example. If your in a union they tend to do it as a free of charge service. Also some great charities will do it if you make a donation to them.

[clarethomer]

We have had a consultation to discuss writing a will and we’re being pushed towards a Family Protection Will/Trust. It all got a bit sales like so I stepped back and intend to approach my solicitor however I’d be keen to hear if anybody has any views.

Everything is fairly straightforward family with children other than a child from a previous marriage to also be considered. This makes a mirrored will difficult

Is it just a will that you are looking to do so you can ensure your wishes are carried out, or are you looking for a trust where you can place assets in this to protect agains inheritance tax?

[Clarets4me]

Do your own, you can buy a kit from Smiths for example. If your in a union they tend to do it as a free of charge service. Also some great charities will do it if you make a donation to them.

Not in this case, there's a child from a previous relationship to consider and it looks like there might be IHT considerations, so get a solicitor that specialises in this ...

[huw.Y.WattfromWare]

DO NOT DO YOUR OWN, PLEASE.
We had a major family incident that cost my sister-in-law £70k because her husband had witnessed her mothers will. Use a solicitor.

[StuffyClaret]

Having previously worked as an Estate Planner I agree that your situation would mean that Mirror Wills are not appropriate, however, the added 'complication' of the child from a previous marriage should not mean that the actual format of the Wills should be drastically different to a Mirror Will (assuming that everything is to be left regardless of who passes away first). A local solicitor/Estate Planner should be able to word the Wills in an appropriate manner with minimal added complications.

With regards to the Family Protection Trust. While there are circumstances where this might be appropriate, eg. minimise IHT, avoid the need for Probate, ensuring the right monies go to the right people at the right time, in most cases it is not necessary. In the past, I am aware that these types of Trusts were sold in order to protect Estates from the costs of Long Term Care. While this has been known to work, it is illegal to deliberately deprive the State of the funds necessary for these costs.

[MRG]

Thanks Stuffy. Can you recommend anybody locally who I could potentially approach for some further advice?

[Longsider]

What are the costs to get a solicitor to do a will ?

[timshorts]

Do not go anywhere near the family protection Trust.

I have to unpick these things fairly regularly where they have, basically, been missold as being a panacea for all sorts of things but are really nothing of the sort.

As posted above, if they are entered into with the intent of avoiding nursing home fees then they are in effect a deliberate deprivation of capital.

There are lots of other complications relating to the nil rate band, the property nil rate band, the inability thereafter to get an equity release package if you need one, complications moving house etc etc.

On top of it all, you probably get charged a huge fee to put the thing in place.

One of the people in charge of the "universal wealth protection" company which sold a similar type of product has ended up in prison......

[SalisburyClaret]

Just gone through this and with similar circumstances. We Considered Trusts via a will specialist but they can be complicated and can cause problems down the line. So in the end we went to a solicitor who kept it as simple as possible, costs were around £550

[MRG]

Some great advise on here and I’m grateful

[StuffyClaret]

Thanks Stuffy. Can you recommend anybody locally who I could potentially approach for some further advice?

Sorry for the delayed response MRG. I can't really recommend anybody. However, most solicitors advertise a Mirror Will Writing service for between £100-£150 per Will and the added 'complication' you have shouldn't impact on that cost too significantly.

Regardless of what some folk will tell you, I would definitely not do it myself with one of the DIY kits. The risk isn't worth it for the sake of a few hundred quid when an an Estate could potentially be worth hundreds of thousands.

Also, something that folk tend to forget about until it is too late is a Lasting Power of Attorney. In many ways, this can be just as important as a Will. I'm happy to help out with these if anyone needs assistance

[huw.Y.WattfromWare]

Can I add that doing your own involves somebody being the executor. With modern money laundering rules you can need probate for every bank account and any shares owned. Very time consuming and can be complicated.
As I advised earlier leave it to a solicitor.

[Burnleyareback2]

We have had a consultation to discuss writing a will and we’re being pushed towards a Family Protection Will/Trust. It all got a bit sales like so I stepped back and intend to approach my solicitor however I’d be keen to hear if anybody has any views.

Everything is fairly straightforward family with children other than a child from a previous marriage to also be considered. This makes a mirrored will difficult

We did ours here last year- avoid doing it yourself.

https://farnworthrose.co.uk/free-wills-offer/