Updating wills

[Osc]

Miss Osc mentioned to us recently that we should update our wills - the current ones were made in 2006 and there have been changes in our life and also in various tax laws since then. So we’re going to see another solicitor next week, Miss Osc can’t do it as she will be the executor and main beneficiary. We can now leave something to Michael and Kellie which has tax benefits and also make sure that if she were to predecease us, it would go to the children. These are conversations that need to be had with family, dying without making a will makes everything harder for those left behind. Just saying “oh they know what I want” doesn’t do it, it needs to be done properly and legally, even if you think you have very little to leave. We won’t be leaving much money (busy spending it ) but there will be the house. I’ll also make a list of my “good” jewellery saying who I want to have it.

If your will was made some time ago, it would be good to update it reflecting any changes in your life, and changes in tax laws. It’s not expensive. I’m also doing a Thinking Ahead plan which lists accounts, policies, what I want to happen to social media accounts, preferred medical treatments, and also my wishes for my funeral, although we already gave Miss Osc some direction for our funerals a few years back.

[Kaz]

I couldn’t agree more Osc! My parents died intestate, luckily probate went through easily and my sister and I are close, so there were no issues. Mine and Mick’s situation could have been complicated as the kids are mine but not Mick’s so potentially his brothers or nephews could have claimed if anything happened to us at the same time ie a car or plane crash So we made a mirror will at our solicitor’s - everything divided between the three kids equally if we die together, everything goes to the surviving spouse if (as is far more likely) one of us goes first.

There’s a fair amount, as the house is mortgage free now, we both have decent life assurance and there are savings and shares, so it was important to get it sorted.

[JanB]

We both made wills in England, then had to change them over here.

It's a different law here, whereby all the children share whatever is left. So we have made our wills by the English law, rather than the Portuguese.

When the first one dies, the one remaining will have to make a new will anyway.

I have been strict instructions by Grumpy what to do with my will.

A couple of the family are in for a bit of a shock.

[cromwell]

It's always best to get everything sorted. Some of the problems that family can cause if not are unbelievable. I'm not saying that anyone's family on here would misbehave but I have heard some right stories about some locals and how they have behaved.

[Kaz]

Same here Crommers, such times can bring out the worst in people. We have experience of it in extended family, unfortunately.

[JanB]

Sadly happened when Grumpy's mum died. His sister went to their old house and took everything

She'd already conned her mum out of a lot of money

[Osc]

Same here Crommers, such times can bring out the worst in people. We have experience of it in extended family, unfortunately.

Same here

[Suff]

We made wills quite a while ago. They are still valid for tax purposes but because of the way French law works I had to, quite literally, disinherit myself so that we could share the proceeds out properly. Because of the extended family with 6 children, of whom I adopted 1, if I inherited then all we had in France would go to 3 of the 6 kids and I won't allow that.

The laws have changed now and you can determine that your British will is the primary and ensure that any assets are disbursed among them all rather than those that French law decides are "mine". I'm kind of relaxed about it. Yes the kids get everything I don't own if Mrs S dies, but I'm probably more likely to go than her at the moment so I'm not worried.

It does need to be a fluid arrangement though. We're currently saving for my retirement but the funds sit in an account in Mrs S name. I guess we'll have to think about this in the next few years.

[cruiser2]

I had a new will made after my wife died. I also change solicitors. There were a few changes.

I am also making a list of people to notify when I die. This is in addition to the Pension, Council, Insurance etc.

It will make it easierfor the executors>

[TheOstrich]

Mrs O and I had straight-forward mirror-image wills (to each other on first death, then to Master O on second death), but when Master O and his ex split up, we took advice and altered them to ensure she didn't have a claim to any of our dosh. This involved trusts, and cost around £600. Once the so-called quickie divorce is finalised - it's still ongoing after more than a year - we'll alter them back to simplify things for him.