Updating of our Wills

Hiya

I'm trying to get all our 'affairs' updated and into one place etc and would like to update our Wills, bearing in mind its dammed expensive to get a solicitor to draw them up (we've been quoted around £200) so here's a query.

We have copies of our original wills with our old address on them. Basically all we want to do is leave them the same with the new address on.

Question:

Can I just retype/copy them out with the change of address on the pooter and get them signed by ourselves and our witnessess?

Would this be legal?

If its ok to do that, then should I give a copy of each to our executor?

Or if not would it be more sensible for me to buy one of those Will Packs that you can get in W H Smiths?

Thanks in advance.

[stevokenevo]

Re: Updating of our Wills

As far as i know, you dont need to spend any money at all.

I think as long as your will is signed by a witness, then it is binding

BBC News | UK | The facts about making a will

[Mochamoos]

Re: Updating of our Wills

CAB say:

5. Revising the will
Codicils (supplements to a will) can be added to an existing will for minor
changes. These must be signed and witnessed in the same way as the
will, but the witnesses need not be the same as for the original will.
Factsheet 7================================================= ============================6 August 2007=
If anything substantial needs to be changed you should make a new will
revoking the former one.
NEVER make alterations on the original document. Any change must
be by codicil or a new will.
If you marry, remarry or enter into a civil partnership your will becomes
invalid unless it was made in contemplation of marriage or partnership
(that is, you were intending to marry or register a civil partnership when
the will was made and the will specifically refers to this) and should be
revised. Divorce does not automatically invalidate a will.

t should not cost a lot
The cost of making a Will varies so do get a quotation. Solicitors charge £50 to £100 for the preparation of a simple Will. Age Concern http://www.ageconcern.org.uk/ offers a Will writing service with a single Will costing £50 and a Codicil (a minor amendment to your existing Will) £35.

[TUTTSI]

Re: Updating of our Wills

Hi Sapphy,

I know when we did ours, there are tax complications, so not knowing when you did the original wills - how long ago, it may not now cover new laws and tax.

It may just be worth getting an appraisal from a will specialist to ensure that your wills make the most of the tax situation. They are all not necessarily expensive and may save you or your partner or the kids a huge tax bill one day. I am sure if you shopped arround you could find a reasonable one and someone who could advise on the most tax effective way of saving money.

When we did ours, you add up the value of your home, any life policies, your chattels etc etc....it puts you in a high derath tax bracket - I know that I am probably worth more dead than alive! it could put you or your partner in a higher tax bracket if the wills have not been properly executed.

If your current will has been done in recent years and was done by a profesional in may already take on board all the tax saving schemes, so this may just be a case of changing an address......

Doing any changes yourself, if the current wills have not taken in the current tax legislations could lead IMHO to unnescessary problems later on.

[Sapphire]

Re: Updating of our Wills

Thanks for those bit of advice guys, I'm going to phone the financial advisor guy our accountant knows, he may help us.