Mum & Dad's House

[Smasher]

Hi all, hope y'all well.

So my mum & dad finished paying their mortgage 2 years ago. The house is the only asset they have.
As yet, they have no will written. Their bank called them in about 10 years ago to offer a will service, but they say the cost was collossal and it was all extremely complicated, altho to be fair, shoe laces are quite complicated for my dad..

They didn't buy the house until 1996, when we'd all grown up & left home and altho it's mostly mum who paid the mortgage, we have 3 half-brothers from my dad's previous marriage. There are 6 of us siblings altogether. Everyone is agreed that our 3 half-brothers should be included in some way. They're all in their 50s and quite secure now and we're quite harmonious, so everyone will only want what's best for everyone.

Nobody is bankrupt, altho our youngest brother is on a DMP.

Mum & dad are in pretty good health, so with god's grace, this won't be an issue for some time yet, but it needs doing.

So, i'm just after some advice, where to go to get it done properly, how much it's likely to cost e.t.c.

Thanks

[Kati]

Re: Mum & Dad's House

[MENTION=85500]Peridot[/MENTION] ... any advice?? xx

[charitynjw]

Re: Mum & Dad's House

Hi Smasher.

I'll give [MENTION=6]Amethyst[/MENTION] a nudge for you.

[Smasher]

Re: Mum & Dad's House

Ok, but be gentle. Last time I started a thread, she got stuck with it for 2 years..

[charitynjw]

Re: Mum & Dad's House

Ok, but be gentle. Last time I started a thread, she got stuck with it for 2 years..

Lol!

Sometimes it's like banging your head against a brick wall, ain't it!

[Amethyst]

Re: Mum & Dad's House

Ahhh funny ha ha. Nice to see you Smasher, and yes, [MENTION=85500]Peridot[/MENTION] and [MENTION=39710]des8[/MENTION] are the ones with the knowledge on the wills xxx

btw. How's your wall friend doing? Any further trouble ?

[des8]

Re: Mum & Dad's House

Hi Smasher
I promise this won't be as long as your last wall.

Actually your family has overcome the first hurdle by being familial, and coming to prior agreement.
Most problems over wills follow disfunctional families.

The will itself doesn't have to be complicated.
Perhaps appoint 3 executors, decision of any two to be binding.

Asset to be sold, and after debts and funeral expenses etc met proceeds to be split according to a formula.
If it is to be equal parts, it is so stated.
If the aim is to split it in different proportions eg split the estate into 12 portions.
Children of the full blood receive 3 portions each,, the other three receive 1 portion each decide on the proportions.

You then have to decide what to do with a portion if that particular legatee has predeceased the donor.
Does it go back into the pot, or to the legatee 's partner/spouse/civil partner or to their child(ren)

It is really just a case of the family agreeing what they want, and putting it down on paper.
As it is a comparatively simple situation, with a functional family, it could probably be written by yourselves using one of the many guides available.
I do tend to be wary of DIY wills, but where it is simple, and the family are in agreement I would go for it

Finally if you look around you might find a solicitor who offers a free will service.
Every March & October there is a Free Will Month. A charitable scheme in which many solicitors participate
Cancer research offer a free will writing service (http://www.cancerresearchuk.org/supp...e-will-service) You don't have to leave a legacy

[Smasher]

Re: Mum & Dad's House

Wow that's some great info, thanks.

So I guess now, we just get together and make these decisions and write it all down, then go get it properly signed off.
Yes, I think that if something were to happen one of us before mum & dad, then our portion will go to our kids, just as we would leave whatever we have to them.

I guess I'll post up whatever we put together, appreciate your input. Thanks

Ahhh funny ha ha. Nice to see you Smasher, and yes, @Peridot and @des8 are the ones with the knowledge on the wills xxx

btw. How's your wall friend doing? Any further trouble ?

Nice to see you too! Gaz is ok, he's still always causing some kind of trouble, but thankfully only the kind that's related to beer and karaoke..

[james robertson]

Re: Mum & Dad's House

While I would never want to contradict Des8, I would remind him that the Will(s) are of the OP's parents and not his. So assuming the testators want what the children want there won't be a problem.

Plus nobody has mentioned what happens to the survivor after the first passing? Hopefully the children are not planning on throwing out the survivor!!!
I presume the survivor ( if both names on the deeds) becomes sole owner of the property. He/she will then be able to do whatever they wish with it regardless of what the children might like.

Sorry if I have thrown a hand grenade into the pond.

Des8's suggestion is great, if you don't want to wait for a free will there are many Will writers out there, choose one who's part of a large chain (they will provide a personal service) and has professional indemnity insurance. You should find that you can have Mirror wills (similar wills for both parties in a couple) written for £180 or less, a solicitor might charge £200 or more + VAT

Best advice shop around.

[des8]

Re: Mum & Dad's House

Feel free to contradict... it is an open forum.

It was said that all the family (and I assumed that includes mum & Dad!) were of one mind, and therefore the will referred to would be the surviving parent's.

Obviously situations can change but we can only comment on the scenario posted.
If surviving parent (or both of them for that matter) want to change their will, yes they can, but the query from Smasher was about wording the will so that assets could be distributed between full and half blood siblings.
That is to what I was referring, nothing more, nor nothing less!:santa_smiley: