Where there is a Will……

With all the shit going on with my health, it’s got me thinking about future planning, or lack of it…………how many of us have a current will in place ?

I have one, but it’s so out of date it still has my ex-wife as sole beneficiary with no provision for L or my kids which is something I don’t want to happen if my lights really do turn out, hopefully poor amateur dramatics but shit happens to best of us.

Just a thought folks, I don’t want to be the grim reaper but health issues aside we all have a dangerous hobby that could end our lives at any time.

 

Must admit I don't have a Will at present but the 'default' settings of everything going to the Wife would be about right anyway at the mo.



So long as my close mates don't let her sell all me Bike stuff for what I told I paid for it anyways!

(if I die in the near future then get yer sen round mine quick guys they'll be some bargain tackle going!)

 

I haven't.... Tempting fate if I have. Next of kin will get it all anyway.....

Ill do one on my death bed, if not...well, I'm not around anyway. Signed the house over to Em for business reasons ages ago, the shop will be in the kids names. Everything else I have, they can sell and have a bloody good time.

 

If you’re married and it only involves the marital home I guess it’s quite simple but Simon your comment "the shop WILL be in the kids names worries me".....I have also a private business which involves owning business property with my brother so you and I need to plan ahead both to avoid death duty liabilities if applicable and to make sure that’s what happens. If it’s not written down and properly and witnessed it’s not worth a light mate. The Inland Revenue will have a field day.

 

Don't worry dude, the accountant is sorting that, so the IR won't get a solitary hapenny. I have worked too hard to give them anything when it comes to my demise, not a single sausage. I've paid enough whilst I'm alive, they ain't getting fuck all when I'm dead.

 

Married once with the two kids so nothing for me to sort.. Have taken out adishinal life insurance for 400k over my work payout which I thnk is 200k.. So she will be rollng in it! Better check those brake lines before I ride..

 

On Tuesday night I was with my colleague at the Essex Advanced Riding Group where Andy (my colleague) gave a talk about Wills, Probate, Powers of attorney, and I have to say, I thought I know a bit about what would happen in the event that I popped my clogs, but in all honesty, I know nothing (well nothing of any importance) and it was a real eye opener, especially in light of the changes in the law which came in last week (and don't ask me as I really don't know)

What was an eye opener was how many people don't have a will because they believe it is so expensive to do, and were surprised when they found found out that it is not that dear, or at least doesn't have to be, (£180 incl VAT is the average for a simple straight forward will) but also the number of people who had friends or family members who have used these unregulated will writing firms and then come unstuck when they died and it was contested and had to go to probate, leaving next of kin in dire straights. This of course had additional complications in that will writing is unregulated, whereas if it is done by a solicitor, there s at least re-dress through the SRA as solicitors are regulated.

But as Andy states, the other biggest benefit is that it also ensures that people get the parts of your estate that you want them to have (or not have as the case may be)

Suffice to say, it is amazing how many motorcyclists don't have a will, and yet we run the highest risk of being killed.

Many say that they do nt have sufficient value in their estate to make it worth having a will. When I replaced mine a few years ago, the head of department also offered to do one for my daughter free of charge. She was 18 at the time (now 23). I was amazed at how much she was worth despite her living in the hotel of mum and dad and being a full time student. I think back then, her estate value was something like £25,000 which amazed me. As you get older obviously your estate value increases substantially.

This is not an advert, but if anyone wants help with a will, by all means let me know, and I will be happy to put you in touch with my colleague who will be happy to help.

 

My Mrs' job is a case manager, in estates and trusts, And guess what?? I anit got one.

 

Yep had one done a couple of years back.....needed to really as not married and so my estate for what it's worth would have passed to immediate family members rather than my partner of 23 years. Basically we have mirrored each other with our two offspring benefiting accordingly if we both jump off this mortal coil at the same time.

Wills do make it a lot easier for those left behind as I've seen so much in-fighting personally when there is'nt a one drawn up....amazing how peoples true colours emerge then

 

This article is quite hot off the press so to speak, so you may find it relevant and interesting

My colleague Andy Grant, a specialist Solicitor who deals with wills and probate and unfortunately he is being asked to deal with more and more fatal motorcycle crashes where the rider had no will in place, or the rider suffered such catastrophic injuries, they are incapable of looking after their own affairs.

Here he explains some of the issues that can arise and what happens in such cases, and how you as a motorcyclist can avoid placing extra stress on your family and loved ones in the event that the worst case scenario occurs (which of course we all hope will never happen)

You should firstly consider having a will prepared. A will dictates what happens to your estate on your death and can also be used to appoint legal guardians to look after any minor children you have. If you don’t have a will then there are laws to dictate how your estate would be divided and this may not be in accordance with your wishes and the person or persons who have to carry out the administration of your estate may not be who you would have chosen. Not having a will can make the administration of an estate very difficult at a time of grief and stress.

You should also consider putting lasting powers of attorney in place. A lasting power of attorney appoints a person or persons as attorneys to make decisions on your behalf if you are mentally incapable of making them for yourself. There are two types of lasting powers of attorney; one relating to health and welfare and one relating to property and affairs. They are two separate documents, and you can have one without the other. Within a lasting powers of attorney you can include your wishes with regards to how you would want your money to be spent, or even go so far as to state whether you would want life-sustaining medical treatment. To be used lasting powers of attorneys have to be registered with the Office of the Public Guardian.

If no lasting powers of attorney are put in place then no one can make immediate decisions about your financial affairs and this can lead difficulties if you own a share in a business or are solely responsible for the financial affairs of your family. It could also mean that you are given medical treatment that you do not wish to receive.

If no lasting powers of attorney are put in place and someone needs to take control of your financial affairs because you lack mental capacity then they can apply to the Court of Protection to be appointed what is called a deputy. The difference between a deputy and an attorney is that you don’t choose who the deputy is, as they are appointed by the Court. The Court may not agree to the person applying being appointed or someone, such as a family member, may object to the appointment of the person applying.

The application process to be appointed as a deputy is very different from that of registering a lasting power of attorney and it is much more expensive, there is more administrative work to be done and takes much longer, sometimes up to 6 months. If welfare decisions need to be made on your behalf then, again, an application needs to be to Court of Protection, but the Court will usually only grant authority on a decision by decision basis.

Although a bit of a long read, if you have not got a will, maybe this may convince you to think about it. It only costs around £180 for a simple will, but it provides peace of mind and lack of aggravation for your next of kin should the worst case scenario occur.

 

Like you, I wrote my first will at 27 when we first got married. 5 years ago, we checked it and it was so out of date it was worrying. So new wills promptly written and now up to date.

Had we not re-written our wills, then our daughter who is now 23 would not have got anything.

The other thing that was of interest I noted from Andy's talk, is that last week the rules changed on a number of things regarding wills, and so it would pay if you already have one, to get it checked or at least updated.

 

If you keep your eyes open there is normally a Will Week where participating solicitors will do you a will in return for a donation to charity.

Personally I don't have one as the wife will get the lot. I did have one to stop my evil bitch of a mother getting anything, but that lapsed when I got married.

 

Don't bank on it. Just because you are married does not mean that your spouse gets the lot as of right, as it would go to probate, which takes time and money, and your mother without a will in place could lay claim to your estate.

But a will does mean that you decide who gets what.

 

"evil bitch of a mother" !


Kinnelll!

 

I had a water leak at a property I rent out and my son came to help, as we walked up the drive I said this is your inheritance son. We fixed the leak and after being in the house for the first time my son said his sister can have that one.

Best record that then