Is Writing a DIY Will suitable for Contractors with a LTD company

[phil5476]

Hi,

I am intendinmg to write my first will. Lawyers aren't cheap and as I understand it simple estates can be legally dealt with via DIY will.

So is a LTD a complicating factor and if so how?

Thanks

P

[TheCyclingProgrammer]

IIRC there was nothing particularly complicated in my wife and I's mirror wills (we had ours written before we married but written in contemplation of marriage, so still valid) due to the fact that I am a director of a Limited company (my wife is a 25% shareholder).

My understanding is that if I were to die, my company would be left without a director but as my wife would inherit my share of the company and be the sole shareholder she would be able to appoint a director (herself, or the executor of my will) and take steps to wind up the company.

If you're also the only shareholder then I believe it falls to the executor to sort things out so there are things that need to be considered.

Having said that, given how little it cost to have our wills written professionally (about £180 I think for mirror wills), why take the chance of making a mess of things? I remember when the guy who did ours was asking us questions there was several scenarios and things we wouldn't even have considered.

[northernladuk]

IMO don't bother with DIY wills. Most of them aren't worth the paper they are written on. I don't know how a Ltd affects things but it's an added complication so I would say go for a will writing service like the Co-op legal services offer. Prices are from 130 quid I think and they store it for you as well. That kind of money to get it right and as hassle free should the worst happen is a no brainer surely.

[TheFaQQer]

It's no more complicated than owning shares in any other company - you leave your shares to whoever you want to.

My first will was dead simple - it left everything to my parents. When I got married, that will became invalid, and for a number of years I didn't have one.

By the time I needed a will doing, things were more complicated - married, owned a house, had children, owned more things, etc. - so I paid a solicitor about £100 to do it properly for me.

Getting it slightly wrong could prove a costly mistake for the people who stand to inherit - personally, I'd pay someone to make sure I hadn't got anything wrong (eg. "I leave my company to the children of Gladys and Ron" - who actually inherits? Is it "Gladys and Ron" or "the children of Gladys" and Ron? etc.)

Every so often, there are free wills being offered via money saving expert, so it might be worth looking there.

[jamesbrown]

I wouldn't use a DIY will for even the simplest of cases, as they are relatively cheap and mistakes can be made. I find it odd that anyone would contemplate this, as the consequences of a mistake are potentially significant (i.e. it not being legally valid or the will containing a significant omission).

[stek]

Everyone knows that if you write a will it's tempting fate, dead next day....

When's Suity writing his?

[John8589]

If you can't afford a couple of hundred quid for a will to be written by a professional, then I wouldn't bother ... nobody will be fighting for a cut of your estate.

[TheCyclingProgrammer]

This is the guy who did ours:
Legal Services UK Will Writer & Estate Planner

Although I didn't get in touch with him directly, it was arranged by one of those will writer networks:
http://www.justwills.co.uk

I spoke to a few local high street solicitors too but they were a bit more expensive - one quote was about £250 for mirror wills.

[JRCT]

Here's a cheery thought.

If you and your wife die in the same car crash, then whichever one of you is oldest is legally deemed to have died first. So, if you're older, your will is 'read' first, which means it all belongs to her. Then hers is 'read'. So make sure she doesn't leave all your stuff to her idiot brother.

At least I think that's probably how it works.

[Maslins]

You don't need a solicitor to help you with a will, plenty of perfectly good will writers out there at far cheaper rates than solicitors.

From what I gather, things that can make it complex doesn't so much revolve around what assets you have, but more how complicated your family set up is. Eg people who've been married a couple of times, perhaps with kids from different relationships might make it much more complicated to ensure the things you own get to who you want.