Simple Will

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bitethebullet

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Hi, I want to draft out a simple will so that if i die my posessions are left to my wife and should she die before me her posessions are left to me. If we both die , say in a car accident everything is left to our 2 kids. The question is should one will suffice or do we need 2 made out seperately for myself and the wife?
 
You make separate wills.

There's a few other things you need to consider also, such as appointing guardians for your children.

go see a solicitor, it's not expensive and as you have children, a bit of planning is needed.
 
I would imagine a lot of people have made a will leaving everything to the other partner and in the event of both dying together, leaving everything equally to their children. What's the situation withy regard to the children having grown up and they being married with children themselves? Would that sort of a will cause problems or is there a better way of doing it?
 
an interesting point for saving on tax issues is if your children are married would be to include their marriage partners in your will if your children exceed their allowance. Of course that also depends on if you actually like their partners
 
"What's the situation with regard to the children having grown up and they being married with children themselves? "

"is there a better way of doing it?"

Wills are cheap to make.

Make a new will.

mf
 
bitethebullet said:
The question is should one will suffice or do we need 2 made out seperately for myself and the wife?
Click to expand...
You need mirrored wills. I did one (well two) up myself the other day which I think ticks all the boxes. I included a 30 day clause to cover the twin death (over a short period) situation. I didn't mention the kids as they should get an equal split in the absence of a will if we both die. Does it look right to anyone who knows about these things? . .

Last will and testament of <name & address>
I hereby revoke all former wills and testamentary instruments made by me and declare this to be my last will and testament.
I leave my entire estate to my husband/wife, <name>, provided that he/she survives me by a period of 30 days.
I appoint my husband/wife, <name>, as executor.
Dated:
Signed:

<name>

Signed by the testator/testatrix in the presence of us and by us in the presence of the testator/testatrix

<witness 1> <witness 2>
 
Do you have underage kids?

If yes, they can't inherit until they're eighteen.

mf
 
Yes. If they're under eighteen, that will be the case whether you have a will or not!

mf
 
Thanks. That's what I had assumed. I guess I could use 'spouse' rather than stipulate husband or wife and I suppose testator works for either gender, so I could make the mirrored wills almost identical.
 
One thing to consider is the case of the entire family being killed in a single incident. What do you want to happen in that case, or are you not fussed?

You should probably add in something about who should act as guardians in the case of yourself and your wife dying while the children are still minors.
Make sure you have include a minimum survival period clause.
 
Are you a member of a Credit Union?.

Most CUs offer a free or subsidised Will Making Service for members.

Well worth a call to your Credit Union to ask?.

Darth.
 
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