Setting Up A Uk Will

[monkeytunes]

Its been on my list of things to do for a while, but a post I read on TV has got me thinking so get it done but needed a bit of advice,

I checked with a few friends that done there Wills via UK Solicitors and they said the going rates about 4-5 hundred quid which is more expensive than I thought it would be, Ive looked at setting one online, but they all ask if your a UK resident, do you need to be a living in the UK to make a UK will?

I know its a bit of a gloomy subject, but has anyone set-up a UK Will from here, what do you think is the best and cheapest options ?Thanks M

[PattayaParent]

You don't have to be living in UK to make a UK Will. To have a Will done by a solicitor in UK is about 50 Quid, here it's 10,000 Baht and more.

[Geekfreaklover]

From my understanding, a hand written, or typed Will document kept with someone in trust, i.e; the trustee in the will (UK or Thailand) , or kept with your lawyer is free and a perfectly legal will document.

[phitsanulokjon]

Its been on my list of things to do for a while, but a post I read on TV has got me thinking so get it done but needed a bit of advice,

I checked with a few friends that done there Wills via UK Solicitors and they said the going rates about 4-5 hundred quid which is more expensive than I thought it would be, Ive looked at setting one online, but they all ask if your a UK resident, do you need to be a living in the UK to make a UK will?

I know its a bit of a gloomy subject, but has anyone set-up a UK Will from here, what do you think is the best and cheapest options ?Thanks M

Monkeytunes :

I've just mailed you direct with some info. Correct that you don't need to be resident in UK. Contact me if you like - used to be a solicitor in UK and specialised in Wills Tax Probate.

Greekfreak - you're basically right though its a bit more complex than that and not ideal to be handwritten.

[12DrinkMore]

I've just mailed you direct with some info. Correct that you don't need to be resident in UK. Contact me if you like - used to be a solicitor in UK and specialised in Wills Tax Probate.

Come on then, let us all have the info as we're all getting on a bit and this is possibly a common concern.

[GuestHouse]

Something to be careful of is the payment structure for your will.

Two options may be offered: Up front payment (fixed fee that you pay when you take out the will) and Percentage Payment on enacting the will. The latter may seem a good idea as you are not laying out cash now, but a percentage of your estate may be a huge amount of money.

The going rate when my wife and I last made our wills in the UK was around £300 per will, we had a joint charge of £450. This should be viewed in respect of the size of your estate. £300 or £400 pound in respect of an estate that, for example, includes a house, savings, share holdings, and personal belongings is not a lot of money.

It is of course possible to write your own will, but I would advise you think carefully before doing so. A proficient solicitor will be able to deal with and negate a whole bunch of problems that you might not even envisage: Tax contamination of trusts, death duties, rights of creditors, challenges to the will etc. He will also be able to advise you on issues such as selecting an executor (and giving assistance to that executor when the time comes to enact your will).

I take the view that a Will is far from being a morbid subject but something of an opportunity for us to ensure that we do our best for those we love and care for. Conversely not making a will can can cause all manner of problems and give rise to all manner of risks that I doubt anyone of us would wish of family and friends.

Some things to think about:

Choice of an executor. Your executor will take on the task of doing the administration of your wishes - I've done this for a friend, it is a very taxing and stressful job. You should choose someone who is reliable, preferably someone who knows your family and friends and someone who is able to deal with the personal problems that may arise. Having done this job I have added a clause to my will which provides a gift to my executor, a 'Thank you' for the work involved.

Your solicitor may offer this service, but be warned, it is a service that consumes a great deal of time, it will be a very expensive job if done by your solicitor. Given that I found the main issue was dealing with the family and friends (particularly the family) I personally feel a trusted friend of member of your family who understands your wishes and your relationships with family and friends is a far better choice for an executor than is a solicitor.

Your Solicitor will be able to advise you on the legal issues to deal with in your will, but I would advise you to consider exactly how you want to distribute your wealth and if you are happy with the impact of the distribution. Do you want to give out one off payments or would you be better advised to give out scaled payments or perhaps 'income' rather than a lump sum. An income to your wife with a lump sum at a later date to your children is an example of this.

You have stated that you are planning a will in the UK, this leaves Trusts as an option to you (not available in Thailand). If you have young children in Thailand then the use of UK trusts to ensure that your wealth is passed to them at an age when they are able to best use it is an option to consider.

Have some fun. My will includes a number of clauses passing personal possessions and cash to friends and family - choosing a goodbye gift for these special people in your life can bring a smile or two at a very difficult time for the people you leave behind. Things I have been left in wills are among my most treasured possessions, filled as they are with fond memories.

Make it easier for your executor: Put together a list of all your accounts, share holdings, property holdings, pensions etc. Account Numbers, Addresses and Contact Details. This is of immense help to your executor when s/he is sorting through your affairs. This should be kept with your will and should be updated from time to time to ensure any changes in what your wealth is and where it is are recorded and easily accessible. Place a copy of Marriage/Berth Certificates in this file (with attested translations if a translation is necessary).

Not Just your will.

Don't forget you also need to ensure that your Pension Trust(s) and Insurance Policy Holders need to be updated with your wishes: This is done by filling out what is normally called 'An Expression of Wishes' in which you state who your heirs are and what percentage of the Pension/Insurance Pay-Out you wish to go to each person.

[monkeytunes]

Something to be careful of is the payment structure for your will.

Two options may be offered: Up front payment (fixed fee that you pay when you take out the will) and Percentage Payment on enacting the will. The latter may seem a good idea as you are not laying out cash now, but a percentage of your estate may be a huge amount of money.

The going rate when my wife and I last made our wills in the UK was around £300 per will, we had a joint charge of £450. This should be viewed in respect of the size of your estate. £300 or £400 pound in respect of an estate that, for example, includes a house, savings, share holdings, and personal belongings is not a lot of money.

It is of course possible to write your own will, but I would advise you think carefully before doing so. A proficient solicitor will be able to deal with and negate a whole bunch of problems that you might not even envisage: Tax contamination of trusts, death duties, rights of creditors, challenges to the will etc. He will also be able to advise you on issues such as selecting an executor (and giving assistance to that executor when the time comes to enact your will).

I take the view that a Will is far from being a morbid subject but something of an opportunity for us to ensure that we do our best for those we love and care for. Conversely not making a will can can cause all manner of problems and give rise to all manner of risks that I doubt anyone of us would wish of family and friends.

Some things to think about:

Choice of an executor. Your executor will take on the task of doing the administration of your wishes - I've done this for a friend, it is a very taxing and stressful job. You should choose someone who is reliable, preferably someone who knows your family and friends and someone who is able to deal with the personal problems that may arise. Having done this job I have added a clause to my will which provides a gift to my executor, a 'Thank you' for the work involved.

Your solicitor may offer this service, but be warned, it is a service that consumes a great deal of time, it will be a very expensive job if done by your solicitor. Given that I found the main issue was dealing with the family and friends (particularly the family) I personally feel a trusted friend of member of your family who understands your wishes and your relationships with family and friends is a far better choice for an executor than is a solicitor.

Your Solicitor will be able to advise you on the legal issues to deal with in your will, but I would advise you to consider exactly how you want to distribute your wealth and if you are happy with the impact of the distribution. Do you want to give out one off payments or would you be better advised to give out scaled payments or perhaps 'income' rather than a lump sum. An income to your wife with a lump sum at a later date to your children is an example of this.

You have stated that you are planning a will in the UK, this leaves Trusts as an option to you (not available in Thailand). If you have young children in Thailand then the use of UK trusts to ensure that your wealth is passed to them at an age when they are able to best use it is an option to consider.

Have some fun. My will includes a number of clauses passing personal possessions and cash to friends and family - choosing a goodbye gift for these special people in your life can bring a smile or two at a very difficult time for the people you leave behind. Things I have been left in wills are among my most treasured possessions, filled as they are with fond memories.

Make it easier for your executor: Put together a list of all your accounts, share holdings, property holdings, pensions etc. Account Numbers, Addresses and Contact Details. This is of immense help to your executor when s/he is sorting through your affairs. This should be kept with your will and should be updated from time to time to ensure any changes in what your wealth is and where it is are recorded and easily accessible. Place a copy of Marriage/Berth Certificates in this file (with attested translations if a translation is necessary).

Not Just your will.

Don't forget you also need to ensure that your Pension Trust(s) and Insurance Policy Holders need to be updated with your wishes: This is done by filling out what is normally called 'An Expression of Wishes' in which you state who your heirs are and what percentage of the Pension/Insurance Pay-Out you wish to go to each person.

Thanks GH for taking the time and giving some good advice and tips, could I ask, setting up a trust for my son is one of my priorities when I set my will, Ive not had any experience with this, are they easy to set up, is it some thing that need to be done before I snuff it. Again Thanks MT

[GuestHouse]

The term 'Turst' covers a wide range of schemes under which wealth may be held and transferred. Pensions are one example, Educational Savings Plans may be another. These are examples of 'Trusts' that you can buy into, at the other end of the scale are dedicated 'Trusts' set up for you and your family.

It is most likely that the 'buy in' option would meet your needs, You would have to discuss that with a solicitor. Dedicated 'Trusts' are an option which can be tailored to meet your exact needs, but which you carry all the set-up and management costs without the benefit of the economy of scale offered by 'Buy-In' Trusts.

Talk to your UK based Solicitor for advice on this.

[GuestHouse]

Caution

Without making any judgement of anyone in this thread.

I think it would be very ill advised to discuss of the very personal issues in wills over the internet with someone you do not know.

By all means get the General Advice you need here in the Open Forum but when it comes to discussing the very Personal Details of your will take that to a UK based solicitor who is regulated under UK law.

If you do not feel comfortable discussing the details on an Open Forum where who knows who is reading it, then you should not be discussing those details in PMs where who know who might be reading it.

[Livinginexile]

Guys...,.

why don't you just give all your money to your Thai wife now and be done with it!

She will be happy, her mum will be happy, the village will be happy, the monk will be happy, I will be happy...

[sassienie]

In my case, I have no need to create a will.

Firstly I own nothing in Thailand (officially) for reasons as imposed under Thai law.

My bank accounts in Thailand are in joint names, between my wife and I.

All my real estate here is in the name of my 19 year old daughter.

In the UK, I only have liquid assets invested in bank accounts. My Uk bank accounts are in joint names, between my wife and I. My wife has British and Thai citezenship.

If all three of us are unlucky enough to get wiped out at the same time, than I suppose it goes to our next of kin.

I do not know the OPs situation but if similar to my own, he may consider the options above.