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Last Will and Test...

I am compiling wills for my wife and myself using a Lawpack Self-Help kit. I have looked at 'real' (solicitor drawn) wills on the internet and the content of self-help ones is much the same, only much cheaper.

I am the sole proprietor of my company, holding all shares and as such am I to assume that the beneficiary of the shares will be either my wife or children if I pop off before them and that this aspect is covered under the Residuary Gift section of the (a) will. Or should it be placed in the Specific Gifts and Legacies section.

ta Ted

Reply to
Tom E
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The purpose of a Will is to ensure that what you own at death goes where you want it to go. If you don't specify where the shares are to go, they will fall into the residue and go to the residue beneficiary, whoever that is.

The worry to me is that you do not seem to have decided where you want your property to end up. Do you want your shares to pass to your wife or to your children? And have you considered the possible tax consequences if they go one way rather than the other?

Because of your uncertainty and the question you posed, I am inclined to say you would be better off spending what will not be a great amount of money on having a solicitor draw up your Wills rather than do it yourself. There's an old adage that's worth remembering: A man who acts as his own lawyer has a fool for a client.

Reply to
Norman Wells

yes, I understand and looking through Lawpacks web they do recommend going with a sharkicitor for precisely this type of application.

Reply to
Tom E

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