Setting up a Will & tackling investments

I’ve been reading up on setting up a Will (I don’t have one right now), and was prompted to create this topic in response to another on here (didn’t want to jump in on it!)

As more of us become investors (courtesy of sites such as Crowdcube and Seedrs, or apps like Freetrade) and have access to stocks and shares, as well as regular products like ISAs etc, it’s apparently encouraged that you include these kind of things in the Will itself, so you can state what the Executor should do with them.

My question is this: as I understand it, any changes to investments (if set out in the will) would need either a codicil or a brand new will, which is a lot of effort, especially if your investment portfolio (get me!) changes frequently.

Just wondering how others have tackled this? Do you create a new Will every year? Do you keep the investments mentioned but in more vague terms? Am I completely on the wrong path?

Would suggest a Letter of Wishes instead as can more easily make a new one. That way you don’t have to pay to keep updating a Will.
You don’t need to go down to the detail of which shares. The Will should be broad enough that it doesn’t define in detail but uses general categories.
The Letter of Wishes can then give next level down like bank name, broker name.(It mustn’t contradict the Will)
Separately you can make a detailed list of assets that you update and your executor can easily find in your home and use to 1) Do probate, 2) carry out Letter of Wishes & Will.

There’s a service called Farewill that charges £90 upfront to create your will and then £10/year to be able to change your will at any time. If you’re looking for a will specifically, that service might be exactly what you need.

I have a 30% off invite code for Farewill if anyone wants one

That’s £27 off the full price!

Can also be done with a rebate if you have Moneybox

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As a single person with no dependants (who does not like to part with their money), is there any reason why I can’t do a Will myself (using templates) and not have to go through paying for the privilege? Getting things signed is no issue, I can get my boss and a colleague to do that. I don’t plan on having complex clauses, more a case of “take it or sell it, up to you”.

Wills are weirdly complex, it’s an area well overdue to be modernised.

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Sure, you can do it yourself but then you’re in a position where you don’t know if your will is correct or not, and once you’re dead and an error is discovered you don’t have the option to fix it. You’re paying for the expertise required to ensure your will truly reflects your wishes.

If you have no dependents then there’s no much reason to bother with a will unless you have specific wishes about what happens with your assets when you die, and if you want those wishes respected then you need to ensure your will is correct, which only a professional can determine. If you don’t care what happens to your assets, and you don’t have any dependents, then there’s no reason to have a will, your estate will pass to your family and they can do whatever they like with it.

Still have it?

Moneybox are still offering £40 off

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I’ve recently got my will sorted using Farewill (£££ referral) and it was surprisingly simple. Free updates for a year mean that I can add my Moneybox Stocks & Shares ISA in shortly too.

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