Posted by Ophelia on March 5, 2010, 5:08 am
>>
>> >> Thanks for any advice.
>>
>> > Even advice to shove your head up a dead bear's arse ?
>>
>> OH come on!!! People like that chap come to uk.legal expecting help and
>> advice. That was uncalled for:(
>>
> That was Rod Speed. It's a troll. Just killfile it and move along like
> the rest of us have done. :)
Ok ta:)
--
--
https://www.shop.helpforheroes.org.uk/
Posted by Rick on March 4, 2010, 12:19 pm
john mayfield wrote:
> I keep hearing that I should write a will. I'm 65 years old , living in a
> small terraced house in North London (u.k.) together with wife 61 years old
> and son 29 years old.
> The house is worth about just under 300K which is below the inheritence
> threshold and is owned jointly (tenants in common) with my wife. My total
> savings are small.
> When I die I would wish to leave it all the wife, and any amount to my son
> that enables him not to pay any inheritance tax.
...
Yes you should make a will, but consider if you and wife die at the
"same time", e.g. car accident. To avoid forcing son to pay larger
inheritance tax than he can afford (before perhaps selling the main
asset, namely the house) you could with a lawyer's help, consider
putting the house in a trust.
Posted by Martin on March 4, 2010, 1:58 pm
< snip >
> To avoid forcing son to pay larger
> inheritance tax than he can afford (before perhaps selling the main
> asset, namely the house) you could with a lawyer's help, consider
> putting the house in a trust.
Why bother? In the situation you contemplate, the first £650k is IHT-free.
Unless the OP's idea of "small savings" is something over £350k, there will
be no IHT liability.
The same pertains if they die at quite different times.
--
Martin
Posted by RobertL on March 5, 2010, 10:28 am
> john mayfield wrote:
> > I keep hearing that I should write a will. I'm 65 years old , living in a
> > small terraced house in North London (u.k.) together with wife 61 years old
> > and son 29 years old.
> > The house is worth about just under 300K which is below the inheritence
> > threshold and is owned jointly (tenants in common) with my wife. My total
> > savings are small.
> > When I die I would wish to leave it all the wife, and any amount to my son
> > that enables him not to pay any inheritance tax.
> ...
> Yes you should make a will, but consider if you and wife die at the
> "same time", e.g. car accident. To avoid forcing son to pay larger
> inheritance tax than he can afford (before perhaps selling the main
> asset, namely the house) you could with a lawyer's help, consider
> putting the house in a trust.
people typcailly put in cluases like "providing she shall survive me
by 30 days" to cover such situations. IIRC if you die together the
wills are executed as if the older person died first.
Robert
Posted by HEMI-Powered on March 4, 2010, 1:55 pm
john mayfield added these comments in the current discussion du
jour ...
>
> I keep hearing that I should write a will. I'm 65 years old ,
> living in a small terraced house in North London (u.k.) together
> with wife 61 years old and son 29 years old.
>
> The house is worth about just under 300K which is below the
> inheritence threshold and is owned jointly (tenants in common)
> with my wife. My total savings are small.
>
> When I die I would wish to leave it all the wife, and any amount
> to my son that enables him not to pay any inheritance tax.
>
> I guess thats a fairly common kind of family situation, without
> any additional complications; so I thought it would be fairly
> easy to get advice on how to write a will.
>
> On google I can get up to 7 million returns on my searches, but
> everyone I've looked at wants to make money out giving any
> advice. With plenty of 'a bad will is worse than no will' kind
> of suggestions, thrown in.
>
> Is the advice that you *should* make a will really applicable to
> someone like myself? What would be any advantages to having a
> will?
>
> The nearest I have got so far to creating one is a bit of
> information I picked up, which says I can just write out roughly
> as follow:
>
> -----------------------------------------------------------------
> -----------
>
> This will 'dated' .........by 'john........' of
> 'address'......
>
> I revoke all earlier wills and Codicils.
>
> I appoint as my executor and trustees my wife 'name'........ and
> my son .......
>
> I give my Estate and Possesions to my wife ............
>
> If she does not survive me I give my Estate and possisions to my
> son ......
>
I know nothing about UK law but in the US, everything automatically
goes to the spouse unless there is a pre-nup OR possessions and
money are kept separate, then a will would apply. In many/most
marriages, all assets are held jointly, so no probate is needed
when one spouse dies. Children are another matter. Sometimes
arguments break out.
--
HP, aka Jerry
"The government is best which governs least" - Thomas Jefferson
"Government is NOT the solution to our problems, it IS our
problem!" - Ronald Reagan
XML site map
>> >> Thanks for any advice.
>>
>> > Even advice to shove your head up a dead bear's arse ?
>>
>> OH come on!!! People like that chap come to uk.legal expecting help and
>> advice. That was uncalled for:(
>>
> That was Rod Speed. It's a troll. Just killfile it and move along like
> the rest of us have done. :)