Free wills month - any good ?

[Psamathe]

I think tax on "imputed income" went out in about 1965. Gordon Brown rammed the final nails into Miras (which its self replaced a scheme to offset the imputed income) but not retrospectively so. I don't think the recollections of @Psamathe are fully accurate, but then its second hand info anyway. The caveat, especially with Trusts, is to seek your own legal advice.

We are probably talking about something different as not as "2nd hand" as I gave the impression - having spent hours on the phone to HMRC about the issue, had to get property rent valuers in, etc. Maybe depends on the nature/structure of the trusts involved.

Ian

 

[DCLane]

@PaulSB - SWMBO and myself are currently in the process of re-writing our wills, last done 32 years ago. Similarly we needed a solicitor to understand some issues and they did. Cost wasn't even an issue at that point.

 

[rogerzilla]

Leaving it to the surviving spouse, then the kids, avoids IHT for most estates. The effective IHT threshold when it goes to the kids (which includes stepkids or adopted kids) is £1m if a family home is included and it's worth at least £350,000.

IHT gets a lot of coverage in the non-dom owned, right-wing press as the unbelievably rich owners need to worry about it and they whip up their idiot readers into a froth to support their case - but very few estates actually pay it.

 

[kingrollo]

Ok - approached a local solicitor via telephone who said mirror wills for myself and Mrs KR would £360.

But then if the remaining spouse wanted to remain in the property after the death of the other - this would be a further £250.

Sounds like upselling to me - any thoughts ?

 

[Gunk]

Your will, drawn up by a solicitor, isn’t expensive. We were glad we used one when we had ours drawn up last. They pointed out many things we were unaware of and we had it done the way we wanted it to be done and unchangeable. Money well spent.

Just had ours redone by a local solicitor as both were years out of date, she has been brilliant, and covered lots of stuff we hadn’t even thought about. I think you get what you pay for, plus it’s nice to have the reassurance it’s been drafted properly.

 

[Gunk]

approached a local solicitor via telephone who said mirror wills for myself and Mrs KR would £360

We paid a bit more than that, so that sounds reasonable.

 

[kingrollo]

We paid a bit more than that, so that sounds reasonable.

I don't mind the £360.

It's the extra £250 - so that my wife can still live in the house if I die. - I'd have thought that was the default.

 

[SpokeyDokey]

I don't mind the £360.

It's the extra £250 - so that my wife can still live in the house if I die. - I'd have thought that was the default.

Do you jointly own the house. If yes, it is the default.

 

[kingrollo]

Do you jointly own the house. If yes, it is the default.

Yes

So I can't see what the extra £250 is for ????

 

[SpokeyDokey]

Yes

So I can't see what the extra £250 is for ????

Me neither!

 

[Gunk]

Yes

So I can't see what the extra £250 is for ????

Because it’s two separate wills, and with ours there are some small differences.

 

[kingrollo]

Because it’s two separate wills, and with ours there are some small differences.

As in 1 will per person ? - I get that

But the extra £250 was to ensure that my partner can continue to live in the house should I croak it first and vice versa.

Won't I don't understand is given my assets including the house would go to her anyway - why on earth would she not be able to live in the house ?

 

[Emanresu]

It depends on how the property is currently held. Did they explain that to you as they should have.

https://www.gov.uk/joint-property-ownership

 

[Gunk]

As in 1 will per person ? - I get that

But the extra £250 was to ensure that my partner can continue to live in the house should I croak it first and vice versa.

Won't I don't understand is given my assets including the house would go to her anyway - why on earth would she not be able to live in the house ?

But her will also includes her wishes in the event of her death as the sole survivor

 

[vickster]

Yes

So I can't see what the extra £250 is for ????

Ask the solicitors!