Discussion
My wife and I need to make wills and one of the benefits my employer offers is the facility to do this. When completing this one of the questions was "Do you (as a couple) have assets of more than £650k" to which I answered "Yes". This then stopped the process completely and told me I need to pay more as our situation is legally complex
I am aware this is largely to do with inheritance tax but as our wills are going to be very straightforward i.e. leave everything to the other on death and we have no children would it be ok to continue with writing the wills and ignore the request for further advice?
P.S. I am aware that it would have been better to start with to go and see a solicitor!
I am aware this is largely to do with inheritance tax but as our wills are going to be very straightforward i.e. leave everything to the other on death and we have no children would it be ok to continue with writing the wills and ignore the request for further advice?
P.S. I am aware that it would have been better to start with to go and see a solicitor!
Surely the idea of a will is that is is a record of your wishes?
In that case, and with your situation being so simple, is it not just a matter of writing a letter, witnessed by a suitable person (not family and of professional standing etc etc) and keeping it safe?
I look forward to seeing more authoritative replies than mine, as if it's more complex than that I'd like to know as that's all we have done.
In that case, and with your situation being so simple, is it not just a matter of writing a letter, witnessed by a suitable person (not family and of professional standing etc etc) and keeping it safe?
I look forward to seeing more authoritative replies than mine, as if it's more complex than that I'd like to know as that's all we have done.
What about your assets when the survivor then dies ?
A will can protect them in terms of intestacy rules ie to prevent distant relatives coming forward to claim a share ?
Just because you have over £650k doesn’t make your affairs particularly complicated.
Do you also have LPA’s in place for each other as arguably they are equally or even more important to have ?
A will can protect them in terms of intestacy rules ie to prevent distant relatives coming forward to claim a share ?
Just because you have over £650k doesn’t make your affairs particularly complicated.
Do you also have LPA’s in place for each other as arguably they are equally or even more important to have ?
alscar said:
What about your assets when the survivor then dies ?
A will can protect them in terms of intestacy rules ie to prevent distant relatives coming forward to claim a share ?
Just because you have over £650k doesn t make your affairs particularly complicated.
Do you also have LPA s in place for each other as arguably they are equally or even more important to have ?
That is something I thought about but I presume a mirror will wouldn't go into this much detail?A will can protect them in terms of intestacy rules ie to prevent distant relatives coming forward to claim a share ?
Just because you have over £650k doesn t make your affairs particularly complicated.
Do you also have LPA s in place for each other as arguably they are equally or even more important to have ?
As for LPAs, yes these are being done too.
carew said:
That is something I thought about but I presume a mirror will wouldn't go into this much detail?
As for LPAs, yes these are being done too.
Mirror wills are usually just about leaving assets to each other and then if children / other potential inheritors survive the survivor they then get mentioned. As for LPAs, yes these are being done too.
Obviously if no children or indeed anyone else in the family you want to name are there any friends / charities then perhaps ?
I’m not sure what happens in the event that no one named and when the survivor dies ?
Obviously not your problem at that point.
Get a will and LPA's done and update them as and when needed. I believe they should be seen as living documents that can be altered anytime circumstances change but they seem to be regarded as 'do once & forget' which is fine if circumstances don't change.
However you do your will, ensure the original document is accessible by whoever needs it after death, as a copy is not accepted by probate etc.
We are going through this now as my mums will (and house deeds) was stolen in burglary, which she knew about but didn't tell us (her children). She probably thought her copy would suffice, it doesn't. Probate won't accept her copy and it's looking like we need solicitors to draft letters for the witnesses to the will to sign, confirming the will existed etc. So ensure any executor etc knows how to find the will.
Effectively she had died intestate, with those rules possibly now having to apply. There is no other family apart from use her children, so the outcome should be the same but it causes unnecessary delays.
However you do your will, ensure the original document is accessible by whoever needs it after death, as a copy is not accepted by probate etc.
We are going through this now as my mums will (and house deeds) was stolen in burglary, which she knew about but didn't tell us (her children). She probably thought her copy would suffice, it doesn't. Probate won't accept her copy and it's looking like we need solicitors to draft letters for the witnesses to the will to sign, confirming the will existed etc. So ensure any executor etc knows how to find the will.
Effectively she had died intestate, with those rules possibly now having to apply. There is no other family apart from use her children, so the outcome should be the same but it causes unnecessary delays.
Edited by The Gauge on Thursday 8th January 10:52
carew said:
My wife and I need to make wills and one of the benefits my employer offers is the facility to do this. When completing this one of the questions was "Do you (as a couple) have assets of more than £650k" to which I answered "Yes". This then stopped the process completely and told me I need to pay more as our situation is legally complex
I am aware this is largely to do with inheritance tax but as our wills are going to be very straightforward i.e. leave everything to the other on death and we have no children would it be ok to continue with writing the wills and ignore the request for further advice?
P.S. I am aware that it would have been better to start with to go and see a solicitor!
Any complication won’t be to do with inheritance tax, the wills are not about that unless you want some sort of trust setup. I am aware this is largely to do with inheritance tax but as our wills are going to be very straightforward i.e. leave everything to the other on death and we have no children would it be ok to continue with writing the wills and ignore the request for further advice?
P.S. I am aware that it would have been better to start with to go and see a solicitor!
I suspect charities will get any assets after the sole survivor dies. But as you rightly point out, neither of us will be around then!
My gut feeling at this stage is to get a basic will drawn up so there is at least something in place now with a view to maybe making amendments somewhere down the line as and when situations change. Having no children we are really keen to spend as much as we can and leave as little as we can but that's a whole other subject!
My gut feeling at this stage is to get a basic will drawn up so there is at least something in place now with a view to maybe making amendments somewhere down the line as and when situations change. Having no children we are really keen to spend as much as we can and leave as little as we can but that's a whole other subject!
carew said:
I suspect charities will get any assets after the sole survivor dies. But as you rightly point out, neither of us will be around then!
My gut feeling at this stage is to get a basic will drawn up so there is at least something in place now with a view to maybe making amendments somewhere down the line as and when situations change. Having no children we are really keen to spend as much as we can and leave as little as we can but that's a whole other subject!
When I said I don’t know what happens I meant specifically with regard to you ie post the survivor dying it would go to relatives - distant or otherwise. My gut feeling at this stage is to get a basic will drawn up so there is at least something in place now with a view to maybe making amendments somewhere down the line as and when situations change. Having no children we are really keen to spend as much as we can and leave as little as we can but that's a whole other subject!
Charities will only benefit if they are named.
Ultimately I imagine the state gets it.
However as you say at least making basic mirror wills is a good start.
As has been stated by Guage when done make sure you both know where the original is.
carew said:
I suspect charities will get any assets after the sole survivor dies. But as you rightly point out, neither of us will be around then!
My gut feeling at this stage is to get a basic will drawn up so there is at least something in place now with a view to maybe making amendments somewhere down the line as and when situations change. Having no children we are really keen to spend as much as we can and leave as little as we can but that's a whole other subject!
If no kids and charities get what's left then crack on with the basic Will, no real need for anything complex/trusts by the sound of it.My gut feeling at this stage is to get a basic will drawn up so there is at least something in place now with a view to maybe making amendments somewhere down the line as and when situations change. Having no children we are really keen to spend as much as we can and leave as little as we can but that's a whole other subject!
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