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Post by liam007 on Feb 28, 2020 13:22:44 GMT
Not the happiest topic to discuss but both myself and my wife turn 50 this year and now have finished our mortgage and have been thinking about making a will.I know next to nothing about the best way to do this,how they work,cost involved etc.Would appreciate any advice,although done some basic research on the internet a little bit of independent advice and experience's from others who have made one would be welcome.
Thanks.
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Post by Deleted on Feb 28, 2020 13:38:32 GMT
Not the happiest topic to discuss but both myself and my wife turn 50 this year and now have finished our mortgage and have been thinking about making a will.I know next to nothing about the best way to do this,how they work,cost involved etc.Would appreciate any advice,although done some basic research on the internet a little bit of independent advice and experience's from others who have made one would be welcome. Thanks. I wouldn't be tempted by one of the DIY wills that you see advertised on the internet, whilst a solicitor is more expensive, because they are regulated it offers far more protection down the line. Plus if you have matters involving inheritance tax, or any complex ways you want to split what you would leave they are the experts. We used a local firm but if you go to someone like Co-Op Legal Services they're fairly inexpensive..... |
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Post by elystokie on Feb 28, 2020 14:56:52 GMT
If either of you is a member of a union it might be worth looking if they offer a free one, some unions do.
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Post by Eggybread on Feb 28, 2020 15:08:13 GMT
Sign your house over to your kids.
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Post by partickpotter on Feb 28, 2020 15:13:07 GMT
Not the happiest topic to discuss but both myself and my wife turn 50 this year and now have finished our mortgage and have been thinking about making a will.I know next to nothing about the best way to do this,how they work,cost involved etc.Would appreciate any advice,although done some basic research on the internet a little bit of independent advice and experience's from others who have made one would be welcome. Thanks. I wouldn't be tempted by one of the DIY wills that you see advertised on the internet, whilst a solicitor is more expensive, because they are regulated it offers far more protection down the line. Plus if you have matters involving inheritance tax, or any complex ways you want to split what you would leave they are the experts. We used a local firm but if you go to someone like Co-Op Legal Services they're fairly inexpensive..... I just completed a revised will today. I agree with you about using a solicitor. It cost me £100 for a relatively simple will - my kids get everything. But it's reassuring to know it is done and is secure (and should hopefully not need doing again!). |
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Post by liam007 on Feb 28, 2020 15:35:23 GMT
Thanks for help so far,hopefully we both have plenty of years infront of us.As you mention partickpotter it's more for peace of mind.The house and anything else we would own,money etc will be split evenly between the 3 kids.They already know this and don't foresee anything will change but to save them any problems we want to get it done legally.
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Post by zerps on Feb 28, 2020 15:55:31 GMT
Sign your house over to your kids. Cracking advice to be fair pal. Do it as early as possible. |
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Post by liam007 on Feb 28, 2020 15:58:52 GMT
Sign your house over to your kids. Cracking advice to be fair pal. Do it as early as possible. But surely that would involve a solicitor,is that not the same as making a will.Are there financial benefits for them as opposed to leaving it to them in a will? |
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Post by zerps on Feb 28, 2020 16:29:17 GMT
Cracking advice to be fair pal. Do it as early as possible. But surely that would involve a solicitor,is that not the same as making a will.Are there financial benefits for them as opposed to leaving it to them in a will? Use a solicitor for both mate. |
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Post by PotteringThrough on Feb 28, 2020 16:31:06 GMT
You should check with your HR at work as well, there might be a company that they reccommend and you can get discounted rates with a firm.
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Post by Northy on Feb 28, 2020 17:17:14 GMT
Thanks for help so far,hopefully we both have plenty of years infront of us.As you mention partickpotter it's more for peace of mind.The house and anything else we would own,money etc will be split evenly between the 3 kids.They already know this and don't foresee anything will change but to save them any problems we want to get it done legally. We are a bit older than you, and have done it via a solicitor, it's quite painless and worth knowing everything has been done properly. |
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Post by pieofpeter on Feb 28, 2020 17:47:03 GMT
Try your local Citizens Advice they should be able to point you in the right direction!
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Post by Deleted on Feb 28, 2020 18:00:57 GMT
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Post by sd22 on Feb 28, 2020 18:20:10 GMT
Sign your house over to your kids. My family have done this for generations l(my dad is next once my brother buys his first house) due to the time scale they have been done, we ave managed to avoid tens of thousands of pounds in care fees |
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Post by drjeffsdiscobarge on Feb 28, 2020 18:52:10 GMT
Sign your house over to your kids. At the risk of being a bonehead, can I ask why Eggy? |
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Post by algor on Feb 28, 2020 21:58:44 GMT
Sign your house over to your kids. At the risk of being a bonehead, can I ask why Eggy? Your house then can't be used to pay for your care in a residential or nursing home in your old age. He is right  (god that hurt to say), give your house to your kid's several years before you are likely to need care otherwise it basically belongs to the local authority. |
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Post by mrcoke on Feb 28, 2020 22:10:39 GMT
You can get a solicitor make up your will professionally for "free", paid for by a charity of your choice* with the expectation that you will voluntarily donate a sum to the charity from your estate.
* we used Bernado's . McMillan is another option, there are probably others.
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Post by Gods on Feb 28, 2020 23:14:59 GMT
First thing you will have to decide is whether you want a single joint will or 2 separate wills for you and your wife.
Many joint wills contain a provision stating that neither partner can change or revoke the will alone, which means that the will can't be changed after the first partner dies, there could be 40 years between the death of you and your partner, just think about that for a moment...
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Post by Billybigbollox on Feb 28, 2020 23:24:28 GMT
At the risk of being a bonehead, can I ask why Eggy? Your house then can't be used to pay for your care in a residential or nursing home in your old age. He is right (god that hurt to say), give your house to your kid's several years before you are likely to need care otherwise it basically belongs to the local authority. It’s far from as simple as that. You need to take legal advice before doing something like that. It could turn out to be a great big fuck up. |
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Post by mrcoke on Feb 28, 2020 23:46:33 GMT
First thing you will have to decide is whether you want a single joint will or 2 separate wills for you and your wife. Many joint wills contain a provision stating that neither partner can change or revoke the will alone, which means that the will can't be changed after the first partner dies, there could be 40 years between the death of you and your partner, just think about that for a moment... I believe no joint wills can be changed after one partner dies. That is the point of a joint will, it is a legal contract binding each other to the agreed wishes at the time of the will. And as you point out circumstances can change after the death of one partner, which may mean it is "better" to change the will. |
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Post by iancransonsknees on Feb 29, 2020 7:45:56 GMT
Sign your house over to your kids. Cracking advice to be fair pal. Do it as early as possible. Unless you plan to apply for any grant works, charitable funding or (rather obviously) equity release loan works in future. Clearly where you may be able to apply for that funding /help based on your circumstances your kids won't be eligible for it on your behalf. There's not much out there at the moment but potentially with the green lobby and PAS 2030/2035 gaining traction it's worth considering. |
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Post by Deleted on Feb 29, 2020 11:14:42 GMT
Your house then can't be used to pay for your care in a residential or nursing home in your old age. He is right (god that hurt to say), give your house to your kid's several years before you are likely to need care otherwise it basically belongs to the local authority. It’s far from as simple as that. You need to take legal advice before doing something like that. It could turn out to be a great big fuck up. You just need to do it at least 7 years before it can/could be used as an Asset for the purposes of funding Care, etc. Done via a Solictor, properly, it's the sensible thing to do. |
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Post by auntiegeorge on Feb 29, 2020 11:56:23 GMT
Sign your house over to your kids. They may then be liable for tens of thousands of pounds in capital gains tax when the house is sold since it is not their primary residence. Or they may not. Everyone's situation is different. Go to a solicitor. |
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Post by Billybigbollox on Feb 29, 2020 15:15:26 GMT
It’s far from as simple as that. You need to take legal advice before doing something like that. It could turn out to be a great big fuck up. You just need to do it at least 7 years before it can/could be used as an Asset for the purposes of funding Care, etc. Done via a Solictor, properly, it's the sensible thing to do. There can be huge issues around signing your property over to your children. For example if your children divorce their ex partner can claim on your property as part of their partner’s assets . If you fall out with your children they can have you evicted in order to live there themselves. You should pay rent at market value to prevent the property from being considered as part of your estate for Inheritance tax purposes . In the event that you do require care, Social services will do a financial assessment to determine whether you have disposed of assets in order to avoid paying a care contribution. I’m not saying people shouldn’t do it, but that it’s far more complicated than simply signing your house over. |
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Post by raythesailor on Mar 1, 2020 12:52:25 GMT
You just need to do it at least 7 years before it can/could be used as an Asset for the purposes of funding Care, etc. Done via a Solictor, properly, it's the sensible thing to do. There can be huge issues around signing your property over to your children. For example if your children divorce their ex partner can claim on your property as part of their partner’s assets . If you fall out with your children they can have you evicted in order to live there themselves. You should pay rent at market value to prevent the property from being considered as part of your estate for Inheritance tax purposes . In the event that you do require care, Social services will do a financial assessment to determine whether you have disposed of assets in order to avoid paying a care contribution. I’m not saying people shouldn’t do it, but that it’s far more complicated than simply signing your house over. Spot on and good advice. One mistake often made is that spouses do mirror wills leaving everything to each other. Consider leaving half of the house to heirs. Say dad passes first, Mum can remain in the house and owe the children or whoever. When she passes the first half does not form part of her estate. In need of care, she only owns half of the house and it could be argued it is of reduced value as who would want to buy half a property at full open market value? |
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Post by franklin66 on Mar 4, 2020 13:33:32 GMT
You just need to do it at least 7 years before it can/could be used as an Asset for the purposes of funding Care, etc. Done via a Solictor, properly, it's the sensible thing to do. There can be huge issues around signing your property over to your children. For example if your children divorce their ex partner can claim on your property as part of their partner’s assets . If you fall out with your children they can have you evicted in order to live there themselves. You should pay rent at market value to prevent the property from being considered as part of your estate for Inheritance tax purposes . In the event that you do require care, Social services will do a financial assessment to determine whether you have disposed of assets in order to avoid paying a care contribution. I’m not saying people shouldn’t do it, but that it’s far more complicated than simply signing your house over. Spot on the 7 years is for gifts if it's not done right they can still claim its "asset dumping" to reduce capital and still claim it. Deprivation of Assets If you deliberately give away or convert assets to put yourself in a better position to receive financial help from the Local Authority for your care, this is known as deprivation. This includes both giving away assets and deliberately spending large amounts of money immediately prior to the assessment. Deprivation can also include selling off an asset for much less than it is worth. The Local Authority must prove that any deprivation is deliberate. If you gave away money or went on an extravagant holiday a while ago, before a care home was imminently on the cards, you won’t need to worry. The council may try to recover any assets they claim you have deliberately deprived either from you, or from the person you gave them to. |
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(god that hurt to say), give your house to your kid's several years before you are likely to need care otherwise it basically belongs to the local authority. 
