Not got a will? Find out where your money'll go now ... its changed

supermonkey

Pee wrote: »

It's a nightmare. PM me if you can't find the right box. Before you send it for registration, make sure you read through several times and check that every box is dealt with. There is a pesky box that just says I am over 18 and if there is no cross in it they will send it back, but will not send back the £150 fee, which is an application fee. My tip is check it three times and then get your OH, Dad or someone to check it again.

The idea of the new forms was to prevent fraud, but it seems like it was just to make everyones life difficult.

Thanks, I will certainly complete them at some point, but I really cant be dealing with it right now! Has taken long enough to sort the wills!

Does anyone have more info on what would happen to my daughter if we were both taken ill?

Pee

The_Governor wrote: »

Indeed.

Could I ask a follow up question, as this is an intestacy case, just for the sake of argument, if the house is valued at £240k after debts how would the £20k due to my parents-in-law get paid?

Would my BIL's wife have to sell it to pay them their benefit, or would she have to get a loan? If the benefit is wrapped up in brick and mortar, is she required by law to release that equity? Once the estate is sorted out (how long is a piece of string? After about 12 months you will be able to push her on this...) she would have to pay over the £20k. If the house is in your B in L's sole name, this means that if she did not remortgage to pay it, she would have to sell to pay it.

Plus, presumably Inheritance Tax would be due on the residue my PIL inherit?

It would be payable and that £20k would then take up part of the £312K Nil Rate Band. Anything that passed to his "wife" will be spouse exempt for Inheritance Tax as they are still married. (At last, some good news!)

Pee

supermonkey wrote: »

Thanks, I will certainly complete them at some point, but I really cant be dealing with it right now! Has taken long enough to sort the wills!

Does anyone have more info on what would happen to my daughter if we were both taken ill?

Social services would have a child to look after. If your parents were willing to take her on, she would probably be left with them, if anyone else wanted to there would be a court order deciding. If noone wanted to, social services would look after her and presumably foster.

The_Governor

Pee wrote: »

It would be payable and that £20k would then take up part of the £312K Nil Rate Band. Anything that passed to his "wife" will be spouse exempt for Inheritance Tax as they are still married. (At last, some good news!)

Thank you again Pee, very useful. It's a bit confusing for the layperson how all these rules get applied/enforced... :beer:

The_Governor

I wonder if anyone can help me answer what i hope is a final query?

As I understand it, the matrimonial home goes to the surviving spouse, but the definition of the matrimonial home is (I'm paraphrasing a bit) "The matrimonial home is where the surviving spouse is resident at the time of the intestates death".

Now because my bro-in-law was getting divorced his wife had left the house and was living with her mum - so she wasn't living at the matrimonial home, so what happens when that definition isn't fulfilled?

Can she still inherit the house? Or is her inheritance reduced because she wasn't living there?

Does anyone have any thoughts as to where I can go to get some advice on this?