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

Pee

LittleMissAspie wrote: »

I take it there is no point in me making a will yet? My only asset is my savings account (8k ish) and my classic car, my only debt is my student loan (which I think gets cancelled if I die anyway).

So my parents or sister would get my savings and car. My boyfriend would get nothing but he's self sufficient anyway and I'm sure my family would give him something. If he died I would feel kind of weird getting his money Don't know why.

I bet my dad would sell my car, he's always telling to get a "normal" car :rolleyes: I don't suppose you can put a clause in a will that says x relative has to run, maintain and restore your car!

Me and boyf are buying a house in a few year's time tho, that would be the best time to make a will yes?

That sounds like you have thought it through and when you buy the house, you can make a Will at the same time, unless you win the lottery, inherit from your parents or have children in the meantime.

You can only place a moral obligation as to what you want someone to do with your property, unless you want to set up a Trust, which wouldn't be worth it for an £8k car (You'd want at least £10k to leave into the Trust as cash for that to be workable.)

Pee

supermonkey wrote: »

Hi all,

Sorry to hi-jack the thread. I've recently had wills drafted, and for now we have chosen not to complete LPAs. My main concern and the reason for the wills is to ensure that my wishes with regard to my daugters welfare & our finances are carried out. To my mind, the LPA gives no info on who would look after my daughter if I was incapicated. Does anyone know what would happen? Would our parents be given the opportunity to look after her? I would not want the state having the option to put her into foster care.

Good question!!! If you did an LPA, you could specifically appoint a guardian and make your wishes known. Otherwise, social services would get involved and hopefully leave your daughters with your parents. I think foster care would only come into play if there were no suitable relatives interested in looking after your daughters. Your parents could apply to be made your deputy and then use your funds for your benefit and also for the benefit of any minor children. Of course, so could someone else, worth thinking about if you have a sister or brother with drugs/ gambling/ dishonesty issues for instance.

supermonkey

Pee wrote: »

Good question!!! If you did an LPA, you could specifically appoint a guardian and make your wishes known. Otherwise, social services would get involved and hopefully leave your daughters with your parents. I think foster care would only come into play if there were no suitable relatives interested in looking after your daughters. Your parents could apply to be made your deputy and then use your funds for your benefit and also for the benefit of any minor children. Of course, so could someone else, worth thinking about if you have a sister or brother with drugs/ gambling/ dishonesty issues for instance.

Hello! Thanks for your reply. I'd looked through the LPA forms and couldn't see a section about this. I guess I just make a note somewhere on the forms? Forms are 24 pages each, and then it's getting us, our attorneys and the certificate holders to sign and all with a witness present! Just seems like it'll difficult to arrange!

Pee

supermonkey wrote: »

Hello! Thanks for your reply. I'd looked through the LPA forms and couldn't see a section about this. I guess I just make a note somewhere on the forms? Forms are 24 pages each, and then it's getting us, our attorneys and the certificate holders to sign and all with a witness present! Just seems like it'll difficult to arrange!

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.

SandC

You would probably update it a few times over 70 years, especially as other family members are bound to pass away in that time and you might have named them in your will.

My intention is to have a copy of my will, or at least information on where it is, somewhere that relatives will easily find it within my home - alongside all financial papers etc.

The_Governor

We're going through an intestacy situation now, and I wondered if the more knowledgable of you could help me out with a few queries.

My brother-in-law died on 26th January 2009 - My understanding is that the old "£200k" rules apply to his estate because it is based on the date of death, not the date of inheritance?

He was divorcing his wife, they weren't legally separated, no Decree Absolute so we understand that the law treats her as though she was still hsi loving wife.

The divorce was very acrimonious, although since his death she has laid claim to everything she coud, be it the funeral arrangements, his belongings whatever.

• My wife (his sister) and I are trying to decide whether to apply for probate or not - is there a cost attached to applying?
• Because she is legally still his wife, would applying for probate get us anywhere?
• The house was in his sole name, he owned it before she came along, however she has now moved back in, do we have any right to stop this while things are settled?
• Under the intestacy rules, who decides what happens. I believe she now has a solicitors looking at the probate side of things, will the solicitor "play it straight" and ensure that the estate is shared as per the rules, or can she manipulate things to her advantage?
• Who checks how the estate is distributed? Does this have to be reported to someone so that people can't play a fast one?

Essentially, we're trying to decide how to play this without risking lots of money on a "lost cause". Is it worth a call to CAB? Is there anyone else we can call for general advice?

Sorry for all the questions, as I say we need some general advcie to udnerstand whether we should be wading in to protect his interests...

Pee

The_Governor wrote: »

We're going through an intestacy situation now, and I wondered if the more knowledgable of you could help me out with a few queries.

My brother-in-law died on 26th January 2009 - My understanding is that the old "£200k" rules apply to his estate because it is based on the date of death, not the date of inheritance? Your understanding is correct.

He was divorcing his wife, they weren't legally separated, no Decree Absolute so we understand that the law treats her as though she was still hsi loving wife. I'm very sorry to say, also correct.

The divorce was very acrimonious, although since his death she has laid claim to everything she coud, be it the funeral arrangements, his belongings whatever.

• My wife (his sister) and I are trying to decide whether to apply for probate or not - is there a cost attached to applying? There is a cost, however more importantly, see the next answer.
• Because she is legally still his wife, would applying for probate get us anywhere? She is the person entitled in priority to get a Grant. In fact, from what you say she is already in the process of doing so.
• The house was in his sole name, he owned it before she came along, however she has now moved back in, do we have any right to stop this while things are settled? As she is going to be the Administrator, no.
• Under the intestacy rules, who decides what happens. I believe she now has a solicitors looking at the probate side of things, will the solicitor "play it straight" and ensure that the estate is shared as per the rules, or can she manipulate things to her advantage? The Solicitor will almost certainly play it straight, as the Solicitor is an officer of the Supreme Court. It is very rare, although not quite impossible that a solicitor will commit fraud. It is quite possible that the "wife" will not mention or deny the existance of you as family members, so if you can, write to the solicitor making sure they are aware of the full set of family members.
• Who checks how the estate is distributed? Does this have to be reported to someone so that people can't play a fast one? Not really. You can apply to the Probate Registry if you have any concerns about the Administration.

Essentially, we're trying to decide how to play this without risking lots of money on a "lost cause". Is it worth a call to CAB? Yes, they will be able to tell you of a solicitor in your area who gives a half hour free advice. Is there anyone else we can call for general advice?

Sorry for all the questions, as I say we need some general advcie to udnerstand whether we should be wading in to protect his interests...I presume that he has no children?[/quote]

The_Governor

Pee, thanks very much for the reply, you're confirming most of our worries really.

Your advice to write to the probate lawyer is a good one, we'll need to get the details from his "soon-to-be-ex".

Sorry, I didn't say, they had no children. If they did, then we would be less inclined as we would want to see them supported, but as it stands his "wife" who detested him is grabbing everything...

Pee

The_Governor wrote: »

Pee, thanks very much for the reply, you're confirming most of our worries really.

Your advice to write to the probate lawyer is a good one, we'll need to get the details from his "soon-to-be-ex".

Sorry, I didn't say, they had no children. If they did, then we would be less inclined as we would want to see them supported, but as it stands his "wife" who detested him is grabbing everything...

It's a really horrid situation.

The_Governor

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?

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