Inheritance Tax Planning

Tiggs_2

when you get your wills done bear in mind most solicitors will hype the problems with complex wills and may put you off........most will writters will do the opposite.

you need to pay attention, if you dont understand the concept your adviser is no good, if you think the concept sounds very simple and has no down side....your adviser is no good.

clairehi

Hi all

I have been in touch with a local solicitor who is a member of Society of Trust and Estate Practitioners. He has estimated £450-550 each plus VAT to draw up wills for myself and OH including IHT planning.

I dont have £1200+ spare at the moment and it does seem like a lot of money although I realise it needs to be done. Would a professional will writer offer as good a service as we (our dependents anyway) cant afford to get this wrong, and would they be any cheaper?

Tiggs_2

£1200 is about right for a solicitor as they are wanting to make some money from it.

as an example i charge £600 for a pair but this is because i use will writing to meet new clients who often end up doing financial planning beyond the will - hence its a bit of a loss leader.

so find an IFA/FA that does likewise and expect to pay no more than £600...........and if the adviser works in that field their will will be as good as the solicitors.

clairehi

Yes, I have also had a quote from an IFA for £699 for the pair.

He said that he basically does it as a sideline, I think he has an agreement with a will writer who actually does the work. I will check if they are a member of the IPW anyway.

elliebean_2

We charge £490 for a pair and we're full IPW members. Maybe it's time we reviewed our prices :eek:

clairehi

Ive just looked on the company's website - Allied Professional Will Writers and they only charge £550 direct - so the IFA takes a further £150 on top.

And there is no mention of them being members of the IPWW> I think Im gonna go elsewhere.

Fortyfoot

I took the advice of elliebean and contacted a local member of the IPW and I feel that I am receiving good advice from him. I am at the early stages.

I have been advised that I can change the registration details of my house to my name following the demise of my wife. The house is still in joint names. Any idea which Land Registry form I need to complete, and how much is the fee for this course of action? Will I need to send any other documents with the form? Any other relevant advice will be appreciated.

Fortyfoot

Tiggs_2

Fortyfoot wrote:

Any idea which Land Registry form I need to complete, and how much is the fee for this course of action? Will I need to send any other documents with the form? Any other relevant advice will be appreciated.

Fortyfoot

These are exactly the sort of questions that the person doing your will should be able to answer for you.....or even better sort out for you.

Tiggs_2

clairehi wrote:

Ive just looked on the company's website - Allied Professional Will Writers and they only charge £550 direct - so the IFA takes a further £150 on top.

but is the IFA giving you advice? if so, thats what you pay for (and quite frankly i wouldnt even pop next door for £150 let alone spend time with a client on a matter like this.

you get what you pay for and if you want all questions answer and all areas covered you need to get someone who is able to deal with those needs.

i am forever meeting people that had a will writer do their will but do nothing to help them with land registry forms, nothing to advise on equalising assets and provides no ongoing service ......as these are things i do do i have NEVER had a client question the cost once - and i'd be worried if they did!

type-r

Lots of interesting information posted on this thread regarding IHT.

I have a quick question which has been covered however I have a slight variation on it. Say my father wishes to "give" me £25k from his estate NOW but not through a trust... does the 7 year rule still apply? By this I mean say he passes away in 8 years time, do I have to declare on the appropriate forms that I received a gift 8 years ago? Or is there a time-limit for them to do their checks?

The obvious benefit I guess is that I am able to use the money now rather than wait 7 years once the money is completely tax free.

Also, if my father was to say put the money in a savings account in joint names (myself and my father), is it still liable for IHT?