Leaving a will

Primrose

You can always leave any assets over the current Inheritance Tax limit to charity - legacies to charities are tax free, and if you don't want to leave money to siblings or their dependents, there are hundreds of worthwhile charities who could make really good use of a legacy. Any legacies below the Inheritance Tax level can be left to anybody you like but be sure that you leave an envelope somewhere in your home marked "To be opened in the event of my death" saying where your Will is stored - preferably lodged with a solicitor who if necessary can be the Executor, to ensure that there is no misunderstanding about your wishes.

Old_Git

two relatives off mine made wills within the last couple off years .Both where told the cost would be £50 ,however neither solicitor charged anything .I think they work on the idea they will get the business when you die .
I would suggest you leave some small amount to siblings .They may not want or need it but it prevents them contesting your will on the grounds they received nothing .I know of a case where parents left one son a business and one son £1 .
Will couldnt be contested on the grounds he received nothing .

Biggles

Primrose wrote: »

You can always leave any assets over the current Inheritance Tax limit to charity - legacies to charities are tax free, and if you don't want to leave money to siblings or their dependents, there are hundreds of worthwhile charities who could make really good use of a legacy.

Sounds harmless but that is the equivalent of your estate losing 100% of the excess instead of just 40% in IHT! I'd prefer my beneficiary got 60% and the taxman 40% than that the benficiary got nothing.

Also remember that, in the event of your circumstances changing for the good in the years between now and your death, that excess could be a significant sum.

bundly

missile wrote: »

It seems like BF does not need your money either? I guess the "friend" you wanted to leave money to in post #1 is not your bf?
I would suggest you spend your money whilst you can. :j
Equity release is not very MSE. There may be very little value left in your property when you die. In your case that may not be bad thing?

My b/f's mum is a homeowner over 80 and he's her only child, so he's going to be well off when she goes.

The "friend" I am thinking of leaving money to has not yet been decided. I am looking for someone that I feel is "deserving" (by my definition).

The trouble with "spending my money while I can" - that is to say, the £60k I have saved, is, I could end up as one of those half starved pensioners huddled around one bar of an electric fire. I mean, what if I live till 90?

I don't mind using some of it now to make my life more pleasant and easy -- for example I am having an ensuite shower put into my bedroom next month, and I employ a cleaner so never do any housework, and I always get taxis instead of the bus; but quite frankly there isn't much else that I want in life. I think when you are raised in a poor family you have a natural aversion to too much "luxury" spending.

OK so who am I looking for to inherit? These are my criteria.

1. Must be one person only. Don't want to split the money into tiny parcels; want to have a lifechanging effect on one person's future.

2. Beneficiary must be someone who has always been nice to me.

3. Must be female and younger than me (so she won't pre-decease me).

4. Must be someone poor-ish who is not going to inherit more than about £10k (pref. nothing) from anyone else and who doesn't have any or very little equity on property, savings, etc.

5. Someone who has worked hard all her life for little reward, who perhaps missed out on her career by raising children, or who performs voluntary work.

6. Someone who would make good, sensible use of the money and not blow it on stupid things (drink, drugs, etc) or just give it away to her unscrupulous, undeserving, spoilt children.

7. Perhaps someone who has had some bad luck, or who life hasn't treated all that well.

I do have a friend who ticks most boxes, the one exception being that she will probably inherit from her mother (who is in her 80s). So I am still looking for someone who ticks that last box.

Bundle

PS Someone asked upthread did I have other money the answer is no, nothing but my house equity and £60k.

margaretclare

No. 3 on your list - younger so won't pre-decease you - cannot be guaranteed. My younger daughter has pre-deceased me.

Isn't there a favourite charity that you would like to benefit from your money?

Good idea to spend money on making life easier, pleasanter and more convenient for yourself i.e. a shower.

Errata

OP - Don't know how old you are, but someone who meets all your criteria now may not necessarily meet all of them in `15 or 20 years time, what would you do then ?

bundly

Errata -- I am 51 (silly of me not to have said this!) Re the changes that might happen in 15/20 years' time, well I would change my will of course.

Margaret -- yes I have been predeceased myself by younger friend, partner; I didn't say it was foolproof, just less likely than if I leave my money to someone currently aged 80.

My b/f has put me right off charities by regaling me with stories of how 50-90% of the money donated never reaches the actual people who are in need. Also, big charities often have millions and millions donated and my 1/4 million probably won't change anyone's life, but what appeals to me is that it could change someone's life if left to one person.

Does everyone else leave their money to family? I am at a loss to understand why blood relations or spouses are automatically considered as more deserving than anyone else.

Savvy_Sue

No, not everyone else leaves the money to family. It's just that that's where most of us start.

In fact we were admiring some lovely photos at a sibling's house the other day: they were left some money in a friend's will, who'd died very young, so they used it on a photo shoot and now have some really good photos of the whole family (including the dog) in a really classy frame.

As for how charities use their money, it depends on the charity! If you use the Guidestar or Charity Commission websites you can SEE how charities use their money.

One thing I always say however is that paying for good admin and management is not at all a bad thing, especially as a charity grows. I'll declare an interest, in that I work for a charity which has doubled in size over the last couple of years. Do you want a well-meaning amateur keeping our books, perhaps on a voluntary basis, now we're taking in half a million, or should we pay someone to do it properly?

Oldernotwiser

bundly wrote: »

My b/f has put me right off charities by regaling me with stories of how 50-90% of the money donated never reaches the actual people who are in need.

Do you think it's possible that your BF might have an ulterior motive for putting you off donating to charity?;)

bundly

savvy. I think a charity would be my backup if I don't find anyone "deserving" enough. And then it would only be a charity that helped only women.

oldernotwiser: No I do not. He knows exactly what my plans are for my money and fully supports my choice to give only to a female person.