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Planning for death - forum discussion

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  • Exactly. It's an idea from a very narrow portion of society, where primogeniture was regarded as right and proper. Houses were passed down the line of first-born males, with ad hoc solutions when there were no direct male heirs, and everyone else just lumped it. And this applied to a minute number of people, loosely the "upper classes". As home ownership developed before (for the middle classes) and after (for everyone else) the war, there were other social changes which meant that primogeniture wasn't a plausible solution. And without primogeniture, what do people want: progressively smaller and smaller shares of houses as children, grandchildren and greatgrandchildren further sub-divide your former house? What?
    I would add that since the wholesale change in property laws in 1925 and 1926 the concept of a family home has just disappeared in many cases. The removal of estates entailed means that continuity is much more difficult to achieve though complex trusts offer a possible solution. However as SG has said it only ever really was applicable to large and very wealthy estates of the upper classes.
  • securityguy
    securityguy Posts: 2,464 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    edited 18 January 2017 at 5:27PM
    "The removal of estates entailed means that continuity is much more difficult to achieve"

    And the rise in higher education, marriage outside local communities and job mobility means that it's also much more difficult to see the point.

    Country estates had moral, if not legal, obligations to staff and tenants, obligations which the majority of the landed gentry took seriously. If mad cousin Mad McMad sold the estate and spent the proceeds on drugs, it wasn't just the family that were affected. Large estates also provided housing for spinster aunts, the infirm, the elderly and so on. They housed art collections, large libraries, furniture: they were a cultural storehouse.

    Little of that is true of your three-bed semi in Pinner.
  • MSE_Sarah
    MSE_Sarah Posts: 328 MSE Staff
    Part of the Furniture 10 Posts Photogenic I've been Money Tipped!
    Thanks so much for all your feedback so far. Please keep adding to this thread to share your experiences and tips.
    Follow MSE on other Social Media: MSE Facebook, MSE Twitter, MSE Deals Twitter, Instagram, Threads, Join the MSE ForumGet the Free MoneySavingExpert Money Tips E-mailReport inappropriate posts: click the report buttonFlag a news story: news@moneysavingexpert.com
  • Hello, I'm in the throes of very much 'planning for my death' and thought that others may well find it helpful to learn from my experience although it requires considerable patience and dedication as a considerable undertaking, given that not to do so, can prove extremely costly if your estate is likely to be whatever degree above the present Inheritance Tax threshold of £325,000 (See later). If your estate satisfies a lesser figure and doesn't stray into the 'supplementary' schedules, then life is very much simpler....

    This is perhaps quite a long exposition but ignore the principle - at your peril!

    As an older single man, I've made of point of regularly reviewing my Will for more than 20 years although I should have started much earlier and both my daughters have been persuaded to start theirs, with good reason, not least because together with one other, they're my executors!

    The May 2017 budget potentially propelled people unwittingly into the higher IHT bracket where homes have increased significantly in value and now present a major trap for the unwary unless steps are taken in advance to pre-empt both a large bill from both HMRC and the Probate  lawyers.

    In apprising readers very briefly of what I’ve done, some of it will not be for the faint hearted, but in short, I’ve recently nominated my daughters in my will as the beneficiaries of my house which has immediately increased the IHT threshold from £325,000 to £500,000 from 06/04/2020 because they are my descendants and meet the criteria. It’s known as the ‘nil rate band’. For couples each, given their circumstances can enjoy twice this amount, ie £1m!

    This is the easy part and may suffice for some.

    However there is a price to pay, which is that HMRC will require the completion of one or more ‘Supplementary’ Sheets depending upon your personal situation.

    It so happens that mine requires quite a lot of supplementary forms which I’ve chosen to complete myself as drafts with detailed instructions for my daughters to follow as and when.

    In the absence of taking these steps, my estate although much less than £500,000, would otherwise attract a tax bill of perhaps £40,000 and a probate lawyers bill (depending upon how and what can be negotiated) of perhaps up to £25,000 + £5,000 VAT ie a total of £60,000!

    The good news is (and I have absolutely nothing personal to gain) by suggesting that by chance I became aware ‘Which’ magazine offers an outstanding ‘in house’ legal service which includes pretty well unlimited Probate advice, for the princely sum of £9-00 per month! I’ve not only given my daughters’ a link to this particular section of MSE but suggested they also subscribe to ‘Which’ legal – which is a ‘no brainer’. Probate lawyers won’t like it, but…….do what you have to do!






  • I too have been thinking of death being of the age where Covid is a ....risk.  I have laid out in a document all the stuff my children (executors) should think about and who to contact i.e. www link to bereavement depts for various banks, what to do with my stuff, what to do for funneral, what to do with my remains. This document is supplementry to my will - though not a legal appendum more like a guidance (which, no, will not updated but happy with).
    Umm, I was advised by my solicitor when husband died (2011) that I could do it myself (unusual????) which I did.  Very straightforward.  Bit daunting but went smoothly.
    My sons' dilemma is IHT.  Which will be owed - possibly - depends when I die.  Personally I would advise anybody to avoid lawyers as executors unless your estate is really complicated.I would advise an Independent Financial Advisor if you think your estate will attract inheritance tax  ...  whether you take their advice is up to you but at least you will be informed.  This will apply to few people but those in London may wish to think about their house value linked to any savings they will pass on in their estate.
    However Covid and the resulting economy may change an estate's potential value......



  • youth_leader
    youth_leader Posts: 2,912 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Does anyone here have any experience of the 1975 inheritance and dependents act?  A fellow widow is being taken to court by her late husband's ex wife.  It has worried me as my husband was married before.
    £216 saved 24 October 2014
  • Keep_pedalling
    Keep_pedalling Posts: 20,762 Forumite
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    Does anyone here have any experience of the 1975 inheritance and dependents act?  A fellow widow is being taken to court by her late husband's ex wife.  It has worried me as my husband was married before.
    You really need to start a new thread, rather than resurrecting a 10 year old one that is not really relevant to your question.
  • youth_leader
    youth_leader Posts: 2,912 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Sorry Keep_pedalling, I missed that I could.  
    £216 saved 24 October 2014
  • Looking for the best way to keep my children up to date on where I have invested my savings. I have done all the classic planning for death to make it easy for my grown up children. As a Single woman with assets in a number of savings products, many on line, how do I pass on all that info? Also need to update regularly!
  • TBagpuss
    TBagpuss Posts: 11,236 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Cambsmum said:
    Looking for the best way to keep my children up to date on where I have invested my savings. I have done all the classic planning for death to make it easy for my grown up children. As a Single woman with assets in a number of savings products, many on line, how do I pass on all that info? Also need to update regularly!
    Maybe keep a list that you store with your will, or somewhere that would be obvious to your children, and update the list regularly . An elderly relative of mine had a file where she kept everything from her wishes or her funeral , a list of people she would want to be told when she died (marked up regularly as people did or moved) and a summary of where her various assets were - it made things so much easier for her executors both particularly and in that hey knew what her wishes were for things like the funeral 
    All posts are my personal opinion, not formal advice Always get proper, professional advice (particularly about anything legal!)
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