Buying two houses when we retire

maisie1234

Maybe Wilts. Husband likes countryside but it shouldnt be too far from the other place otherwise its a faff to travel from one to another.

Yes, our wills state the estate passes from one to another.

I heard the other day though that when a partner dies and its the women men tend to marry within 3 years or die! Apparently it makes no difference if its the other way around!

I think as well within 8-10 years we will have some inheirtance of a few £100k. But not assuming anything. We have done OK without it although a tad jealous when I found out that lots of grandparents contribute towards school fees - not with us they dont. They are too busy having a great time on exotic holidays and flashy cars! Good for them!

Not too worried about being pricey. London and the SE is pricey and that's what has partly got us into this situation. Would go down to a 2 bed house if it meant a nicer area (but dont tell husband!)

maisie1234

I also agree, I dont want to get too anal about equity and CGT. Its our money and we will enjoy it. If the boys get a few £100k on our deaths and I come from a line of long livers (!) then good for them but we arent doing this to give them stacks of money that they havent earned. We have hopefully given them a great start in life with their education - they are still at school - 11 and 16.

makeyourdaddyproud

It would be good if a tax planning expert could come on here and assist the OP. Exposure to IHT and CGT can be minimised in ways posters on here may not know about.

What I do know is that it would be an expensive lesson if the OP was to get it wrong.

maisie1234

Some pointers would be great. I do think we need some tax planning but a long way off with regard to buying two houses. We intend to stay in this house for at least another 6-7 years.

Yes, agree a expensive lesson if we dont get proper advice. I went to a retirement seminar a while ago and one chap attending at the end told us NEVER to get a DIY will. His father had tried to do one and got it wrong. It was a nightmare to unravel.

somethingcorporate

DIY wills can be ok if you have a simple situation. Yours evidently isn't and doesn't just involve wills. Investing a modest sum now could easily save itself many hundreds (if not thousands) of times over.

maisie1234

Something - are you suggesting we do something NOW. We have wills. Our wills leave everything to each other. Guardians have been organised.

I would never try and do a DIY will. You hear of people who dont make wills and everyone starts fighting over money. Or people claim that so and so promised them something. Fact is if it isnt in a proper will what someone said to you in the local pub isnt worth the paper its NOT written on!

hcb42

I guess it all depends on circumstances.

My mother died, no significant assets, other than half share in a house well below the threshold, and savings of say £20K, automatically passed to Dad.

Dad died with house, still under threshold and savings, of what might have been £40K or so,

he did ask me what the implication was of will v no will, and he figured (and I agreed) he didnt see any need to go to the trouble (four daughters, no step kids etc)

I am so blessed it worked out that way, would hate to be wrangling over this stuff now, thankfully my parents were not that well off....

somethingcorporate

Personally I'd suggest there is no time like the present to get your affairs in order. If you're comfortable that your wills are ok at the moment and your plan for 2 houses is years away then take advice closer to the time.

If I recall correctly it is nearly free wills month (October/November?) so it may be worth going to get them updated for the donation costs.

maisie1234

I think though a will states what you want done with your estate clearly and has been legally signed. Of course you might not agree with it especially if you arent mentioned but I do think you can leave your money to whom ever you like. My SIL worked for a very well known dogs charity, she was often asked whether she thought it right that say £3 million (and I joke not!) were left to a load of dogs.

My view - its your money. Do what you like with it!

hcb42

somethingcorporate wrote: »

DIY wills can be ok if you have a simple situation. Yours evidently isn't and doesn't just involve wills. Investing a modest sum now could easily save itself many hundreds (if not thousands) of times over.

the OPs situation is not that unusual. They have just happened to live in the most expensive city in the UK, same as lots of others.

secondly, if we all try and "avoid" tax, no matter how unfair we feel this to be, (which will depend on our circumstances) then it has to be paid from somewhere else.

however I think the postings about complications from allowing the sons to own, will govern how the OP acts in future..enough sob stories on here to last a lifetime.