if you don't have a will can you answer please?

Anatidaephobia

I've been meaning to make a will ever since we bought our first house last year. The reason I've been lax about getting around to it is because if either of us dies, the other will become the sole owner of the house anyway and that is our only real asset.

However, I would also want my car, the contents of my bank account, and all of my possessions to go to my partner - I assume that, at the moment, all of those things would go to my parents instead and, although I doubt they'd actually take anything from my partner if the worst happened, I'd prefer there was no room for doubt and I'd prefer my wishes were made clear.

Mojisola

Anatidaephobia wrote: »

However, I would also want my car, the contents of my bank account, and all of my possessions to go to my partner - I assume that, at the moment, all of those things would go to my parents instead and, although I doubt they'd actually take anything from my partner if the worst happened, I'd prefer there was no room for doubt and I'd prefer my wishes were made clear.

It isn't as simple as that. If you die without a will, your estate will have to be dealt with under the intestate rules. Your parents can't just say to your partner "Keep it all".

Your parents could make a deed of variation to give all your assets to your partner but they could end up spending more on sorting things out than you would spend on a will now - and your partner and parents will be trying to do this while they're all grieving for you.

74jax

skylight wrote: »

Just an update - solicitors appointment was this morning and that was the easiest part of the process.

:beer:yey excellent, my thread is helping some people get it done :j

Mojisola wrote: »

Your parents could make a deed of variation to give all your assets to your partner but they could end up spending more on sorting things out than you would spend on a will now - and your partner and parents will be trying to do this while they're all grieving for you.

This is my point, I don't mind the whole part about his mum getting some (or his sister etc) but without a will there'll be more 'sorting out' to do at the time i'm grieving which i just won't want.

Happier_Me

I arranged my will (and my husbands will) six weeks ago. It's something we should have done years and years ago as we have two kids and a fairly large estate of over £1m (inc life insurance) between us.

Our circumstances are not complicated by previous marriage or step children but this is no excuse for not sorting out a will and securing my family's future.
I feel much happier knowing this is sorted. Well worth £180 for two wills.

Mojisola

Happier_Me wrote: »

I arranged my will (and my husbands will) six weeks ago. It's something we should have done years and years ago as we have two kids and a fairly large estate of over £1m (inc life insurance) between us.

Worth doing some inheritance tax planning as well.

Person_one

Mojisola wrote: »

Worth doing some inheritance tax planning as well.

Maybe they don't mind paying inheritance tax, there must be a few out there…

Mojisola

Person_one wrote: »

Maybe they don't mind paying inheritance tax, there must be a few out there…

It is an optional tax for most people.

74jax

Mojisola wrote: »

It is an optional tax for most people.

Hubby doesn't mind that either..... His estate would be around the same amount, would save a fair bit on tax, but he just won't do it.

Person_one

74jax wrote: »

Hubby doesn't mind that either..... His estate would be around the same amount, would save a fair bit on tax, but he just won't do it.

If it was because he agrees with the principle of inheritance tax and believes its unethical to try and avoid it, I'd say good for him. From the rest of the thread though I'm guessing that's not the case!

74jax

Person_one wrote: »

If it was because he agrees with the principle of inheritance tax and believes its unethical to try and avoid it, I'd say good for him. From the rest of the thread though I'm guessing that's not the case!

Nope but never mind......