Will Advice Please

g6jns_2

SevenOfNine wrote: »

G6JNS - I think AngelOfTheNorth is referring to the response you gave to the quote in your post #15

In which I was alluding to the fact that making wills alone would offer no tax advantage. Intestacy would result in a different distribution of the assets. Marrying is likely to offer substantial tax advantage as well.

TBagpuss

if you are not married it is essential that you both make wills.

NarkT_Ov

getmore4less wrote: »

IHT planning should be multigenerational so you need to factor in anything that may drop down from your parents.

Thx for the heads up. Still got my mother at 83 and there's her property to sort as and when.

hardpressed

Another thing to bear in mind is that if you're not married then your son is your or your partners next of kin, not each other.

g6jns_2

hardpressed wrote: »

Another thing to bear in mind is that if you're not married then your son is your or your partners next of kin, not each other.

NOK is a legally meaningless term. It is frequently used by hospitals as the person to be contacted in the event of there being a problem but that is all. For example I have no living relatives and when I was in hospital just nominated my closest friend as NOK.

Tuesday_Tenor

Savvy_Sue wrote: »

I think you meant TENANTS IN COMMON

Aaagh!
Yes, of course.
Thanks, Noted and corrected on post

hardpressed

g6jns wrote: »

NOK is a legally meaningless term. It is frequently used by hospitals as the person to be contacted in the event of there being a problem but that is all. For example I have no living relatives and when I was in hospital just nominated my closest friend as NOK.

That's ok if you are in a position to do that but if there was an accident for example. I know of someone who this happened to, their partner knew he would wish to donate his organs, but it was his parents who had to give permission, as they were aware of their sons views they agreed but it could have been very different if they disagreed.