30 Day Survivorship clause - needed?

Sea_Shell

Better spend it all soon then!! Leave nowt for anyone to worry about!:beer:

Newly_retired

MichelleUK wrote: »

Sort of.....this is another area than is often misunderstood on this forum.


A home held as tenants in common is part of the estate for IHT purposes and passes as per the deceaseds instructions in the will.

Surely only the proportion held by the deceased is taken into account for IHT ? The other share does not belong to their estate.

NordicNoir

Newly_retired wrote: »

Surely only the proportion held by the deceased is taken into account for IHT ? The other share does not belong to their estate.

Yes, of course it is only the deceased's share - even HMRC would not be that unjust! That snippet was part of an answer to a specific scenario and was not meant to be used on it's own, out of context.

krysiatennis

We are interested in this topic we are both in our 80s and are wondering whether we should keep The survivorship clause in our will or remove it

If we were to die within 30 days of each other our understanding is that administering the estate would be simpler and more cost-effective if this clause is in place

The main reason for not keeping the clause Would be is it impacted on any IHT due. My assets currently stand at 329k and my wife's 127k so I don't think IHT due for either after admin and funeral costs.

Am I correct ?

TBagpuss

krysiatennis wrote: »

We are interested in this topic we are both in our 80s and are wondering whether we should keep The survivorship clause in our will or remove it

If we were to die within 30 days of each other our understanding is that administering the estate would be simpler and more cost-effective if this clause is in place

The main reason for not keeping the clause Would be is it impacted on any IHT due. My assets currently stand at 329k and my wife's 127k so I don't think IHT due for either after admin and funeral costs.

Am I correct ?

Well, it depends on eactly what your assets are worth on death and how much your funeral costs, but on the face of it, any IHT would be minimal on the figures you are talking about. However, the best bet would be to review your wills with a solicitor, and discuss the options.