Making a will

Savvy_Sue

no1catman wrote: »

Interesting, but where can 'Deed of Variations' be obtained, and do they need to be witnessed?

It's wise to obtain legal advice, and perhaps financial too (to make sure this is a sensible course of action).

Mojisola

no1catman wrote: »

Interesting, but where can 'Deed of Variations' be obtained, and do they need to be witnessed?

Savvy_Sue wrote: »

It's wise to obtain legal advice, and perhaps financial too (to make sure this is a sensible course of action).

When you know so little about such an important subject, follow Sue's advice.

It's easy to create problems through the 'unknown unknowns'.

chesky

If the deed of variation is used to try to avoid loss of benefit, it won't work.

no1catman

None of the 'parties' involved are on 'benefit'.
Just trying to cover some options for some peace of mind.

Keep_pedalling

no1catman wrote: »

My understanding, is that where a property is held 'jointly' then the survivor can just have it reassigned to one sole name - whether named (for clarity) on a will, or no will!?

Don't use that as an excuse not to have wills in place, what happens if both die together in an accident or the survivor no longer has the capacity to make a will after the first one dies.

Keep_pedalling

no1catman wrote: »

None of the 'parties' involved are on 'benefit'.
Just trying to cover some options for some peace of mind.

The only real need for a deed of variation is to avoid the beneficiary adding to their IHT liability. E.G. If my uncle left me £100k and I immediately gift that to my children, it stays in my estate for the next 7 years, so rather than let that happen I can complete a DoV which passed the bequest on without ever forming part of my estate.

For married couples it is rarely worth doing as the survivor inherits the deceased partners nil rate band, so doing a DoV below £325,000 is a pointless exercise as that will simply reduce the the amount of nil rate band that can be transferred. In those circumstances it will be simpler, just to gift the money and if they survive 7 years, it will also be more tax efficient.

no1catman

I think you may have missed a post or two. The inquiry about a 'Deed of Variation' keep up in relation to a no will situation where the beneficiary then becomes the Mother (no children).
The 'Mother' has two widows pensions (State & private), and own home so not receiving benefit.

Keep_pedalling

no1catman wrote: »

I think you may have missed a post or two. The inquiry about a 'Deed of Variation' keep up in relation to a no will situation where the beneficiary then becomes the Mother (no children).
The 'Mother' has two widows pensions (State & private), and own home so not receiving benefit.

The principle is still the same, a DoV is only required if the inheritance will lead to a IHT issue. If that is not the case she can simply gift it away.

no1catman

Keep_pedalling wrote: »

The principle is still the same, a DoV is only required if the inheritance will lead to a IHT issue. If that is not the case she can simply gift it away.

Interesting - the 'inheritance' - is not large, but the 'Mother's' health is not brilliant! Also lives within the M25 (just) so house value could be £400k ish. Out of curiosity, in relation to IHT would it be better (for the Mother) to do a new will with provision for two grand-children (in comparison to just two children).

Keep_pedalling

no1catman wrote: »

Interesting - the 'inheritance' - is not large, but the 'Mother's' health is not brilliant! Also lives within the M25 (just) so house value could be £400k ish. Out of curiosity, in relation to IHT would it be better (for the Mother) to do a new will with provision for two grand-children (in comparison to just two children).

If the lady is a widow and inherited all her husband's estate she will have 2 lots of nil rate band and 2 lots of primary residence nil rate band to use, so currently no IHT on anything up to £850k.

Leaving everything to her children could give them could give them an IHT issue, so it may be wise to pass some directly to the GC. It would certainly be wise to review the will at least.