Inheritance, Wills & Probate questions?

Cleethorpes

Thanks for all the advice.  We have stuck to our guns andour legal representative is sending him a letter to say he will receive 2nd half if inheritance once property sells.  We have been advised he can take us to court saying we are being negligent as executors but hewould be very unlikely to win as he would already have received some of his inheritance and we're sitting property out ready to market it.  Your comments gave us the courage to stand up to him.

bery_451

relaxtwotribes said:

bery_451 said:

Is a will something legal and a gift is not legal?

No, it's the other way around.  A gift is legal and a will is not legal.

Okay a gift deed is legal and a will is not legal meaning a gift doesn't require probate because its legally binding and executed from the start before death unlike a will that only becomes executed after death that requires probate to make it legal correct?

A gift deed can avoid inheritance tax if its made within 7 years before death?

So a Gift sounds better than a Will so why would people choose wills over gifts then?

rabialiones

elderly relative has approached me for advice , worried about current situation , and wants to make some preparations if worst was to happen, so any help would  be appreciated.
they are a childless couple, owning their own home, want to sort things out whilst they are still around.
they have  brothers/sisters abroad whose children are in uk and step brother/sister neices/nephews  also in uk, but want to pass some thing on to their chosen charity as well.
what would be the best  and easiest way to acheive this,and who would be entitle to their possessions,
 without causing too much hassle for the above people, and not having to go through legal/probate channels etc.?
would it be will, gift , or trust deed etc?

Mojisola

bery_451 said:

So a Gift sounds better than a Will so why would people choose wills over gifts then?

Because people need their own assets to live off and in while they are still alive.

Once they have died, they don't need them any more and so they can be be passed on to other people.

bery_451

Mojisola said:

bery_451 said:

So a Gift sounds better than a Will so why would people choose wills over gifts then?

Because people need their own assets to live off and in while they are still alive.

Once they have died, they don't need them any more and so they can be be passed on to other people.

So cant a clause be put in the gift document stating trustees/beneficiaries cant kick out the asset owners or take the assets from the owners while they are still alive?  

MovingForwards

rabialiones said:

elderly relative has approached me for advice , worried about current situation , and wants to make some preparations if worst was to happen, so any help would  be appreciated.
they are a childless couple, owning their own home, want to sort things out whilst they are still around.
they have  brothers/sisters abroad whose children are in uk and step brother/sister neices/nephews  also in uk, but want to pass some thing on to their chosen charity as well.
what would be the best  and easiest way to acheive this,and who would be entitle to their possessions,
 without causing too much hassle for the above people, and not having to go through legal/probate channels etc.?
would it be will, gift , or trust deed etc?

A will, correctly drawn up, ideally by a solicitor. They tell the solicitor who they want to receive what, the solicitor puts it all into the will, the will is signed and witnessed, filed away until the person dies.

Anyone owning a home, money in the bank, stocks and shares or other assets will require probate done on their death to enable the property to be sold and the wishes within the will followed.

mason's_mum

bery_451 said:

Mojisola said:

bery_451 said:

So a Gift sounds better than a Will so why would people choose wills over gifts then?

Because people need their own assets to live off and in while they are still alive.

Once they have died, they don't need them any more and so they can be be passed on to other people.

So cant a clause be put in the gift document stating trustees/beneficiaries cant kick out the asset owners or take the assets from the owners while they are still alive?  

you should really start your own thread on this and I can also recommend this really great website called Google - if you type your question into it it will give you the answers you need!

Mojisola

mason's_mum said:

you should really start your own thread on this

This is bery_451's thread!

AnotherJoe

bery_451 said:

Mojisola said:

bery_451 said:

So a Gift sounds better than a Will so why would people choose wills over gifts then?

Because people need their own assets to live off and in while they are still alive.

Once they have died, they don't need them any more and so they can be be passed on to other people.

So cant a clause be put in the gift document stating trustees/beneficiaries cant kick out the asset owners or take the assets from the owners while they are still alive?  

Yes but in that case the gift is ineffective as far as IHT is concerned.

AnotherJoe

rabialiones said:

elderly relative has approached me for advice , worried about current situation , and wants to make some preparations if worst was to happen, so any help would  be appreciated.
they are a childless couple, owning their own home, want to sort things out whilst they are still around.
they have  brothers/sisters abroad whose children are in uk and step brother/sister neices/nephews  also in uk, but want to pass some thing on to their chosen charity as well.
what would be the best  and easiest way to acheive this,and who would be entitle to their possessions,
 without causing too much hassle for the above people, and not having to go through legal/probate channels etc.?
would it be will, gift , or trust deed etc?

KISS. Write a will.

And NEVER ever never EVER leave a % to charity. ALWAYS make it a specific amount.