Wills

monaymadlol

Thanks a lot to think about.

So basically a good will that won't need much changing will refer to beneficiary %'s not specific amounts?

I'll definitely need to check the pension as that makes most of my cash savings/assets

artyboy

Mojisola said:

monaymadlol said:

What if my savings or assets change year to year, maybe not drastically anytime soon, but would I need to pay to amend this every single year?

A well-written will won't mention savings amounts or individual accounts or name properties unless you want the them to go to a particular beneficiary.

If everything is going to be inherited by your partner then it will be covered by your 'estate'. 

I thought though that if you were intending to leave a bequest to a charity, specifying an amount rather than a percentage was best?

There have been a few horror stories of charities solicitors coming on 'heavy' to ensure property or other assets are sold at the highest possible price, in order to maximise their own percentage...

Mojisola

artyboy said:

I thought though that if you were intending to leave a bequest to a charity, specifying an amount rather than a percentage was best?

There have been a few horror stories of charities solicitors coming on 'heavy' to ensure property or other assets are sold at the highest possible price, in order to maximise their own percentage...

There's arguments for both options -

Leave a percentage to a charity and risk the executor being put under pressure to get the highest price for everything;

or

Leave a set amount and risk your other beneficiaries being left with very little to share between them.

monaymadlol

I suppose you could bequest specific small amounts for charity and then % divide the rest.

What if you have assets that you wish to sell off and the cash to divided up, can you specify where or how these are sold off by the executors for maximum value eg antiques and the like? At a troubling time of my demise, this would be very traumatic and stressful for others 

theoretica

Or you could leave say £10k to someone, this sum to increase each year by inflation/RPI/whatever you choose - and you could add a limit that this could not be more than 5% (or whatever) of your total estate to ensure you didn't leave your partner hard done by.

For antiques etc best to leave a letter of advice - so you can change it easily and freely if the situation changes (eg your favourite dealer closes or goes downhill) - far better to help your executors but leave them also freedom if they need it.

badmemory

As already said you can DIY a POA.  If you use a solicitor all that will happen is you sitting there having to answer all the same questions that you would need to answer to DIY.

monaymadlol

theoretica said:

Or you could leave say £10k to someone, this sum to increase each year by inflation/RPI/whatever you choose - and you could add a limit that this could not be more than 5% (or whatever) of your total estate to ensure you didn't leave your partner hard done by.

For antiques etc best to leave a letter of advice - so you can change it easily and freely if the situation changes (eg your favourite dealer closes or goes downhill) - far better to help your executors but leave them also freedom if they need it.

Thanks - would letter of advice be done with solicitor or witnessed or on some official paper, or could I just hand write it and sign it? 

monaymadlol

I was listening to the ML PODCAST and wanted to clarify something..

If my partner and I are not married, anything I leave to them even if under 325k,is subject to IHT? How could they tax physical possessions mean left to them?
And any Way around this? Gifting? Leaving to a sibling (not subject to IHT?) to then transfer over to partner In letter of wishes? (If that's legal?)

poppystar

No, you have a total allowance of £325k to leave to anyone, partner, relative, friend etc - anything over that is taxed (unless you are leaving property to direct descendent when you could get a residential allowance too). If you were married then on first death the spouse could inherit without worry about IHT at that stage.

 Yes, the way round this is to get married🙂. 

monaymadlol

Ok thank you, seems like ML was unclear on his podcast with nehal if you listen back