Inheritance Tax and stuff

Keep_pedalling

His estate will have an IHT liability of just under £20k so you are not going to be in debt and that bill needs to be met by his estate not you personally.

Savvy_Sue

critchley said:

All this because we didn't know that if we had just married or had a civil partnership I could have had an extra £325,000 tax relief.  How can this be right or fair?

If you used solicitors to write your wills, was this not explained? that would surprise me. 

critchley

Keep_pedalling said:

His estate will have an IHT liability of just under £20k so you are not going to be in debt and that bill needs to be met by his estate not you personally.

Yes, I had a "Eureka" moment when I was worrying about it in bed last night and I suddenly realised this.  Thank you for confirming it.  At least that's one thing I can stop worrying about.  

critchley

Savvy_Sue said:

critchley said:

All this because we didn't know that if we had just married or had a civil partnership I could have had an extra £325,000 tax relief.  How can this be right or fair?

If you used solicitors to write your wills, was this not explained? that would surprise me. 

I used to be a Legal Secretary and did many Wills in my 13 years working there so I did it myself.  Foolish now I realise and always meant to get it looked at to ensure that it was OK.  It was signed in the presence of 2 witnesses who also signed in his presence so hopefully it's OK.  I knew all the legal terminology but could come a cropper there if there is anythng I've slipped up over.  Just one more thing in all this mess.  No wonder I can't sleep.

Keep_pedalling

critchley said:

Savvy_Sue said:

critchley said:

All this because we didn't know that if we had just married or had a civil partnership I could have had an extra £325,000 tax relief.  How can this be right or fair?

If you used solicitors to write your wills, was this not explained? that would surprise me. 

I used to be a Legal Secretary and did many Wills in my 13 years working there so I did it myself.  Foolish now I realise and always meant to get it looked at to ensure that it was OK.  It was signed in the presence of 2 witnesses who also signed in his presence so hopefully it's OK.  I knew all the legal terminology but could come a cropper there if there is anythng I've slipped up over.  Just one more thing in all this mess.  No wonder I can't sleep.

One of the reasons the regulars on here will always recommend using a solicitor is that they will cover the what if questions a lot of people won’t think about. In this case it has cost you £20k but it would have been a lot worse had you not made wills, over 50% of long term unmarried couples don’t.