Trust Wills

buddy9

https://forums.moneysavingexpert.com/discussion/comment/82069497#Comment_82069497

Joint savings. That part of the joint savings that is in bonis of each person passes by their will or by the rules of intestacy. This is normal practice.

Joint ownership. Any special destination cannot operate, so the share of the asset passes by their will or by the rules of intestacy.

Uncle_Vic

Thank you all for your extremely helpful replies. Thank you NedS for giving me an indication of the costs involved.

I wish now I had started this process a few months ago.

I accept "joint deaths" are probably extremely rare. However, my wife and I are soon to be off on a slightly more adventurous holiday than we would normally do. This has concentrated our minds a bit on the "what if we drive off a cliff" scenario. I am not going to have enough time to sort out the wills before we go. But is there a temporary short term fix that could help in this situation? Something along the lines of what would happen if both parties die with x days of each other. So each will would say if the other party dies within, say 30 or 60 days, the house will be equally split between both children.

Does that make sense? And would it work? If not, is there anything else I can do as a temporary fix.

Thanks

Cairnpapple

How soon is the holiday?

Uncle_Vic

Next week.

WillowLeaf

Don't drive near cliffs

Uncle_Vic

Excellent! Thanks WillowLeaf. It did make me laugh. Funny enough I was just sitting down after returning from A&E after almost shearing my finger off with a hedge trimmer. It made me forget the pain (well, mild throbbing). OK, I exaggerate a bit. It was a deep cut.

Anyway, back to my will. I understand my wife and I can draw up a our wills and include a "survivability clause". Does this sound right?

Thanks.

poseidon1

Prior to the introduction of the transferable nil rate band in 2007, survivorship clauses were reasonably common.

However depending on the size of your respective estates, such clauses can have negative effects on transferable NRBs which are lost by reason of such clauses and perhaps leading to IHT liabilities which might not ordinarily arise - following article hopefully explains -

https://www.fladgate.com/insights/does-your-will-contain-a-toxic-survivorship-clause

As a result the clauses are no longer as common as they were, and a wills draftperson would need to carefully consider its suitability in a particular circumstance.