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securityguy wrote: »
Exactly. It's an idea from a very narrow portion of society, where primogeniture was regarded as right and proper. Houses were passed down the line of first-born males, with ad hoc solutions when there were no direct male heirs, and everyone else just lumped it. And this applied to a minute number of people, loosely the "upper classes". As home ownership developed before (for the middle classes) and after (for everyone else) the war, there were other social changes which meant that primogeniture wasn't a plausible solution. And without primogeniture, what do people want: progressively smaller and smaller shares of houses as children, grandchildren and greatgrandchildren further sub-divide your former house? What?
Hello, I'm in the throes of very much 'planning for
my death' and thought that others may well find it helpful to learn from my
experience although it requires considerable patience and dedication as a
considerable undertaking, given that not to do so, can prove extremely costly
if your estate is likely to be whatever degree above the present Inheritance
Tax threshold of £325,000 (See later). If your estate satisfies a lesser figure
and doesn't stray into the 'supplementary' schedules, then life is very much
This is perhaps quite a long exposition but ignore
the principle - at your peril!
As an older single man, I've made of point of
regularly reviewing my Will for more than 20 years although I should have
started much earlier and both my daughters have been persuaded to start theirs,
with good reason, not least because together with one other, they're my
The May 2017 budget potentially propelled people
unwittingly into the higher IHT bracket where homes have increased significantly
in value and now present a major trap for the unwary unless steps are taken in
advance to pre-empt both a large bill from both HMRC and the Probate lawyers.
In apprising readers very briefly of what I’ve
done, some of it will not be for the faint hearted, but in short, I’ve recently
nominated my daughters in my will as the beneficiaries of my house which has
immediately increased the IHT threshold from £325,000 to £500,000 from
06/04/2020 because they are my descendants and meet the criteria. It’s known as
the ‘nil rate band’. For couples each, given their circumstances can enjoy
twice this amount, ie £1m!
This is the easy part and may suffice for some.
However there is a price to pay, which is that HMRC
will require the completion of one or more ‘Supplementary’ Sheets depending
upon your personal situation.
It so happens that mine requires quite a lot of
supplementary forms which I’ve chosen to complete myself as drafts with
detailed instructions for my daughters to follow as and when.
In the absence of taking these steps, my estate although
much less than £500,000, would otherwise attract a tax bill of perhaps £40,000
and a probate lawyers bill (depending upon how and what can be negotiated) of
perhaps up to £25,000 + £5,000 VAT ie a total of £60,000!
The good news is (and I have absolutely nothing personal
to gain) by suggesting that by chance I became aware ‘Which’ magazine offers an
outstanding ‘in house’ legal service which includes pretty well unlimited Probate
advice, for the princely sum of £9-00 per month! I’ve not only given my
daughters’ a link to this particular section of MSE but suggested they also subscribe
to ‘Which’ legal – which is a ‘no brainer’. Probate lawyers won’t like it, but…….do
what you have to do!
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