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Informing your family members of your assets

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Comments

  • elephantrosie
    elephantrosie Posts: 467 Forumite
    Mojisola wrote: »
    Your executors will thank you if you also keep records of any gifts that need to be counted for IHT purposes - or a note saying that you haven't given anything away.

    what is IHT
    Another night of thankfulness.
  • elephantrosie
    elephantrosie Posts: 467 Forumite
    Keep_pedalling wrote: »
    Who told you this, some guy down the pub, or some guy who charges a fortune to set up a trust? Trusts can’t just magic away IHT. Just like giving some of your money away to reduce the value of the estate forward planning is required to take into account the number of years assets need to be out of your estate before they became tax exempt.

    As you are now in your 80s you are leaving it you IHT planning a bit late, so start splashing some of your savings on yourself. I am somewhat younger than you, but part of my IHT reduction plan is to run down savings by going totally against the ethos of this site. No more flying long hall cattle class, no more cheap hotels, and good wines not plonk.

    how about gifting the assets to beneficiaries while we are still alive? wouldnt that greatly reduce inheritance tax?
    Another night of thankfulness.
  • Eco_Miser
    Eco_Miser Posts: 4,932 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    elephantrosie wrote: »
    what is IHT
    Second entry here:
    https://www.acronymfinder.com/IHT.html

    Haven't you asked this question before? Haven't you been reading and asking questions long enough to know how to find the simple terms without asking?
    elephantrosie wrote: »
    how about gifting the assets to beneficiaries while we are still alive? wouldnt that greatly reduce inheritance tax?

    Depends how long you live.
    It may also greatly reduce your income, and leave you short to pay your care home bills.
    Eco Miser
    Saving money for well over half a century
  • Ken68
    Ken68 Posts: 6,825 Forumite
    Part of the Furniture 1,000 Posts Energy Saving Champion Home Insurance Hacker!
    Keep it coming folks, am about to make a new will...and THANK YOU Elephantrosie for starting an interesting thread.
  • snoop2008
    snoop2008 Posts: 611 Forumite
    Good afternoon peeps!!


    Only yesterday I was talking to my daughter about this very topic. A few years ago this is what I did to help her. Being my only child I felt it was important enough to speak about that ' day', that comes to us all.


    Heres what I did.


    I have folder that contains:


    Life insurance policy.


    Saving accounts details and cards. ( even photo copied the cards ) for quick reference.


    Account details for utilities bills.


    Bank details, social care details, housing etc..


    Membership online details and passwords , none stored on online, don't trust them to be honest, guess that's down to confidence issues.


    All online shops and passwords.


    Details of my housing tenancy and housing account, for rent and council tax.


    Details of who to contact.


    Details of funeral service and company.


    All my assests go to her so no one to fight me for anything, lol..


    She was 6 years old when I began my life insurance and so happy I did.


    I have now asked her to make a will next year. As she is hoping to buy her first home hopefully next year. As she doesn't have children yet, we are hoping to include this in her will.


    I read a sad case this week on the net about a well known actress who stipulated her inheritance goes to her un born children, sadly she passed away and it all went to the government.


    This is something my daughter will do, before her inheritance goes to her favourite charities and not the government.


    All the best peeps, great post thanks for asking the question OP.
  • Primrose
    Primrose Posts: 10,712 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've been Money Tipped!
    Once a year I update a list of all our saving and investment Accounts, utility and regular service providers etc. with reference numbers, addresses, etc. It,s in a drawer with a copy of our Will . I also supply regular updates to our solicitor who holds our will and is my executor if my husband dies.

    we see no reason why we should share this information with wider family members. Apart from acting as P of A for each other, we have two other attorneys and in due course it will probably be appropriate to share this information with them but we’re hopefully a long way from that at the moment.
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