Inheritance, Wills & Probate questions?
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Keep_pedalling wrote: »No, but hopefully your unmarried parents got there willS in place in the time that has passed since you last posted.
Okay just to clarify each parent require a will each or will just 1 will will do?0 -
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...from an SRA-registered solicitor.0
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Keep_pedalling wrote: »No, they each need their own will, as do you.
Sorry im confused, the asset (home) owners are the ones that can only do the will and the inheritors need to do a will to pass onto their children? Otherwise what do you mean by everyone requiring a will each?
I thought a will is one document that says who inherits what correct?
So if a will is required for each parent and lets say for example that the father wants his son johnny to inherit the house however the mother wants her daughter beverley to inherit the house. How will this work when both wills are contradicting each other and both parents are equal homeowners?
A will must be done by a SRA-registered solicitor, those free will writing promotions in nov/oct wont work cause they are just basic wills? So I assume there's better wills like silver or gold advance rated wills for example?
Whats the difference between wills and gifts?0 -
Sorry im confused, the asset (home) owners are the ones that can only do the will and the inheritors need to do a will to pass onto their children? Otherwise what do you mean by everyone requiring a will each?
Each person who wishes to leaves something in a particular way needs to state that in their own will. If they dont, the law states who gets what.
I thought a will is one document that says who inherits what correct?
Its one document (will) per person.
So if a will is required for each parent (person. They dont need to be a parent) and lets say for example that the father wants his son johnny to inherit the house however the mother wants her daughter beverley to inherit the house. How will this work when both wills are contradicting each other and both parents are equal homeowners?
Depends what sort of equal homeowners. Tenants in common or joint tenants. The law and wills would work differently.
Is the above theoretical or an actual case? Because it would depend what type of ownership they have and critically what order they died in.
Or if they died at the same time, say in a car crash, it would lead to a massive mess of the sort that could have been prevented by taking legal advice beforehand.
A will must be done by a SRA-registered solicitor, those free will writing promotions in nov/oct wont work?
Yes of course they would work.0 -
AnotherJoe wrote: »Yes of course they would work.
Yes I was just giving an example of both parents having 50% equal ownership of the house.
The law or wills, which one will be valid in a scenario like this? Okay the parent passes away 1st, his/her will is not valid anymore and the will from the other non-deceased parent counts?
Ok Will means before death and inheritance and probate comes after death meaning the only thing that can be done before death is will?
No. many things can be done before death as regards inheritance and tax etc . What those are is a hugely general question that is different for everyone.
I thought only wills can be done before death, how is it possible to sort out inheritance and tax before death?
Land registry deeds means land assets (gardens) separate from the building house asset?0 -
Before death, you can PLAN to reduce Inheritance tax (within the rules) with gifts, or making payments into a pension or buying life insurance.
There are also NIL rate bands to be taken into account.
Everyone's personal position is different and so specialist advice should be sought.How's it going, AKA, Nutwatch? - 12 month spends to date = 2.31% of current retirement "pot" (as at end March 2024)0 -
There are two types of "50% ownership" of a property.Yes I was just giving an example of both parents having 50% equal ownership of the house.
The law or wills, which one will be valid in a scenario like this? Okay the parent passes away 1st, his/her will is not valid anymore and the will from the other non-deceased parent counts?
Joint tenants means that when one dies the other automatically owns 100%.
Tenants in common means that each can leave their 50% to whoever they want.
So that's the first complication on your question, if they are JT then it doesn't matter what their will might say about the house because that property automatically goes to the other JT. Only if they are TIC can they leave their 50% to someone else. It would be common in this situation to add a clause stating that the survivor can live in the house until they die, but they don't have to. When that survivor dies their will woudl direct what happens to their 50%
The second one is that you don't really seem to understand wills. A Will is your expression of what should/must happen when you die. It comes into play when you die. It has no meaning or effect until you die.0 -
The law or wills, which one will be valid in a scenario like this? Okay the parent passes away 1st, his/her will is not valid anymore and the will from the other non-deceased parent counts?
Of course it is - that's when the will comes into play.
Whatever is owned by the deceased is distributed according to his/her will.0 -
Whatever is owned by the deceased is distributed according to his/her will.
Unless it's jointly owned as joint tenants.A will must be done by a SRA-registered solicitor, those free will writing promotions in nov/oct wont work cause they are just basic wills?
Wills written during free will months are done by SRA-registered solicitors. Or they certainly should be.
What doesn't work is trying to DIY your Will without the necessary knowledge or seeing an unregulated "will writer" (i.e. not an SRA-registered solicitor).
When people do that they often end up with Wills that are either invalid or don't achieve what they wanted.
Please stop stringing random words together and tell your parents to see an SRA-registered solicitor to do their Wills and an FCA-registered independent financial adviser for Inheritance Tax planning advice.So I assume there's better wills like silver or gold advance rated wills for example?0
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