http://www.make-your-will.co.uk/


just do what I plan.. sell everything & buy the most precious metal affordable & have it melted into a coffin..

who said you cant take it with you?

before you spend money having a Lawyer check/countersign/whatever a proper will, check into what would happen automatically.

I might be horribly wrong, but I believe your stuff goes to your imediate relatives by default. If theres someone youd like to get stuff if you snuff it, who wouldnt automatically then its worth making a proper will. Similarly if you dont get on with an imediate relative who would normally get a share then its worth making one to specifically write them out of, but if youre just going to leave everything to your loving family then its probably not necessary.

you only pay inheritance tax if you have more than £285,000 (cash and assets) and even then, you dont pay it on the first 285k... just the stuff after that

so if you have 285k you dont pay any

if you have 300k you only pay tax on 15k of it (300-285)

tho there is no inheritance tax to pay between married couples (not sure about civil partnerships? there was something in the news about that a while ago but I didnt pay much attention)

and if you have a lot more than 285k you get yourself a decent accountant and solicitor... and made sure you get as much through tax free as possible !
(its taxed at 40%)

theres also a million other ways around it... like if your parents are worth more than 285k... when one of them dies 285k worth of stuff should be put into a trust for there kids and held until the other parent dies...  (stuff like the house, or a % of it etc...)

that way when parent A dies, the kids get 285k tax free held for them.... and then another 285k tax free when parent B dies...

so 570k tax free there.... which saves 114k of tax straight away !


with rising house prices etc... a lot of people who didnt have to worry about inheritance tax before really should be getting something sorted out now...

i thought it was 7 years ?



an old couple who used to live in my street did just that.... signed everything over to there son... nice big house... cash in a joint account etc...

then he went and got himself a new wife.... bit of a cow (to say the least) who talked him into kicking them out !  out went the parents, and they moved in !

My mother seems to think that if you dont make a will theres a good chance a chunk ends up going to the govt as inheritance tax etc.

Without wanting to sound rude, your mum is a bit confused the presence or lack of a will has got no bearing on inheritance tax. If you die without a will then your estate passes to your immediate family. If you have no family then it goes to the crown.

Inheritance tax is applied at 50% (IIRC) on anything above a certain figure - cant remember what the figure is but tis something like 250k or 350k

Regardless of that I want to make it explicit that my father gets nothing, and I need to say what should happen to any animals I may be keeping etc.

Just get a standard will form and leave it all to your mum tbh...

My mother seems to think that if you dont make a will theres a good chance a chunk ends up going to the govt as inheritance tax etc.

Regardless of that I want to make it explicit that my father gets nothing, and I need to say what should happen to any animals I may be keeping etc.

as others have said Inheritance tax doesnt kick in until the value of a substantial house so unless your research is a lot better paid than mine you shouldnt have a problem there.

You will need a proper will for the other stuff though, as far as I know it would default to your parents, presumably even split between them if theyre not together so if you dont want any going to your Dad youll need to make that clear.

Have you spoken to him about this?

Hmm thats good to know, thanks guys.

Quote from: knighty

Quote from: zpyder

Regardless of that I want to make it explicit that my father gets nothing,

without wanting to sound too harsh..... thats a horrible thing to do... if you get in a car accident tomorrow and die... would you want your father to spend the rest of his life dwelling on it and him thinking you hated him ?  something like that could ruin the rest of his life....

Tbh yes. I have firm views on infidelity and loyality, and my dad has breached those. Ive had to live the last 2 1/2 years knowing this without being able to tell my mother for not wanting to hurt her. My stance is that my father is living in this house and using up my mothers income (he married into a rich family lets say) and driving her to repeated breakdowns, my mother doesnt have a social life as my dad doesnt, and she feels guilty if she goes out without him. Shed be better off without him but its not my place to interfere. As it is I dont want him to benefit off of me either as I have 0 respect for him and dont think he deserves a penny.