How to deal with complicated finances if a partner dies
Discussion
98elise said:
I prefer the security of knowing that everything I've worked for cannot be taken away from me.
Here's what I'd suggest. (I'm assuming you and partner have been together for a looooong time):Work out how much you've got.
Work out your current IHT liability.
Show it to your partner.
Ask if she's happy about that obligation.
Assuming she's not, explain how it's avoided.
Get married.
Or, if you like doing everything the hard (and more expensive) way as some people do:
http://moneytothemasses.com/tax-advice/inheritance...
Edited by drainbrain on Wednesday 15th February 21:41
98elise said:
I prefer the security of knowing that everything I've worked for cannot be taken away from me. I've seen mates lose pretty much everything.
Remaining unmarried in no way guarantees that. Google the Inheritance (Provision for Family and Dependents) Act 1975.... I'm not suggesting it applies here (and indeed quite to the contrary given the lengths you appear to be going to in order to make sure that SWMBO is provided for if the worst happens). My point is no more than a general one that it's overly simplistic to say that leaving a will and not getting married removes any risk.
Robertj21a said:
desolate said:
98elise said:
My kids are of uni age and my partner owns a house, so I suspect not.
I prefer the security of knowing that everything I've worked for cannot be taken away from me. I've seen mates lose pretty much everything.
I've always felt this way, so its not something my partner has done wrong
I would suggest you meet with a solicitor who specialises in that field as well as I seriously doubt that is the case.I prefer the security of knowing that everything I've worked for cannot be taken away from me. I've seen mates lose pretty much everything.
I've always felt this way, so its not something my partner has done wrong
I'm fairly sure that any judge will not resolve issuess as simply as the OP believes.
98elise said:
Might be a daft question by where would a judge come into this? We are not married, my partner owns a property and works. I own property and work. I pay all our household bills. If we split why would she have a claim over my property?
I'd like to think that it's a daft question too - but you're talking about:-1) the situation at the present time
2) women are known to 'go mental'
3) mental women take men to court
4) judges have been known to view women more favourably
5) judges have been known to be totally useless/mental themselves
6) laws change
My gut feeling is that you are assuming your clear-cut view of the arrangements is fairly watertight in the event of any future 'upset'. In my experience that's rarely the case.
98elise said:
If we split why would she have a claim over my property?
Because of her "contributions" - whether pure money or time and effort - into forging a life with you.Judges take all sorts of factors into account when deciding whether the other party has a right to a share of a person's assets.
It is not a simple monetary exercise.
Eric Mc said:
98elise said:
If we split why would she have a claim over my property?
Because of her "contributions" - whether pure money or time and effort - into forging a life with you.Judges take all sorts of factors into account when deciding whether the other party has a right to a share of a person's assets.
It is not a simple monetary exercise.
Its a moot point anyway, as we have no intention of splitting, and are currently planning our retirement together
98elise said:
Thats already taken care of in the properties she owns but has not paid for. I'd be very surprised if she could relieve me of any other assets when they have all been paid for by me.
Its a moot point anyway, as we have no intention of splitting, and are currently planning our retirement together
I suppose if you aren't going to split then it's not a problem.Its a moot point anyway, as we have no intention of splitting, and are currently planning our retirement together
From what you have listed iht will be a problem.
98elise said:
Due to a recent death in the family I know I need to do some serious planning in case the worst should happen! It was bad enough sorting some basic finances out, but ours are complicated.
My partner and I are not married, but we have 2 kids. Our wills were written about 5 or 6 years ago when I was PAYE, with 1 house, 1 mortgaged, so a pretty standard life. Our lives have got quite complicated since then, as I now work for myself (Ltd Co) and we have a few other investment properties, some owned individually, some joint, some mortgaged, some not.
We have an appointment on the 20th to see a solicitors to do new wills, however my partner is quite concerned that she doesn't understand our finances. She does the books for my company, but just that. She wouldn't know the differences between the various taxes (Company vs personal etc.) as I deal with that. I also have various bank accounts to deal with household bills, BTL stuff.
I've said I will write a document detailing the "What if I was hit by a bus tomorrow" scenario, only to realise I don't actually know what has to be done beyond she will get inherit it, and there will be a ton of tax to pay!
So far I've detailed all of my bank accounts, the company accounts, the accountants contact details etc. I now need to detail what she would need to do, and in what order. Assuming I've suddenly died, what does she need to do (and what documentation is needed) to deal with:
1. A Ltd Company with me as the sole Director (money still going in/out, and certainly tax to pay)
2. Property in my name only (with mortgages)
3. Property in joint names
4. Bank Accounts in my name
5. My Pensions (she’s already registered as the recipient if I died)
6. The inevitable huge tax bill.
One thing I have done is get the accounts that pays our bills, and the BTL bills into join names, that way only my personal accounts would get frozen, and there is never much in there.
Ideally I could tell her to contact a professional to sort the complicated stuff out and work out tax liabilities etc. I assume that if my life was reasonably simple then it could be a solicitor, but as there is a Ltd company involved my accountant would need to part of it. What’s the best way to approach this?
I'm sure a lot of these questions will be answered by my solicitor, but it would be good to have a lot of this clear (or at least an idea) in my mind before I go to the initial appointment.
Although not strictly like-for-like circumstances, this may be of help as some form of template and to create some thinking.My partner and I are not married, but we have 2 kids. Our wills were written about 5 or 6 years ago when I was PAYE, with 1 house, 1 mortgaged, so a pretty standard life. Our lives have got quite complicated since then, as I now work for myself (Ltd Co) and we have a few other investment properties, some owned individually, some joint, some mortgaged, some not.
We have an appointment on the 20th to see a solicitors to do new wills, however my partner is quite concerned that she doesn't understand our finances. She does the books for my company, but just that. She wouldn't know the differences between the various taxes (Company vs personal etc.) as I deal with that. I also have various bank accounts to deal with household bills, BTL stuff.
I've said I will write a document detailing the "What if I was hit by a bus tomorrow" scenario, only to realise I don't actually know what has to be done beyond she will get inherit it, and there will be a ton of tax to pay!
So far I've detailed all of my bank accounts, the company accounts, the accountants contact details etc. I now need to detail what she would need to do, and in what order. Assuming I've suddenly died, what does she need to do (and what documentation is needed) to deal with:
1. A Ltd Company with me as the sole Director (money still going in/out, and certainly tax to pay)
2. Property in my name only (with mortgages)
3. Property in joint names
4. Bank Accounts in my name
5. My Pensions (she’s already registered as the recipient if I died)
6. The inevitable huge tax bill.
One thing I have done is get the accounts that pays our bills, and the BTL bills into join names, that way only my personal accounts would get frozen, and there is never much in there.
Ideally I could tell her to contact a professional to sort the complicated stuff out and work out tax liabilities etc. I assume that if my life was reasonably simple then it could be a solicitor, but as there is a Ltd company involved my accountant would need to part of it. What’s the best way to approach this?
I'm sure a lot of these questions will be answered by my solicitor, but it would be good to have a lot of this clear (or at least an idea) in my mind before I go to the initial appointment.
http://www.army.mod.uk/documents/general/20110308_...
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