Wills.. whats that about then?
Discussion
I have finally reached the point of thinking that a will might be a good idea, I actually passed that point a few years ago, but have just been avoiding the subject of my own mortality. So can anyone tell me more about wills?
So far there are no trusts or anything. It is just me, so single person allowances, as things stand I will definitely be paying inheritance tax. Also I am not that old so I want the will to cover my demise for the next few years/decades, but as people in my family have a habit of dropping dead I think a will should be there, (something also happened this year that finally emphasised I am not immortal!!)
I just want to make sure that my (very) hard earned wealth is not wasted immediately and stays in the family.
It all should be simple, if I drop dead I want my money to go to person A, if they have also died then go to person B, if persons C & D have reached the age of 25 they can have it (but not sure if/how I can exclude their partners from getting their money-grabbing paws on it?). The only person I trust at this point to be rational is person A.
Also pitfalls to avoid would be helpful?
Also how to pay less inheritance tax, as taxes are a sure way that someone irresponsible will be spending it. Not tax-dodging, I would like tax-management - it must all be legal.
As a final point, how can I exclude future family members that turn out to be criminals as I find that abhorrent.
As a crazy (slightly outlandish) idea, I was thinking about putting the whole lot in a trust? to make sure anyone in the immediate family can go to university and not leave with a hideous amount of debt, but how does that cope with multi-generational etc as it will last beyond the current batch of kids and just worried about multi-generational fees and taxes.
So far there are no trusts or anything. It is just me, so single person allowances, as things stand I will definitely be paying inheritance tax. Also I am not that old so I want the will to cover my demise for the next few years/decades, but as people in my family have a habit of dropping dead I think a will should be there, (something also happened this year that finally emphasised I am not immortal!!)
I just want to make sure that my (very) hard earned wealth is not wasted immediately and stays in the family.
It all should be simple, if I drop dead I want my money to go to person A, if they have also died then go to person B, if persons C & D have reached the age of 25 they can have it (but not sure if/how I can exclude their partners from getting their money-grabbing paws on it?). The only person I trust at this point to be rational is person A.
Also pitfalls to avoid would be helpful?
Also how to pay less inheritance tax, as taxes are a sure way that someone irresponsible will be spending it. Not tax-dodging, I would like tax-management - it must all be legal.
As a final point, how can I exclude future family members that turn out to be criminals as I find that abhorrent.
As a crazy (slightly outlandish) idea, I was thinking about putting the whole lot in a trust? to make sure anyone in the immediate family can go to university and not leave with a hideous amount of debt, but how does that cope with multi-generational etc as it will last beyond the current batch of kids and just worried about multi-generational fees and taxes.
You won't be paying any inheritance tax. You'll be pushing up the daisies.
You can only future proof what happens to your assets for so far. A few generations on and nobody will remember you. Or care.
Speak to person A. Are they of a similar age to you? If so, it is likely you could shuffle off this mortal coil at similar times. Better if person A is a younger generation. Then speak to a solicitor. They aren't expensive and will give you far better advice than a motoring forum.
You can only future proof what happens to your assets for so far. A few generations on and nobody will remember you. Or care.
Speak to person A. Are they of a similar age to you? If so, it is likely you could shuffle off this mortal coil at similar times. Better if person A is a younger generation. Then speak to a solicitor. They aren't expensive and will give you far better advice than a motoring forum.
keirik said:
Speak to a solicitor or will writer they aren't that expensive and you don't need anything complicated.
Much better than asking a bunch of internet keyboard warriors and getting loads of conflicting and wrong advice
This.Much better than asking a bunch of internet keyboard warriors and getting loads of conflicting and wrong advice
But good luck with avoiding money-grabbing partners....I doubt you can do much about that!
My own experience is very simple.
Everyone I know have a will aside from my best mate who sadly passed away aged 49 4 years ago.
He wasn’t mega-wealthy but there was some value to his estate taking into account his business etc.
The cluster-f
k that followed was unreal. Current long term wife who isn’t the mother to his twenty something children who believed they should have had everything.
It’s simple when someone dies, the law is the law and you can’t change that and contrary to popular belief your worldly good don’t simply pass down the line as you would expect.
We now have families that don’t talk anymore and enough hatred to write a mini-series.
Get a will and save a huge amount of unnecessary agro when you go.
Everyone I know have a will aside from my best mate who sadly passed away aged 49 4 years ago.
He wasn’t mega-wealthy but there was some value to his estate taking into account his business etc.
The cluster-f
k that followed was unreal. Current long term wife who isn’t the mother to his twenty something children who believed they should have had everything.It’s simple when someone dies, the law is the law and you can’t change that and contrary to popular belief your worldly good don’t simply pass down the line as you would expect.
We now have families that don’t talk anymore and enough hatred to write a mini-series.
Get a will and save a huge amount of unnecessary agro when you go.
As above, best to speak to a solictor.
Just to add, every year, some solictors can provide you with a basic Will for a reduced fee (recommended £100 for single, £180 of a couple) and that fee is passed on to Charity. It's called WillAid.
https://www.willaid.org.uk/
This years WillAid is coming up in November.
So not only can you get a Will you can feel you are doing some good getting one.
It may not apply to OP's situation if it's not a basic will but thought it worth mentioning.
Just to add, every year, some solictors can provide you with a basic Will for a reduced fee (recommended £100 for single, £180 of a couple) and that fee is passed on to Charity. It's called WillAid.
https://www.willaid.org.uk/
This years WillAid is coming up in November.
So not only can you get a Will you can feel you are doing some good getting one.
It may not apply to OP's situation if it's not a basic will but thought it worth mentioning.
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