Being without a Will - risky?

[anonymous-user]

[redacted]

[rxe]

Yes and no. Utter administrative ball-ache, but in a simple situation, the right thing will ultimately happen. In a more complex situation, carnage will ensue.

That said, even if you do write a will, it seems to go horribly wrong with alarming regularity in situations that are potentially complex. A friend of mine has been in litigation for 2 years now, on a simple brother/sister/grandchildren situation that she didn’t start.

Honestly, I’d like to write something in my will that says “anyone contests this, and their share goes to the dog’s home”.

[Emily's dad]

Until the kids are 18, who is going to be their primary carer was our biggest concern.

You need to discuss this with your families on both sides as this is much more important than divvying up family keepsakes.

I’m sure others can give better financial advice, but for us that was our primary concern. In fact it still is as neither of my are 18 yet.

[98elise]

Emily's dad said:

Until the kids are 18, who is going to be their primary carer was our biggest concern.

You need to discuss this with your families on both sides as this is much more important than divvying up family keepsakes.

I’m sure others can give better financial advice, but for us that was our primary concern. In fact it still is as neither of my are 18 yet.

This. When our kids were young we covered all that in the will, including funding their care/accomodation with a relative.

[Pinkie15]

With your children being under 18 you need to have a conversation with your family about who would look after the children & how your estate would fund that. Prudent to also have an alternate plan should the worst have already happened to your ‘first choice’.

Intestate decision tree might not go how you would imagine & opens potential for your children to not inherit anything from your estate.

IANAL, but I understand English law does not ‘allow’ 2 people to die simultaneously e.g. you’re in a plane crash, the law dictates that one person died before the other.

This could effect the intestate ‘decision tree’.

EtA my understanding is that being married (I assume you are as you state ‘wife’ rather than ‘partner/OH’) if only one of you were to die then that person’s share of the estate automatically passes to the other spouse, along with their IHT allowances irrespective of there being a will or intestate. Even if their share of the estate exceeds IHT threshold it’s not payable at this time (effectively the estate ‘rolls up’ to the surviving spouse)

If not married & intestate then the deceased’s partner’s share of the estate might not pass to the surviving partner & if it exceeds the threshold then IHT is payable on their death.

To reiterate IANAL & my understanding could be wrong

Edited by Pinkie15 on Thursday 30th September 10:28

[Willhire89]

rxe said:

Honestly, I’d like to write something in my will that says “anyone contests this, and their share goes to the dog’s home”.

Our xxxxxx wrote that 'if anyone disagrees with my wishes not a penny will be distributed until they come to their senses'

xxx died four years ago and our latest High Court date is next month.

[Caddyshack]

A Will can be a useful tool. If you are tenants in common and one dies leaving half the house / the nil rate band to a trust then you can remove the house from long term care testing and protect the asset. You can protect the blood line from the survivor marrying another and leaving your assets to step children...also bankruptcy and other creditor claims.. you can even get clever with interest in possession and reduce IHT liabilities using PETS....it is worth using someone that specialises in these asset protection strategies, you do not need to be massively wealthy for your family to benefit.

One thing people forget is that if you leave assets that attract inheritance tax then the next generation can then also lose 40% when they leave the same asset to your grandchildren i.e. IHT for each generation but this is easily avoided and perfectly legal to do.

I have a good contact if anyone needs it.

[WRumbled]

Slightly related, but I don't have a will, either. I've no dependents or exes with any chance of inheriting and, as I understand it, if I were to die today everything would go to my Mother, my sole surviving parent.

My biggest issue is I don't know who to leave anything to, but I do know I don't want either of my sisters to see a penny of it, should I die first, and don't really want their kids getting it either. How to set up a will that specifically excludes them but doesn't say who should benefit? No idea where to start.

My closest friends haven't started popping out kids yet, or that would be my answer.

[TwigtheWonderkid]

anonymous said:

[redacted]

My understanding is that if you both die, your kids will inherit. The problem might be if one of you died. You'd probably want everything to go to the surviving spouse, but depending on how much you have, that might not be the case. If your wife died you might find yourself inheriting some, and your kids getting the rest. So a will leaving everything to each other is a good idea.

[mcflurry]

If you make a Will in November, many solicitors will do it for a charity donation

https://www.willaid.org.uk/

[Paul Dishman]

WRumbled said:

Slightly related, but I don't have a will, either. I've no dependents or exes with any chance of inheriting and, as I understand it, if I were to die today everything would go to my Mother, my sole surviving parent.

My biggest issue is I don't know who to leave anything to, but I do know I don't want either of my sisters to see a penny of it, should I die first, and don't really want their kids getting it either. How to set up a will that specifically excludes them but doesn't say who should benefit? No idea where to start.

My closest friends haven't started popping out kids yet, or that would be my answer.

You could set up a will leaving everything to your Mother, or if she pre-deceases you then it all goes to a named charity. Of course if you go before your mother there'd be nothing stopping her giving a share to your sisters, but you won't be in a position to affect that or care

[grumpyscot]

There's also a difference to inheritance laws between England and Scotland. In Scotland, you cannot disinherit your children. They will always have an equal claim even if you state otherwise. And property disposition is different too.

All depends where you reside and die. Even if your will was written in England, if you live and die in Scotland, the rules change. So it becomes a nightmare to sort out.

[WRumbled]

Paul Dishman said:

WRumbled said:

Slightly related, but I don't have a will, either. I've no dependents or exes with any chance of inheriting and, as I understand it, if I were to die today everything would go to my Mother, my sole surviving parent.

My biggest issue is I don't know who to leave anything to, but I do know I don't want either of my sisters to see a penny of it, should I die first, and don't really want their kids getting it either. How to set up a will that specifically excludes them but doesn't say who should benefit? No idea where to start.

My closest friends haven't started popping out kids yet, or that would be my answer.

You could set up a will leaving everything to your Mother, or if she pre-deceases you then it all goes to a named charity. Of course if you go before your mother there'd be nothing stopping her giving a share to your sisters, but you won't be in a position to affect that or care

Sorry, that was sort of my point, too. I've no issue with my Mother getting it but her will is split between us, so they'd end up with it. I know I wouldn't be around to care, but I care enough now to want to prevent it happening.

[Paul Dishman]

WRumbled said:

Sorry, that was sort of my point, too. I've no issue with my Mother getting it but her will is split between us, so they'd end up with it. I know I wouldn't be around to care, but I care enough now to want to prevent it happening.

I see. Perhaps you can set a Trust up to prevent them getting their hands on it. Proper legal advice needed.

[FunkyNige]

WRumbled said:

Slightly related, but I don't have a will, either. I've no dependents or exes with any chance of inheriting and, as I understand it, if I were to die today everything would go to my Mother, my sole surviving parent.

My biggest issue is I don't know who to leave anything to, but I do know I don't want either of my sisters to see a penny of it, should I die first, and don't really want their kids getting it either. How to set up a will that specifically excludes them but doesn't say who should benefit? No idea where to start.

My closest friends haven't started popping out kids yet, or that would be my answer.

Just split it between your closest friends for the time being would seem the simplest way of it going to someone you don't mind having it, if they start having kids you can then change the will. It's not an expensive thing to do.

[Vasco]

Jasey_ said:

Get a power of attorney sorted at the same time - this is arguably more important than the will !

Absolutely. Totally overlooked by so many.

[supermanraf]

My god daughters mother passed away late last year, she was 40 with no will. It caused a lot of worry and upset, at a time when people really could have done without it.

It was eventually sorted, but please do get one. It's added stress at an already bad time!

[zzrman]

You should always have a will. If you die intestate it is just more grief for those who survive you. Your estate is divided up in accordance with statute, which is not necessarily in accordance with your wishes. Get a will and make a point of reviewing it every 5 years or so or as circumstances change.

[anonymous-user]

Mrs FB's nan and grandad are in care homes both with dementia and no wills. It's been an absolute ball ache to sort things out, I really do urge people to have a will and a pre appointed POA.

[Red9zero]

A friend's Father died 3 years ago without leaving a will. His family are still arguing the toss and probably will be until the day their own wills are read.