Question Wills

[united we stand]

also useful at the same time as making a will to draw up the lasting power of attorney forms for your kids when/if you become gaga. Much easier to do it now then when it happens.

I second that -very worth doing IMO . Although expensive it is also worth considering putting the house into Trust to avoid the community care act (if you/parent has to go into a home)- 100% necessary to see an expert for this again IMO .

A really simple thing to do with the will is to write a letter explaining where everything is, and what to do . MY wife has my letter in her bedside cabinet . It has basic stuff like a list of all of our investments, life assurance, contacts , what to do with them, who to ask for advise , advisors contacts, when mortgage deal ends, work contacts etc. Bank account passwords . Basic practical stuff that will save her a lot of time and effort should I pass away

 

[londonblue]

I second that -very worth doing IMO . Although expensive it is also worth considering putting the house into Trust to avoid the community care act (if you/parent has to go into a home)- 100% necessary to see an expert for this again IMO .

A really simple thing to do with the will is to write a letter explaining where everything is, and what to do . MY wife has my letter in her bedside cabinet . It has basic stuff like a list of all of our investments, life assurance, contacts , what to do with them, who to ask for advise , advisors contacts, when mortgage deal ends, work contacts etc. Bank account passwords . Basic practical stuff that will save her a lot of time and effort should I pass away

You wanna be careful mate!

 

[MK Shrimper]

So let me get this straight - If I get squished by (say) a falling asteroid on the way home from work, my missus doesn't immediately get the lot?

 

[Firestorm]

It is generally follows that when one partner dies, all property etc passes to the surviving partner, however in cases of the surviving partner needing care , this counts as an asset which can be disposed of to cover costs.

I have heard its worth putting in the will that 50% goes to the surviving partner with the remainder going to the children, with a caveat about the surviving partner being allowed to remain in the property

 

[Firestorm]

So let me get this straight - If I get squished by (say) a falling asteroid on the way home from work, my missus doesn't immediately get the lot?

I believe that, without a will, it would have to go to probate , a fairly straightforward probate mind you

If you were not married it would be trickier

 

[sufc_dave]

I believe that, without a will, it would have to go to probate , a fairly straightforward probate mind you

If you were not married it would be trickier

If you were to die without making a Will it would go to the surviving spouse. Problems arise when you die at the same time/die at the same time as children/aren't married. If you have a small family it could end up going to some distant cousin you've never met.

You wouldn't be able to get Grant of Probate without a Will, you would have to apply for letters of administration.

As per the above comments, get in touch with FBM.

 

[Tinks]

If you have a family, properrty or any assesses then it is must.
Also something that I often deal with now is "living wills" and it is something worth considering too.
As another thought it is good to look at POA in both health and well being and finances. I convinced my MIL to do one as you never know. We have registered the POA but not auctioned it as at the moment it is not needed

 

[RHB]

If you have a family, properrty or any assesses then it is must.
Also something that I often deal with now is "living wills" and it is something worth considering too.
As another thought it is good to look at POA in both health and well being and finances. I convinced my MIL to do one as you never know. We have registered the POA but not auctioned it as at the moment it is not needed

Any idea who the highest bidder would be Tinks?

 

[Tinks]

Any idea who the highest bidder would be Tinks?

Well I suppose she is worth a bit :smile: flipping spellcheck always does this to me.

 

[Yorkshire Blue]

Of course this might be a reason for writing a will

 

[united we stand]

I second that -very worth doing IMO . Although expensive it is also worth considering putting the house into Trust to avoid the community care act (if you/parent has to go into a home)- 100% necessary to see an expert for this again IMO .

A really simple thing to do with the will is to write a letter explaining where everything is, and what to do . MY wife has my letter in her bedside cabinet . It has basic stuff like a list of all of our investments, life assurance, contacts , what to do with them, who to ask for advise , advisors contacts, when mortgage deal ends, work contacts etc. Bank account passwords . Basic practical stuff that will save her a lot of time and effort should I pass away

no one has picked up on this and its rally importaant IMO. If your parent goes into care, the council ave the legal right to use their assets to pay for that care until they only have £23000 approx (cant recall the exact figure). That means that the council is entitled to sell the house once they pass away and you loose their inheritance. The council has foresinc accountants that look into this- they know more about this that we do so don't think you can easily 'hide' the assets. What you can do is put the house into Trust and invest in investments that are outside of the community care act . This could save you literally hundreds of thousands if your parent goes into long term care and they own their own house. wills and LPA's are very easy to do yourself , but I would strongly recommend talking to an expert regarding setting up Trusts (and wills if you have a trust). Everyone knows someone who has a relation in care - as them how this is funded