Have you made your Will?

[pete01]

Indeed a touchy subject...

We have yet another different view. We can't understand the thinking that a parent might have in 'knowing' that their kids will thank them when they are gone...

Where's the fun in that?

We've worked f*cking hard for what we have and would rather enjoy giving ours the chances we didn't have, but the tricky bit is doing it without spoiling them.

Thankfully ours are all doing well for themselves, but there are always times when a helping hand is welcome.
We'd rather see them enjoy the results of our hard work whilst we're still alive, and hopefully pass on that ethic.

Because after all, nobody chooses their parents!

Sounds good but not always possible as most people dont have much money but have a house and obviously need that until they dont.

 

[blup]

please explain. Are you referring to dependant property.

The threshold goes up if everything is left to children only , afaik that doesn't apply if children inherit everything under intestacy.
Edit: it does apparently apply to an intestacy situation too

 

[Highway Man]

My mate died, he had remarried but had left everything to his kids in his will. He let his new wife live in the house until she died. That was his will. His new wife contested the will and ended up with half of his assets and his investments as well as money in the bank, upon his death she opened up a new account and withdrew all of the money out of their joint account into her own, his kids didnt receive any of that. They couldn't do a thing about it as she wouldn't allow the kids solicitors access to bank statements.

 

[Old Salt]

I'd like a will where my half gets split how I want it to, between my 2 kids, but not until my wife dies obviously.....not sure how that would work if she re-married?

You need advice from a solicitor. You can leave your half in a trust for your kids then if she remarries or falls out with your kids etc they will still get their share of inheritance. It needs a professional to look at the circumstances.

 

[MNW67]

My mate died, he had remarried but had left everything to his kids in his will. He let his new wife live in the house until she died. That was his will. His new wife contested the will and ended up with half of his assets and his investments as well as money in the bank, upon his death she opened up a new account and withdrew all of the money out of their joint account into her own, his kids didnt receive any of that. They couldn't do a thing about it as she wouldn't allow the kids solicitors access to bank statements.

Joint accounts are treated differently. On death, that money goes straight to the other account holder, rather than through the Will.

 

[Highway Man]

Joint accounts are different. On death that money goes straight to the other account holder.

Yes but he had left the money to his kids, his sister became the trustee and she did this so that they couldnt get access to it

 

[pete01]

You need advice from a solicitor. You can leave your half in a trust for your kids then if she remarries or falls out with your kids etc they will still get their share of inheritance. It needs a professional to look at the circumstances.

With the trust, what if my wife wanted to move house after im gone?

 

[MNW67]

Yes but he had left the money to his kids, his sister became the trustee and she did this so that they couldnt get access to it

Was the joint account held as tenants in common. I think that is quite unusual. Most joint accounts are automatically held as joint tenants. As a result, the money in the joint account will usually go automatically to the other account holder.

Will disputes are notorious for Chinese whispers. They are complicated in the first place, and then everyone puts their own spin on what happened.

 

[Highway Man]

Was the joint account held as tenants in common. I think that is quite unusual. Most are automatically held as joint tenants. As a result, the money in the joint account will usually go automatically to the other account holder.

Will disputes are notorious for Chinese whispers. They are complicated in the first place, and then everyone puts their own spin on what happened.

No I was involved with it all as a close friend of the family, no chinese whispers involved.

 

[motorbiking]

I'd like a will where my half gets split how I want it to, between my 2 kids, but not until my wife dies obviously.....not sure how that would work if she re-married?

are you tenants in common or joint tenants on the house?

 

[pete01]

are you tenants in common or joint tenants on the house?

I dont get the question?

 

[ellal]

Sounds good but not always possible as most people dont have much money but have a house and obviously need that until they dont.

You can pass over property ownership with a lifelong live in caveat...

We also benefit from a Scandinavian system whereby neither parent can disinherit their children should something such as divorce/second marriage occur.

 

[MNW67]

No I was involved with it all as a close friend of the family, no chinese whispers involved.

So, was the joint account(s) held as joint tenants or as tenants in common. That would be the crucial issue. When we set up a joint savings account, most banks would only let you have one as joint tenants. Which means that the money automatically goes to the other account holder.

It sounds like there were other assets in his sole name which he wanted to go to his children. But the new wife went to court to get that overturned.

 

[Highway Man]

So, was the joint account(s) held as joint tenants or as tenants in common. That would be the crucial issue. When we set up a joint savings account, most banks would only let you have one as joint tenants. Which means that the money automatically goes to the other account holder.

It sounds like there were other assets in his sole name which he wanted to go to his children. But the new wife went to court to get that overturned.

yes she went to court, she did a video court apearance as she didnt want to face them

 

[motorbiking]

I dont get the question?

When you bought your current house did you own it 50/50tenants in common (or some other split) or are you join tenants (both owning 100%)

EDIT: typed it the wrong way around