Have you made your Will?

[MNW67]

I do.

Yes you need to acknowledge the spouse in the will and make a specific statement excluding them and intending to do so.


That wouldn't be the case for a short marriage, unless she can claim needs. Generally everything owned prior can be ring fenced. Its only the passage of time that makes this harder.

I have just been reading that a spouse can still claim even if specifically excluded.

The courts seem to look at the same factors as a divorce. Presumably, a short marriage means you get less on divorce?

 

[Highway Man]

They was only married for 3 years, he was married before and had a nasty divorce so he thought this was the best way to ensure his kids inherit everything, the story is quite a complex one but I think his will was more than fair.

 

[motorbiking]

I have just been reading that a spouse can still claim even if specifically excluded.

The courts seem to look at the same factors as a divorce. Presumably, a short marriage means you get less on divorce?

based on needs

Inheritance (Provision for Family and Dependants) Act 1975

But in the case of HWM mate's wife, it sounds like she had become accustomed to a certain lifestyle

 

[Highway Man]

based on needs

Inheritance (Provision for Family and Dependants) Act 1975

But in the case of HWM mate's wife, it sounds like she had become accustomed to a certain lifestyle

Exactly this

 

[motorbiking]

I remember doing all this boll@x when I got divorced... My ex made out she needed over 100k net per year, just to survive.

 

[thomp1983]

The wife and I are just in the process of sorting ours out as my new employers pay for it.

It is a difficult subject and there's alot of stuff we hadn't even considered if we both died together or all 3 of us all died together so I'm glad we've got it sorted.

The eye opener for us as we'd never really worked it out and something that has also caused a few more concerns is our daughter stands to inherit just over a million once we're both gone, that's just from us, she'll also get everything from her grandparents too so providing she's sensible she should remain a millionaire for life, the concerns we now have are how to ensure that happens and she doesn't end up at a point where she blows it all or some toe rag takes her to the cleaners.

 

[motorbiking]

The wife and I are just in the process of sorting ours out as my new employers pay for it.

It is a difficult subject and there's alot of stuff we hadn't even considered if we both died together or all 3 of us all died together so I'm glad we've got it sorted.

The eye opener for us as we'd never really worked it out and something that has also caused a few more concerns is our daughter stands to inherit just over a million once we're both gone, that's just from us, she'll also get everything from her grandparents too so providing she's sensible she should remain a millionaire for life, the concerns we now have are how to ensure that happens and she doesn't end up at a point where she blows it all or some toe rag takes her to the cleaners.

Rachel Reeves will help her out.

What you need to consider is how quickly that will dwindle if either of you need to go in to a care home. My mum is paying over £95k a year now,

 

[thomp1983]

I'm not sure it just Rachel reeves that will chase it, I'm sure the Chancellor of any future governments will do the same.

It is a concern but as it stands we plan on putting the house in trust as soon as the mortgage is done which should be when I'm 58 and unless current rules are changed I should survive the 7 years required to make sure she keeps it, the house is only about a third of her inheritance the remaining 2 thirds will be tax free as it stands and the government can't get at it currently.

 

[pete01]

I dont trust a trust, if its seen to be done to prevent the assets being used for your care, they will be after it.

 

[motorbiking]

I dont trust a trust, if its seen to be done to prevent the assets being used for your care, they will be after it.

Morally I don't think I want to ask other tax payers to pay for my old age care, so that my kids can be millionaires.

The reality is a future government will simply change the rules to punch through it, if everyone does it.

 

[Mottie]

I just don't like the idea of having a pre-nup.

Yeah, not the most romantic of starts to a marriage.

Tenants in common​

As tenants in common:

• you can own different shares of the property
• your share of the property does not automatically go to the other owners if you die
• you can pass on your share of the property in your will

That’s what we have. When I die, my 50% of the house goes into trust for our son and daughter, as does hers. Only reason we did this is that we can see Mrs Motties mums money all going in care fees at £75k+ a year. Annoying when some in the same care home saved nothing during their lives and are living there for free. At least when one of us go, if the surviving spouse goes into care, they won’t be able to touch half of the house money so the kids will get something.

 

[pete01]

Morally I don't think I want to ask other tax payers to pay for my old age care, so that my kids can be millionaires.

I would as someone who doesnt work and owns nothing gets it all for free anyway, how's that fair......sod it I want my kids to have mine.

 

[thomp1983]

I'm not doing it for the purpose of ensuring my daughters a millionaire, my partner and I have paid tax our whole working lives, the majority of it in the higher tax bracket while taking very little out of the system so why should we have to pay for a care home on top when others don't?

Personally I won't be doing the whole care home thing, I've been through seeing my mother suffer terminal illness and I won't put my daughter through it, hopefully she'll be old enough we can have a proper conversation about it and she'll understand if not hopefully she'll understand when she's old enough.

 

[Highway Man]

I would as someone who doesnt work and owns nothing gets it all for free anyway, how's that fair......sod it I want my kids to have mine.

Understandable argument.

 

[securespark]

I'm sorry to say it but HMs mate's wife doesn't sound like a nice person.

I've never been in a relationship for money and I wouldn't expect money from any relative.

Morally I don't think I want to ask other tax payers to pay for my old age care, so that my kids can be millionaires.

The reality is a future government will simply change the rules to punch through it, if everyone does it.

Those in the know, know what to do with their funds to avoid various taxes, IHT etc ... and be able to give to their family and at the same time put their properties into trust so they are locked away.