Have you made your Will?

thomp1983 · 2026-02-11T20:13:23+0000

Unfortunately the above statement is also flawed as if you earn alot and have spent your working life avoiding paying your fair share of tax then you should pay your care home costs, I also feel the same about those who've taken large amounts in cash in hand to avoid paying their fair share.

Dec27 · 2026-02-11T20:14:41+0000

We are working on a living trust for our kids. I’ll take a massive hit on IH tax one day. I need to protect the money we’ve made on going.

It’s a horrible situation.

Mottie · 2026-02-11T20:16:22+0000

pete01 said:
With the trust, what if my wife wanted to move house after im gone?

She can do so. The trust doesn’t kick in until you die so, if your house is worth £500k and you split it 50/50, you each have a £250k share of the house. She can move to another £500k house using her £250k plus your £250k and the kids will only get your share when your wife dies. However, if your wife moves to a £400k house, she uses her £250k and £150k of your money leaving £100k left over. That goes to your kids or whoever you are leaving it to. At no time can your kids/trustees take what either of you left to them until you die or, in the example I’ve given, move to another house smaller house with money left over.

pete01 · 2026-02-11T20:17:40+0000

Mottie said:
She can do so. The trust doesn’t kick in until you die so, if your house is worth £500k and you split it 50/50, you each have a £250k share of the house. She can move to another £500k house using her £250k plus your £250k and the kids will only get your share when your wife dies. However, if your wife moves to a £400k house, she uses her £250k and £150k of your money leaving £100k left over. That goes to your kids or whoever you are leaving it to. At no time can your kids/trustees take what either of you left to them until you die or, in the example I’ve given, move to another house smaller house with money left over.

That makes sense

thomp1983 · 2026-02-11T20:18:13+0000

It's again a failing of all governments over the last 30 years, Instead of dealing with the work shy who take from the system they penalise those who work more and more taking whatever you've earned.

pete01 · 2026-02-11T20:19:19+0000

thomp1983 said:
It's again a failing of all governments over the last 30 years, Instead of dealing with the work shy who take from the system they penalise those who work more and more taking whatever you've earned.

Exactly, it's a worry we shouldn't have after years of hard work

thomp1983 · 2026-02-11T20:24:32+0000

My third option is to emigrate for my old age, the going rate for a care home in Thailand is about £500 a month and both the wife and I like Asia.

Mottie · 2026-02-11T20:28:12+0000

thomp1983 said:
My third option is to emigrate for my old age, the going rate for a care home in Thailand is about £500 a month and both the wife and I like Asia.

There was a programme about that a while back with celebrities trying them out. Apparently some places in India were very good.

motorbiking · 2026-02-11T20:31:45+0000

pete01 said:
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.

I may reconsider

MNW67 · 2026-02-11T20:37:24+0000

Dec27 said:
We are working on a living trust for our kids. I’ll take a massive hit on IH tax one day. I need to protect the money we’ve made on going.

It’s a horrible situation.

Being really rich?

Mottie · 2026-02-11T20:38:51+0000

pete01 said:
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.

Only advantage, just like buying a house compared to being being given a council one, is that you (or your POA's) get to choose the home you go in and not any old council care home.

motorbiking · 2026-02-11T20:42:12+0000

I’m fairly sure there are people getting it for free at my mums place.

It’s not right. There is no incentive

Highway Man · 2026-02-11T21:29:51+0000

As most know, I am a massive Donkey fan and volunteer at my local sanctuary. I will be leaving a little something for my four legged friends but here is the dilemma, this sanctuary is privately run albeit as a charity, what happens if I left a little something for my pals but they close down the sanctuary? Would the owner get the money or does it go with the donkeys?

fixitflav · 2026-02-11T21:48:40+0000

Mottie said:
That’s fine, so do I and so do many others but some people don’t, yet their kids practically rub their hands together and talk about "their inheritance" as if it’s a God given right.

And often they don't want to take care of their parents in old age, as happens in some countries, that's the state's job. But there's no way they're going to give up the inheritance and a £0.5 million house when they pop off.

securespark · 2026-02-11T21:52:05+0000

Highway Man said:
As most know, I am a massive Donkey fan and volunteer at my local sanctuary. I will be leaving a little something for my four legged friends but here is the dilemma, this sanctuary is privately run albeit as a charity, what happens if I left a little something for my pals but they close down the sanctuary? Would the owner get the money or does it go with the donkeys?

'Eyore' t to get the money.

Have you made your Will?

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