thanks for that indepth and detailed rebuttal.
Intestacy question
- Thread starter Randomface74
- Start date
The estate pays, not the inheritors.
Just go and pay for a solicitor to draft one for you. It's £100-£200 quid which will be pittance to the value of your Estate and will guarantee it's not messed up (if they mess it up their professional indemnity insurance will cover it!).
Same thing. The estate pays so less for the inheritors to receive... It also depends on what is being passed over as to how the payment is requested.
You don't need to though unless it's a complicated estate. Some solicitors can also charge up to 10% of the estate for probate etc as it's in their T&Cs.
Simple rules such as "I'd like X to receive my Rolex watch that I keep in Y" as opposed to "I'd like X to A Rolex watch". If the Rolex in the first one is lost, stolen or sold that they receive nothing, in the second one, the estate must supply a Rolex.
You've also got a letter of wishes where you can explain the Will, for instance, why you've left nothing to cousin X for stealing your girlfriend 40 years ago for instance.
No it's a very important distinction, particularly when considering penalties, interest or potential failures in the management of the estate.
You are technically wrong chap. Why risk messing it up? The courts' are full of families arguing over disputed self-written wills where individuals have tried to do it themselves, but have invariably screwed it up or not been clear about certain assets etc etc.
I think you mean the Executor of the Will, not the estate.
The courts are full of families arguing over professionally written Wills as well, you can't stop greed. Self-written or legal, there are guides out there to help write them. As long as you're clear, distinct and have decent witnesses a self-written Will is absolutely fine
That's not correct, as the payment of IHT also takes into account gifts made over the past 7 (and in some cases, 14) years. These gifts could have been made to non-beneficiaries in the will, meaning that the beneficiaries pay more IHT. This is because the gifts would have been potentially exempt, but due to the death before 7 years elapsed they are no longer exempt but are first in line for the IHT nil rate band.
I said "management of the estate" which is a description of the executor.
Unless you're referring to my previous comment (it's not clear), in which case the distinction between who pays the liability is important as failures by the executor, for example through negligence, makes the question of liability very important.
Soldato
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And why is this relevant when you are only getting the Will drafted? Just because the solicitor does the Will doesn't mean they will be the executors or that they will deal with the estate.
Wills are one thing that are so cheap I see no reason whatsoever not to leave it to the professionals.
These points about gifts being subject to IHT has got me thinking - does anyone know exactly how this works?
I gather there is a £3000 annual exemption that can be carried forward for one year. Does that mean a married couple that had not previously used this could each gift £6000 now and a further £3000 each after 6 April without it being subject to IHT if they were to die within 7 years?
I can absolutely understand IHT being an issue if someone has given away tens of thousands in the years before their death, but is it really expected that small cash gifts should be counted? For example if someone gives their grandchildren (say) £50 each for their birthdays and £100 at Christmas every year is that all supposed to be added up and counted towards the £3000 annual allowance or (if the allowance is exceeded because they give all their children and grandchildren £500 for Christmas) does it even impact on IHT?
I gather there is a £3000 annual exemption that can be carried forward for one year. Does that mean a married couple that had not previously used this could each gift £6000 now and a further £3000 each after 6 April without it being subject to IHT if they were to die within 7 years?
I can absolutely understand IHT being an issue if someone has given away tens of thousands in the years before their death, but is it really expected that small cash gifts should be counted? For example if someone gives their grandchildren (say) £50 each for their birthdays and £100 at Christmas every year is that all supposed to be added up and counted towards the £3000 annual allowance or (if the allowance is exceeded because they give all their children and grandchildren £500 for Christmas) does it even impact on IHT?
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Thanks guys, going in on Thurs for the initial meeting with the solicitor.
The quotes I got back were around 300, not the 100-200 quoted here, maybe a regional thing, who knows.
The quotes I got back were around 300, not the 100-200 quoted here, maybe a regional thing, who knows.
IHT isn't my specialty (corporate tax is) but there are reliefs for gifts, e.g. there is a small gift allowance of £250 per gift recipient per year. There's also gift allowances between spouses, on marriage, charity etc.
So someone could give out lots of £250 gifts each year without it being an IHT issue as long as they all went to different people? That does make more sense. Any idea whether you can you combine that by giving someone £250 and then £3000 in the same year?
Nothing. You can do it yourself. It's your statement. IIIRC, I paid a small fee to have my will registered and stored with the authorities in order to make it easier when I'm dead. I wouldn't want my family to have to search my stuff for my will. That would probably upset them. Now, when my death is registered my will should be automatically provided.
What you pay a lawyer for isn't writing the will. It's ensuring that the terms of the will are clearly written in the correct legal terminology to ensure the highest chance of the will be executed in the way you want it to be.
I recently got mine done by a large firm of solicitors who write free wills for anyone/everyone. They ask that you consider a donation to charity but other than that, there is no catch.
Anyone can write a will, however making sure it's correctly done and executed in the way you wish is why most people would use a solicitor/lawyer.
Anyone can write a will, however making sure it's correctly done and executed in the way you wish is why most people would use a solicitor/lawyer.
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Hitting problems providing proof of address.
Needs to be some sort of bill in the last 3 months, and printed from a website doesn't count.
Everything's paperless - so I don't have anything.
Requested a paper copy from the bank and they sent me the wrong thing, and it took them 7-10 days to do it.
Requested it again, another 7-10 days....
... it's 2018... we were told to go paperless, seems that was bad advice.
Needs to be some sort of bill in the last 3 months, and printed from a website doesn't count.
Everything's paperless - so I don't have anything.
Requested a paper copy from the bank and they sent me the wrong thing, and it took them 7-10 days to do it.
Requested it again, another 7-10 days....
... it's 2018... we were told to go paperless, seems that was bad advice.