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Any of you have some legal knowledge on wills? What if a couple makes a will, one of them dies and the surviving partner does not agree with the content of the other ones' will or if property is involved, falls on hard times, needs to seel the house and the benefactor of the will does not get the place any more? Got something like this going on in the family which is causing a lot of friction, family members now not talking to each other anymore and all this. If any of you know, I would be grateful to get some idea. Thanks.
Any of you have some legal knowledge on wills? What if a couple makes a will, one of them dies and the surviving partner does not agree with the content of the other ones' will or if property is involved, falls on hard times, needs to seel the house and the benefactor of the will does not get the place any more? Got something like this going on in the family which is causing a lot of friction, family members now not talking to each other anymore and all this. If any of you know, I would be grateful to get some idea. Thanks.
A will is a legal document and it is the person's last wishes so whatever is said goes. You can contest a will but you have to have an valid reason like you don't think the person was of sound mind or they were murdered by the main beneficial... Most family fall out over wills, happens all the time. It is quiet sad really
But what if the property needs to be sold off to pay off debts and is just no longer there to pass on to the benefactor?
But what if the property needs to be sold off to pay off debts and is just no longer there to pass on to the benefactor?
that is just the way it goes.. all debts have to be cleared that the deceased left behind.. there has been many people left homeless because the partner dies leaving a mountain of debts... the person could see if they can declared themselves bankrupt but it will affect future credit rating
That is awful, the prospect of perhaps being homeless and destitute because circumstances changed long after a will was made and the surviving partner has no idea that there is a mountain of debt to pay because the spouse never mentioned all the loans and overdrafts.:mad:
That is awful, the prospect of perhaps being homeless and destitute because circumstances changed long after a will was made and the surviving partner has no idea that there is a mountain of debt to pay because the spouse never mentioned all the loans and overdrafts.:mad:
I know it is sad... and it affects a lot of people in live.. that is why I never want to be in debt...
I always thought if you made a joint will, the surviving partner would then be the benefactor (as normally, as in mine and my husbands case, everything is passed to the surviving partner, bar a few bits for the children), so then the surely the surviving partner could then do with as they needed/had to/wanted to?? :searchme:
I always thought if you made a joint will, the surviving partner would then be the benefactor (as normally, as in mine and my husbands case, everything is passed to the surviving partner, bar a few bits for the children), so then the surely the surviving partner could then do with as they needed/had to/wanted to?? :searchme:
Never thought of that. I don't know a lot about the family argument yet, I think the widow wants to sell the property to pay off debts and the kids won't let her or something like this. :confused:
Never thought of that. I don't know a lot about the family argument yet, I think the widow wants to sell the property to pay off debts and the kids won't let her or something like this. :confused:
ah ok.. Well if she was left the house then she can do as she wishes with it. Her kids can contest it but they might not be successful
I always thought if you made a joint will, the surviving partner would then be the benefactor (as normally, as in mine and my husbands case, everything is passed to the surviving partner, bar a few bits for the children), so then the surely the surviving partner could then do with as they needed/had to/wanted to?? :searchme:
Never thought of that. I don't know a lot about the family argument yet, I think the widow wants to sell the property to pay off debts and the kids won't let her or something like this. :confused:
I'm with Shiv on that one.
If the house has been left to the widow, unless the deceased left the house to the children in the Will, then the widow can do with the house as he/she needs/pleases etc.
Chloe O'brien
16-07-2008, 12:03
So the advice is when we die leave nothing. That way there will be nothing to fight over.
So the advice is when we die leave nothing. That way there will be nothing to fight over.
think that is the best.. My mum fell out with her brother over my grandmothers house.. my partner family don't speak to each other over the house too... seem that houses cause the biggest problems with wills... someone gets it and rest of the family don't agree...
My philosophy is to enjoy it and to see my children enjoy it whilst I'm still here. As my nan used to say before she passed, its no good to me when I'm gone. I'm going to live my life for now.
Plus with 4 children - I wouldn't have much to split between them anyway lol
I always thought if you made a joint will, the surviving partner would then be the benefactor (as normally, as in mine and my husbands case, everything is passed to the surviving partner, bar a few bits for the children), so then the surely the surviving partner could then do with as they needed/had to/wanted to?? :searchme:
Never thought of that. I don't know a lot about the family argument yet, I think the widow wants to sell the property to pay off debts and the kids won't let her or something like this. :confused:
I'm with Shiv on that one.
If the house has been left to the widow, unless the deceased left the house to the children in the Will, then the widow can do with the house as he/she needs/pleases etc.
Right, I understand that the property was left to the spouse and on his/her death to the children. The widow wants to sell as her husband has been somewhat negligent with finances for a long time without her knowledge. Kids are not happy. I thought you could only get a joint loan if you were married or has that changed? I agree, sometimes it is better not to leave anything in a will, so much fighting and of course murder happens in families over material things :(
In that case Perdita, its the widow's property, for her to do with as she needs/sees fit. I think you can get joint loans if you are living with someone as if you are married these days, secured and unsecured, but I could be wrong.
I think its so sad though, that in days that are dark and difficult enough as it is, to then find out that finances weren't as you thought, and to then have your children fighting your trying to keep afloat - its just so sad.
Jessie Wallace
16-07-2008, 12:12
Surley, if they were married then everything is hers now, and she can't do what she wants with it.
When my Grandad died, everything automatically went to my Gran, and then she did what she wanted with it, and she made a new will, but tryed to keep most of what they decided as a couple.
How old are the children? Did they get anything left in the will?
Husbands/wives don't automatically get everything of the deceased spouse if they died intestate. Same for children if the last surviving parents dies intestate, it's not guaranteed that they will get anything. That's why it's so important to make a will.
My parents aren't married and neither has made a will, even when my dad nearly died a couple of years ago. I don't know why, it's not expensive and doesn't take up much time.
I think that they left the property to each other and when both have died, the 3 kids can share it. She is not able to pay off all the debts without selling the property and the kids are now horrible, I think the parents were not happy and the kids are favouring different parents, I am not sure, don't see them often. Just what other family members gossip, I guess.
Legally there's nothing the children can do until their mother dies. They can contest the will but if there is a lot of debt I suspect a judge would rule in favour of the mother selling.
It's a shame that dividing up estates often comes to this. My maternal grandfather owns a farm with a lot of land, in excess of £1.5m. He has a wife and eight surviving children, most of whom have been ousted from the family by the wife (long story). There's only one child left that is 'in' the family. My grandad has no problem with his other children, it's his b**** of a wife that causes all the trouble. All eight children are in the will (my mum knows this for definate) so there are going to be major fireworks when he dies and the estate is divided up. Inheritence tax is going to be a small fortune so the family solicitor has advised that the seven who aren't welcome and aren't bothered by the will put a public notice in the local paper legally absolving them of anything to do with the will and tax. It means that the cow will get it all but with a family like that, my mum isn't bothered.
Aww, that is so sad. Well, they say you can choose your friends but not your family and that is soo true. How much is inheritance tax these days?
45% of the total estate, to be paid before the estate is divided up.
We pay tax all our lives on virtually everything then we get taxed even when we're dead :angry:
di marco
16-07-2008, 18:22
i agree, i really dont see why people should be taxed on things left in a will! :angry: i think its something to do with it being a "gift" and you get taxed on gifts over a certain amount, which again i dont think is fair, if someone wants to give you money then you shouldnt be taxed on it! my grandparents have been giving me and my sis some money each year (lower than the amount where you get taxed on lol!) cos they said when they die they dont see why they should be taxed on stuff they leave in their will so they are giving as much as they can away beforehand lol!
my dad and uncle face a hefty inheritance tax when my gran dies, i think it is totally unfair to tax on something like this. people are greiving for a lost one, and then the government goes and takes a big chunk of something that rightfully belongs to the inheritors. stupid tax law, should be removed!
I agree with this tax being soooo unfair, we pay enough taxes all our lives, we should not have to pay for somebody leaving us something in their wills. They will have paid a load of taxes before the passed on. I think I will investigate this loophole of leaving things as a gift which is untaxable if I ever have anything of value to leave for my nearest and dearest. :lol:
What's even more maddening is that senior politicians are exempt from inheritence tax or pay a reduced rate :angry:
I agree with this tax being soooo unfair, we pay enough taxes all our lives, we should not have to pay for somebody leaving us something in their wills. They will have paid a load of taxes before the passed on. I think I will investigate this loophole of leaving things as a gift which is untaxable if I ever have anything of value to leave for my nearest and dearest. :lol:
Best thing to do, if you know you are dying is transfer what you would leave in your will to your beneficiary before you die then they won't pay tax on it.
ISAs are exempt from tax when you are alive so maybe they are also exempt from inheritance tax :hmm: Worth looking into.
The thing is, not many of us know when the grim reaper is coming for us, what about accidents? That is how lots of people end up with difficulties.
Yes, that's one snag. If you really don't want the taxman to get his mitts on your money, go see an independent financial advisor. They can advise you on the best ways to invest your money.
Another option is offshore accounts. I think those are exempt from tax as they aren't based in this country.
The laws could be different for you Perdita, because you're in a different country.
di marco
16-07-2008, 19:41
I agree with this tax being soooo unfair, we pay enough taxes all our lives, we should not have to pay for somebody leaving us something in their wills. They will have paid a load of taxes before the passed on. I think I will investigate this loophole of leaving things as a gift which is untaxable if I ever have anything of value to leave for my nearest and dearest. :lol:
Best thing to do, if you know you are dying is transfer what you would leave in your will to your beneficiary before you die then they won't pay tax on it.
ISAs are exempt from tax when you are alive so maybe they are also exempt from inheritance tax :hmm: Worth looking into.
you cant transfer too much though at once or over a certain period of time cos large "gifts", such as giving someone a large sum of money or signing your house into their name without them paying you anything for it, are taxed as well
So the government is screwing you what ever you do. :mad:
So the government is screwing you what ever you do. :mad:
Aren't they always...
di marco
16-07-2008, 19:50
So the government is screwing you what ever you do. :mad:
yep, my uncle lives with my gran and grandad atm, my mum keeps telling him he needs to get the house in his name cos otherwise if they both die even though hes living in the house he will still have to pay the tax, or if my gran and grandad have to go into a retirement home or something cos they own a house they would have to sell it or something which would leave him homeless (cant remember exactly what it is, i wasnt really paying much attention while my mum and uncle were arguing about it). my mum said if he doesnt want to get it in his name then she will have it in her name but they looked into it and they would have to pay at least a few thousand i think it was to my gran and grandad otherwise its seen as a "gift" and my parents would be taxed on it. pretty stupid and unfair really, my gran and grandad own that house, they paid off their mortgage years ago, they should be allowed to give it to whoever they like without being taxed!
If your grandparents go into a home they will have to fund the care themselves because they have savings (in the form of a house). The house will have to be sold. If they don't have any savings then social services will pay for the care.
di marco
16-07-2008, 19:55
If your grandparents go into a home they will have to fund the care themselves because they have savings (in the form of a house). The house will have to be sold. If they don't have any savings then social services will pay for the care.
yeh i think thats what i meant lol! thats why theyre all trying to get my uncle to have the house signed over to him so that he still has somewhere to live if that happens
I know that people going into a retirement home have had to sell their properties to pay for the privilege. It is just not fair. What ever happened to the welfare state? Why is the government letting people down when they need help most? :angry:
Because nursing home care is so expensive. Most nursing homes are privately run so they can charge whatever price they like.
The lady who I clean for went into hospital. After two months the doctor discharged her, even though she lives alone, couldn't get up the stairs to the bathroom and couldn't look after herself. She had to pay £600 a week for a private nursing home for a few months. Luckily she has savings so she didn't have to sell her home.
If you die within 7 yrs of a gift being given, its still taxable because its no longer classed as a gift (at least that was the case 4 yrs ago when my grandfather died)
If you die within 7 yrs of a gift being given, its still taxable because its no longer classed as a gift (at least that was the case 4 yrs ago when my grandfather died)
I think it still is.
There's only two guarantees in life: death and taxes.
What I am looking into at the moment is leaving things in trust for my kids.
If I die then everything goes to my hubby (and vice versa - we have wills). This is free of inheritance tax regardless of the amount btw.
When the surviving spouse dies the total estate will be well over the IT threshold and the kids will be liable for the inheritance tax.
If we change our wills and set up at trust so that the first one of us to die leaves their half of everything to the kids 'in trust', the the surviving spouse gets use of the property or what ever, but it is really owned by the kids.
When the surviving spouse dies the whole lot goes to the kids, but only the 2nd half is liable to IT - and if it is under the threshold then there will be no tax to pay.
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