O/T. Will

[crashbang]

Dont ask for advice on a disfuntctional web site.

[Ericsladkilnhurst]

To sorting things out, before you die, with the coronavirus pandemic this year, I thought I better get my house in order, a old saying to get things ready.
So I shut myself in my computer room ( little bedroom ), & started getting things sorted, its surprising what you have to do, I know when a person passes away, the registrar gives you a form, when a death is registered, the form you can cancel Government state pension, any other benefits, passport, driving licence when you log onto the site, which I did on the 2 estates I sorted out.
I did 2 pages of what to do, from private pensions, state pension, car insurance, different banks,doctors, my funeral paid documents, log book on car, Water, electric, gas companies, my tax forms, in case any tax rebate to my estate, AA membership, phone company, sky company, what to do regarding making a appointment with the registrar to register my death, Rotherham United ( season ticket ) plus other things. Plus all documents needed.
Doing this helps the family sort things out.

[gm_gm]

I already have one but it's ready for a update.

Question is. I have 2 children And 2 grandchildren
One of my kids has no children one has 2 children

Regarding money. Would it be fair to give 50% of the cash to my child without kids. And split the other 50% between my other child and grandkids.

Or should I just split it 4 ways?

Half of me thinks a fair way would be 4 ways but then I think why should my other child be penalised because she couldn't have kids.

The best advice I can give Cayton is basically ignore everything thats been posted on here.

As always the best thing to do is to seek professional advice on estate planning, if you are either in IHT or close there are ways to avoid this, its currently 40% of everything over £325k so thats a £190k tax bill on an estate of £800k.

Strategic tax planning is essential, a will on its own aint enough. If you want a referral to a estate planner PM me and I can put you in touch.

Also forget junior ISAs at the moment, stick the lot (£20k each) in Stocks and Shares ISA and watch it fly over 10-15 years

[howdydoo]

The best advice I can give Cayton is basically ignore everything thats been posted on here.

As always the best thing to do is to seek professional advice on estate planning, if you are either in IHT or close there are ways to avoid this, its currently 40% of everything over £325k so thats a £190k tax bill on an estate of £800k.

Strategic tax planning is essential, a will on its own aint enough. If you want a referral to a estate planner PM me and I can put you in touch.

Also forget junior ISAs at the moment, stick the lot (£20k each) in Stocks and Shares ISA and watch it fly over 10-15 years

GM, I’m puzzled. What’s wrong with a junior stocks and shares ISA for grand children?

Why should he ignore everything on here, when 4 or 5 contributors have more or less posted exactly what you have?

*scratches head*

[Yak]

It’s always difficult to get it right.
I have 2 kids and it’s a 50/50 split.

I have a few properties and I’ve also split the deeds on them 50/50.

Still the most important thing in all of this is to do what you think is best.

[gm_gm]

GM, I’m puzzled. What’s wrong with a junior stocks and shares ISA for grand children?

Why should he ignore everything on here, when 4 or 5 contributors have more or less posted exactly what you have?

*scratches head*

Apologies howdy, misread the junior ISA thought it was intended for a cash ISA.

Theres lots of ways of legally avoiding IHT (if Cayton is indeed liable) which I wont go into on here, but its thinking creatively for which professional advice is required. Taking DIY advice on financial matters isnt advisable IMO

[caytonmiller]

Thanks again to everyone who have given good advise. It was more the dilemma of a fair way to split it rather than the amounts.
I will need to get professional help in the near future as like yak, i own a few additional homes as well as my own, plus my business and life insurance. Savings, ect so it's quite easy to hit the tax threshold.

[Grist_To_The_Mill]

My thoughts

Other than a will sort out:-

1. A lasting power of attorney just in case you are incapacitated and cant make decisions for yourself
2. Check up how much per tax year you can give away without upsetting the tax man

Easily googleable