O/T. Will

[caytonmiller]

Thanks all for the replys.
Would knowing the amount make a difference. Or if it's 100k or 800k would/should the decision be the same.?

If we were talking 800k should that change where I should distributed the cash or is the amount irrelevant?

[howdydoo]

Thanks all for the replys.
Would knowing the amount make a difference. Or if it's 100k or 800k would/should the decision be the same.?

If we were talking 800k should that change where I should distributed the cash or is the amount irrelevant?

Yes it matters. Get advice if it’s the higher amount.

Inheritance tax comes into play if you’re wealth is at the upper end of the amounts you mention.

Not to mention factoring in potential healthcare costs as you get older.

If you have liquid cash now, spend it on you, your missus, your kids and your grand kids.

Get the advice.

[CTMilller]

I would split it equally between your two children. There are other factors than grandchildren that may affect their financial needs and a 50/50 divide is the only equitable way of recognising this.

As howdy suggests it might be good to set up small saving schemes now for the grandchildren but do something nice for the one without children, too, to balance this. If you do have assets over the CTT limits now, it might be a good idea anyway to transfer some wealth each year before you die (but take advice.)

I have four children - one is married with two children, two have long term partners and one is single - so I know the problem. Their circumstances will change so I can't tailor what I leave them when I die based on the present situation with marriage and children.

One of the best things you can do is get them on the home ownership ladder and I've now done that with three of mine through loans and gifts. (The other one has gone through medical training to be a doctor and I've helped finance that through loans.) To some extent I've treated them each a little differently with what Ive provided in this way depending on their individual financial circumstances (Two have had short term loans, one a largish gift and one, the doctor, a long term loan) but they each know who has had what and we will work it out so that they all feel fairly treated.

[Brin]

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.

Cayton, some have suggested a straight 50/50 split which is supposedly the fairest way to do this, again only a suggestion, afterall, it's your wealth you wish to dispose of as you see fit.

I two have 2 kids (adults actually) and they both have 50 /50 on our property when we finally pass. As for my 2 Grand Daughters on my Son's side, I have already had drawn up in my will, should I pass first, that they each receive a certain amount of money to be put in trust/ISA's until they attain 21 years of age. Should I still be around when either reach 21 then I will reassess accordingly and give them a lump sum personally for attaining 21 years of age.

Money/family never mix well at times when it comes to splitting it, unless of course you have sensible adults (kids). Good luck in whatever you choose to see fit.

[Brin]

I would split it equally between your two children. There are other factors than grandchildren that may affect their financial needs and a 50/50 divide is the only equitable way of recognising this.

As howdy suggests it might be good to set up small saving schemes now for the grandchildren but do something nice for the one without children, too, to balance this. If you do have assets over the CTT limits now, it might be a good idea anyway to transfer some wealth each year before you die (but take advice.)

I have four children - one is married with two children, two have long term partners and one is single - so I know the problem. Their circumstances will change so I can't tailor what I leave them when I die based on the present situation with marriage and children.

One of the best things you can do is get them on the home ownership ladder and I've now done that with three of mine through loans and gifts. (The other one has gone through medical training to be a doctor and I've helped finance that through loans.) To some extent I've treated them each a little differently with what Ive provided in this way depending on their individual financial circumstances (Two have had short term loans, one a largish gift and one, the doctor, a long term loan) but they each know who has had what and we will work it out so that they all feel fairly treated.

CT, very well balanced sir. Sounds like you have a great understanding family.

[Silly-miller]

Thanks all for the replys.
Would knowing the amount make a difference. Or if it's 100k or 800k would/should the decision be the same.?

If we were talking 800k should that change where I should distributed the cash or is the amount irrelevant?

Il be honest if you have 800k I’d give 380k to no kids daughter 350k to daughter with kids and 50k to share with grandkids in a fund for when they go to uni buy a house or get married and 20k for grand kids to do with how they want (like grandma silly did)

The question is where do you want it to go? It’s your money what do you want it to be used for.

[caytonmiller]

Thanks all for the great advice. It's not 800k btw. I was just putting out a figure.
I keep getting told by my kids it's not our money you spend it as you think, though I love my kids and grandkids with equal amount so think it would be right sharing the money equally.
I would hate for my grandkids to be hurt because I didn't leave them something to remember me by.
Like grandad helped me get a deposit on my first home or grandad helped buy my first car. maybe a trust is the way to go

[Silly-miller]

Thanks all for the great advice. It's not 800k btw. I was just putting out a figure.
I keep getting told by my kids it's not our money you spend it as you think, though I love my kids and grandkids with equal amount so think it would be right sharing the money equally.
I would hate for my grandkids to be hurt because I didn't leave them something to remember me by.
Like grandad helped me get a deposit on my first home or grandad helped buy my first car. maybe a trust is the way to go

If you really want to leave your grandkids something just leave them a small percentage like 48% 46% 6%

When my Nan and grandad died it was split to my dad and my other two uncles it was horrible soon as funeral ended my nan and grandads brothers and sisters looted the entire house yes washer cooker cloths I ended up snatching my nans cooking scales out of my dads auntie Perl’s hands and running off with them I remember my mum yelling don’t you dare touch them as I ran to car. I used to bake with my Nan twice a week since I was 4 until she died they mean more to me than money.

My one piece of advice don’t leave it to trust do what you want it to do

[Brin]

If you really want to leave your grandkids something just leave them a small percentage like 48% 46% 6%

When my Nan and grandad died it was split to my dad and my other two uncles it was horrible soon as funeral ended my nan and grandads brothers and sisters looted the entire house yes washer cooker cloths I ended up snatching my nans cooking scales out of my dads auntie Perl’s hands and running off with them I remember my mum yelling don’t you dare touch them as I ran to car. I used to bake with my Nan twice a week since I was 4 until she died they mean more to me than money.

My one piece of advice don’t leave it to trust do what you want it to do

Bunfight at the OK Corral then Silly?

[Silly-miller]

Bunfight at the OK Corral then Silly?

Too smart for me brin

Btw my dads auntie Perl had a car boot sale and sold my nans stuff (nasty old hag)