Your Will?

[mickd1961]

Have you made one?

Have you discussed it’s contents with your family?

[baggieal]

Have you made one?

Have you discussed it’s contents with your family?

Not made one but with the way I’m feeling after next year - if I make 60 it will be a bonus! Do announce my passing Mick!!!

Burnt as don’t want to be eaten!

[soulman101]

Hi Mick, we have made one and told everyone what share they are getting.
Mom, left her estate to me and my twin brother.
We shared the cash , a lot of mom and Dads money went on care homes £72k in total.
After Mom died, I just signed over my share of the family home, which my brother lived in to him. I didn't want him to sell or give me half.
Mom wanted to give us money when she was alive, but we didn't want or need it. Looking back we should kept a lot in our names. Like the other care home residents did, who had free care home fees. We was to honest.
I didn't want him to sell or give me half.
Last week had phone call from another mate who has been told he has stage 4 cancer with no treatment available.
His family are already, arguing over who's getting what.
We are thinking of, giving some of ours away before anything happens so we can help the young ones out.

[baggieal]

Have you made one?

Have you discussed it’s contents with your family?

Been told a family member has left a house empty in Birmingham and died five years ago so we can claim for it as appears no other relatives or family! Did not know the chap so as far as I’m concerned the money can go to the local dogs home! Why would I want it? Not a greedy t wat like some! When my mum passed - I told neighbours to help themselves with her furniture and the money left gave to my kids! Why would I want something paid for my mum who had passed? No thanks - funny like that!

Give so much away to charity! Had piles of chocolates and hampers for Christmas and taking it all to food banks this weekend!

[phild]

Most of my family can eff off - my fortune will go to a far better worthy cause

[DaveP67 is back!]

From experience if you have kids or anyone you want to inherit you absolutely must have a will, if the estate is worth over £325k you should also talk to a financial expert to advise on how you pass this on without them being stung for inheritance tax.
Note also you can gift as much as you like to your children and this is inheritance tax free if you live for 7 years, this is a pro rata sliding scale so if you only live 5 years after gifting they pay a percentage of the tax. Also consider putting any property in their names, as long as you trust them not to sell it from underneath you...

[mickd1961]

Hi Mick, we have made one and told everyone what share they are getting.
Mom, left her estate to me and my twin brother.
We shared the cash , a lot of mom and Dads money went on care homes £72k in total.
After Mom died, I just signed over my share of the family home, which my brother lived in to him. I didn't want him to sell or give me half.
Mom wanted to give us money when she was alive, but we didn't want or need it. Looking back we should kept a lot in our names. Like the other care home residents did, who had free care home fees. We was to honest.
I didn't want him to sell or give me half.
Last week had phone call from another mate who has been told he has stage 4 cancer with no treatment available.
His family are already, arguing over who's getting what.
We are thinking of, giving some of ours away before anything happens so we can help the young ones out.

You’ve brought up some very interesting points Lloyd.

My parents were never rich but were comfortable by the time dad died in 2003 at nearly 68, he’d worked for a finance company and was very astute with money.

He helped me when I started my business, I’d saved over £14k by 1997 and he could see I had a serious plan and plenty of drive so he gave me £10k and then another £10k a year later.

He reasoned that it was more use to me at 36 than it would be later in life and he was right, I’m 60 in October and mum is 82 and showing no signs of departing.

Mum’s house is worth around £250k and she has dad’s pension and decent savings so if she doesn’t go into care there’s a reasonable estate.

I can’t bare the thought of selling her house so I intend to buy out my f u c k wit brother, it’ll make it easier for him as he can invest the money in booze and drugs!

It was our childhood home so if my one daughter doesn’t want to move there then I’ll rent it out and possibly move back there if I do live to very old age.

You talk about handing out some money now and I completely agree with you on this.

You can give around £3k per year per family member with no tax to be paid by them.

If you save like my in laws did you’ll end up paying for your care home ( if needed ) just like your parents did and just like my in-laws did........so far around £100k has gone down the toilet.

Apparently my father in law is the only resident paying his own fees, everyone who spent everything whilst healthy is being paid for by the state, he’s having to move to a more “one on one” type of care and his weekly bill is going up from around £600 to around £1000.

Worked his nuts off and saved all his life and his estate that was probably worth £750k is going to be seriously reduced.

If only him and mum in law had taken the advice to “dispose” of a lot of their wealth in their late 70’s and early 80’s we wouldn’t be in this position, he’s now 91 with the mental age of a 2-3 year old and paying £1000 a week for the privilege from next month.

The wife and I made a second will about 15 years ago but intend to do another one this year.

We’ve also given away a lot of our money to our children, our two daughters had a third of their house values in deposits from us as well as their weddings completely paid for by us and other large lumps of money since they got married.

Having grandchildren has made us rethink the next Will though and we intend to leave a rental property from our portfolio to each of the grandchildren that goes in trust and they then own at 30+.

We’ve actually given so much away to the kids that we still have some hard yards to do personally until all of our mortgages are clear.

I hope I’m not stupid enough to cling onto everything that’s in my estate until I’m some doddering old fool and then die leaving all the hassle of dividing it up between siblings who sadly, do not get on well with each other.

I think a lot will depend on who goes first out of me and the wife and at what stage that is in terms of age.

If she were to go first and go early ( God forbid ) then I think I’d pretty much sell everything to fund a property in Mawgan Porth, Cornwall right down by the waters edge and I’d live a reclusive life.

I think if you can afford to help your children and younger relatives it’s a good thing to do.

My nephew’s mum is not well off so when he got married we gave him a big chunk towards his house deposit in Mexico where he now lives but we asked him not to divulge the amount as we didn’t want to make my wife’s sister, his mother, feel bad.

My brother is a feckless waster and so we bought his son his first car and his one daughter had the cash value, his eldest daughter we gave a big chunk to pay for her wedding.

We’ve tried to be fair and to spread our good fortune around.

All I would say as a cautionary note is that some deserve it more than others and to try and target those who you feel will be most appreciative.

In our own case it’s just a shame that my brothers son has not paid us a single visit in the three years since we bought his car and he only lives three miles away.

Food for thought for the future and when he gets married he’ll get a token gift rather than what he would’ve received.

It’s your money, make good decisions with it and don’t just “balance up” people for the sake of family unity.

A good policy is to give quietly and ask them to respect the gift and not to go around shouting about it to everyone else in the family.

[Yarmbaggie]

Have you made one?

Have you discussed it’s contents with your family?

Made my first one over 40 years ago when my eldest was born and have made several changes over the years as situations have changed.

Always discussed contents with family and would suggest everyone else does as well.

As a separate note, also have copies of both my daughters wills for safe keeping. My daughter who lives in the UK knows where to access both mine and my wife’s will and has seen both. The daughter who lives in Oz has a copy of both.

You can chose your friends but not your family. Look after them and be honest and open with them, through good and bad.

[Titchfieldbaggie]

Have you made one?

Have you discussed it’s contents with your family?

Yes, and Yes, Mick.

We've also decided to give both our kids Lasting Power of Attorney, next year, over both Financial and Healthcare issues. You have to do this while you still have your marbles, and make your wishes known.

When I retired a few years ago, I used the Tax Free element of my pension to provide a house deposit for them, as it would be more use to them now, than when we both peg it.

I've always viewed any money (and assets) I have to be Family Money, and I am just the current custodian

[9goals2hattricks3pen]

Mom gave Power of Attorney to my brother and I when in her 80's. We took responsibility for all her finances and to a large extent stopped her worrying about money something she had done all her life. She lived until 101. If you can trust someone do it now before it's too late. Life can get complicated if you don't.

Made our Will 25 years ago and split it between the 3 kids and have never had cause to change it. My eldest is seriously considering setting up his own business and wants some help with setting up costs on the understanding if he can't pay it back it will come off his inheritance. His brother and sister know all about it and are supportive.

We gift a sum to each of them annually on condition they use it to overpay on their mortgages whilst maintaining their existing payments . They take pleasure in showing us their statements with how many years and £ notes it saves and how they will be mortgage free in their 40's. Wife and I feel we are a great help and our hard earned is being well used and not wasted. Beats any savings account I can find!

Edit: Just seen the today's team and aged a few years.

COYB