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Old 28 Nov 19, 10:03 AM  
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mickey house
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Intestacy - Get a will

I recently had a thread about making a will, but by coincidence my wife went on a retirement course at work, and discovered that if a married couple (or civil partnership) doesn't have a will then the surviving partner will get the first £250,000 of the value of everything (property and savings), but the remainder will be split 50/50 with your kids.

Like many people I have always believed that if I died without a will my wife automatically gets everything I own, but I was shocked to discover that isn't the case.

I don't suggest all kids would insist on their 50/50 share of anything left over £250k (I'm sure our son wouldn't, but no doubt some would), which could result in the remaining parent having to sell the home to give their kids their share.

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Old 28 Nov 19, 10:05 AM  
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Colette-S
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ive Deleted as you may be right! Wow
We have wills and updated them a year or so ago

Edited at 10:07 AM.
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Old 28 Nov 19, 10:08 AM  
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mickey house
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Originally Posted by Colette-S View Post
Sorry MH but I don’t think that is correct. It all goes to the spouse unless specified otherwise by a will. And of course there is no inheritance tax between spouse
I said exactly the same, but go on the goverment website which confirms this. There isn't any inheritance tax.
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Old 28 Nov 19, 10:10 AM  
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Colette-S
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Originally Posted by mickey house View Post
I said exactly the same, but go on the goverment website which confirms this. There isn't any inheritance tax.
Yes I’ve just looked. There isn’t any inheritance tax between spouse but there will be on the remainder of the estate inherited by others (assuming it exceeds the threshold of course)
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Old 28 Nov 19, 10:10 AM  
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mickey house
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Originally Posted by Colette-S View Post
ive Deleted as you may be right! Wow
We have wills and updated them a year or so ago
Don't worry many people think the same, and when my wife told me, I used some choice words to describe the person who told her that, and then I looked it up
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Old 28 Nov 19, 10:12 AM  
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Colette-S
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Originally Posted by megaflyer View Post
Correct

My Father died this year and my Mother 14 years ago - they had mirror wills which really is recommended, and we used her IHT allowance to offset some tax as Daddy didn’t have to pay any.

It’s very complicated and glad we used a good solicitor who is saving us the grief, stress and £££££ of probate
Yes this is certainly correct - the IHT threshold is effectively rolled over to the second death - I have been advised this and there is a way to structure the wills and estate to deal in an effective way
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Old 28 Nov 19, 10:12 AM  
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mickey house
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Originally Posted by megaflyer View Post
Correct

My Father died this year and my Mother 14 years ago - they had mirror wills which really is recommended, and we used her IHT allowance to offset some tax as Daddy didn’t have to pay any.

It’s very complicated and glad we used a good solicitor who is saving us the grief, stress and £££££ of probate
Me and my wife are also doing mirror wills, although I guess that isn't always possible when there are kids from seperate marriage(s) etc.
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Old 28 Nov 19, 10:15 AM  
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megaflyer
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Originally Posted by Colette-S View Post
Yes this is certainly correct - the IHT threshold is effectively rolled over to the second death - I have been advised this and there is a way to structure the wills and estate to deal in an effective way
Thanks

(I deleted my answer as it quoted your post you deleted and thought you may prefer that ...)
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Old 28 Nov 19, 10:17 AM  
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Originally Posted by mickey house View Post
Me and my wife are also doing mirror wills, although I guess that isn't always possible when there are kids from seperate marriage(s) etc.
Yeah I hadn’t thought of step
Kids element - hence what a good solicitor rather than those free chats can discuss all the available options. Believe me when a loved one dies is makes it so much easier to have a well thought out will in place
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Old 28 Nov 19, 10:21 AM  
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olgaandcoda
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We have all just got our wills done. Mirror wills for us. We also got the tenancy agreement where our money is protected should one of us need to go into a care home.
Power of Attorney for my sil, who owns her own house and has no dependants! And struggles with her finances at times.
It’s something we had been meaning to do for years, and finally got round to it.
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