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16-02-2016, 03:13 PM
31

Re: Starting to think seriously about my Will etc.

By being Tenants in Common means that the council cannot sell the house underneath you for nursing home fees am i right ?
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16-02-2016, 09:20 PM
32

Re: Starting to think seriously about my Will etc.

I think so Muddy but I believe there has to be a certain time between the making of the will and its reading so as not to be seen cheating the local councils out of their nursing home fees?

I know that if one spouse needs to go into care the house can't be sold to pay for any care fees but any savings above a certain amount can be stripped. If the other spouse subsequently dies or needs to go into care themselves then it's open season. With tenants in common, if both spouses bequeath their share of the property to their children (say), the surviving spouse can remain in the property (with safeguards taken into consideration) until they die or need care themselves in which case only half the property is liable to be used for care home fees.

A bit of blurb here:

http://www.winstonsolicitors.co.uk/p...home-fees.html
Flowerpower
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09-04-2016, 07:52 PM
33

Re: Starting to think seriously about my Will etc.

I keep meaning to do it and putting it off. We have two kids and two houses so plan to leave the houses to them. The one we live in is a large 4 bed and will go to my son and the smaller one which we rent out will go to daughter who has special needs so will be more manageable for her.

We also have a business and several vehicles and obviously I need to make special provision for my daughter. The complexity of this puts me off even starting but we know we must at some point.
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09-04-2016, 08:23 PM
34

Re: Starting to think seriously about my Will etc.

Originally Posted by Flowerpower ->
I keep meaning to do it and putting it off. We have two kids and two houses so plan to leave the houses to them. The one we live in is a large 4 bed and will go to my son and the smaller one which we rent out will go to daughter who has special needs so will be more manageable for her.

We also have a business and several vehicles and obviously I need to make special provision for my daughter. The complexity of this puts me off even starting but we know we must at some point.
Think if you don't make a will all your assets on both of your deaths will be shared equally by your children.
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09-04-2016, 08:44 PM
35

Re: Starting to think seriously about my Will etc.

I've just redrafted my will and signed it this week. A relief to have it done, but I still need to write a few letters and instructions for when I pop my clogs.
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10-04-2016, 12:30 PM
36

Re: Starting to think seriously about my Will etc.

No-one should be thinking about a will. It doesn't matter what age you are you should always have one - you never know when your time is up.

Mine is relatively straight forward being division of my assets between three kids and so I was able to copy it out of a book I borrowed from the library (it even had clauses for when a beneficiary predeceased you).

However years ago it was less so and I had my wills drawn up by my solicitor the cost was reasonable I thought only about $100 from memory. In my experience solicitors can tell you in advance exactly how much it will cost unless it is particularly complex.

Even if you have little to leave you should have a valid will you might be surprised how much you actually do own and who will fight over it. Even if it may appear obvious who the beneficiaries are not having a will will delay the distribution of your assets by some time.
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12-04-2016, 09:54 AM
37

Re: Starting to think seriously about my Will etc.

I spent hours last week working on my supplementary list that will be lodged with my Will. This is a document that has friends/contacts to be told of my death, and account numbers and telephone numbers of utility companies and others that I use.

It's surprising how much you have and do in your life.

I hope to do the Will very soon.
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14-04-2016, 03:32 PM
38

Re: Starting to think seriously about my Will etc.

We actually agreed with the kids that they would have their share before we die. As times were tough on them financially and they both had children and we felt they need help financially to set themselves up. Our remaining years will be spent on us just travelling and enjoying life.

They are nice and secure and support our decision. Monies in trust fund for the grandchildren too.
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14-04-2016, 03:34 PM
39

Re: Starting to think seriously about my Will etc.

Absolutely right Judd
 
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