Page 1 of Anyone had `the chat` with their parents yet re: wills and probate

just had one with them and a solicitor - never felt so awkward in my life.

The worst thing is this is just the tip of the iceberg - and some very hard questions/thoughts will be coming up in the near future.

How was it for you lot?

I haven`t had it as no massive estate, so no inheritance tax planning or anything required. :D


Have had to have the conversation with client`s though (as an accountant) as always got say with regards to gifts and the like, if you die in the next 7years though it will become part of the estate.

Sometimes it`s literally a case of, I know you feel okay and think you`re going to live for years, but IF you do die in the next 7years there will be 40% tax on that.

www.last.fm/user/1mills

Been on at my mother for ages, to get her house signed over to us.
So that it can`t be used to pay for a carehome, should she ever need it.
She`s reluctant though, for some reason.
I think she thinks my brother or I will throw her out. :D

We have a plan, but haven`t got the wills written up yet.  Seems like it`s asking for bad luck.

J Mark Oates

all i can say is after recent experiences get it sorted as soon as possible!

My mother `gave` most of her house over to Norwich Union, I think it was, a few years ago. It freed up lots of cash for her to have some amazing holidays/buy a new car etc.

Not the most financial savvy move BUT it suited her so I went long with it. Not much left so she won`t be hit by nursing home costs if the day should come. Everything else is in order I`m told.........I`ve no doubt some stinking tax man will have their cut but she has had a better time in her `older years` which is all that matters :)

Juls

We didn`t have the chance with the FIL/MIL and are now Power of Attorney for MIL

But had chat with my olds a couple of years ago and with my brother, but now after my brother died had to have the chat again...yes, it`s very awkward as now its all coming to me :S
I tried to brush over it as quickly as possible.


I find it kind of funny, I find it kind of sad
The dreams in which i`m dying are the best i`ve ever had.

There`s nothing much to leave in our family, mainly a few antiques, so ou chat was who would have the kids, cats etc, and we`d split all the junk up equally...looks like I`m left with like five sets of ashes and a seriously freaky china cat that I`m scared to be in the house with as no-one else wants either, but we can`t chuck the ashes away, no-one can agree on where to bury anyone and I reckon the cat will get whoever throws it away...it was my nans and that really sums her up lol

Still very awkward even without having to go through all the hasssle of taxes and everything...must be pretty bad if you`re going through all that too.

What Bowfer said can happen.. our lovely old neighbour signed her house over to her daughter, only to be thrown out of the house.. and it was all legal !! The female dog now living there has made her own mother work 3 jobs and live half way up a mountain in a rented flat now. She got the house which includes a pool and... a granny flat.. ironic that !!

Been on at my mother for ages, to get her house signed over to us.
So that it can`t be used to pay for a carehome, should she ever need it.
She`s reluctant though, for some reason.
I think she thinks my brother or I will throw her out.

This is a very important issue if your aging mother or father has a bought house and it could be used for care home costs.

My wife had to deal with this as her father was in a care home for 6 years and cost her mother via the husbands pension £35,000 over 6 years till he died. Yes, £35,000. Her mother had to live on a very reduced pension during this time, and we had to help her cope.

My wifes mother retained the family house ONLY because her husband had a good pension, but now with a widows pension was so fearfull that the house would end up being used if she was taken into care that she gave the house to my wifes younger brother. (as agreed by all her relatives, as he did not have a house, and promised his mother she could always live there with him, and we hold him to it).

Now hears the hellish rub, ... up until a few years ago you could transfer a house for free if there was no money transaction between former owner and new owner, the only costs were the solicitors fees.

Now.. under the last labour goverment they changed the rules and you have to pay stamp duty on the cost of the valuation of the house, even though there is NO money transfered.

This also includes the case where parents downsize, ie, swapping a larger house (parents) to a smaller one (son or daughter) at no cost.... stamp duty is still taken into account.

This means that my wifes younger brother had to pay thousands in stamp duty tax as he could not take the seven year risk option that his mother might die during that period.

Yes, the goverment can tax you on no money transfer, what a country we live in :/

PS... I believe the taking of a bought house for care home costs is only valid in England and Wales now, as it cannot be taken in Scotland for care home costs (maybe a Scot will confirm).

This item was edited on Friday, 19th November 2010, 21:09