Torn over money

Should have read "a heck of a lot"

Will or no will, on that amount of money a neck of a lot of money will line the government coffers.

Charities are exempt from Inheritance Tax.

link

If you listen to this link to an item on the radio last night it could suggest a worthwhile charity to you.

Warning: it is extremely upsetting.

Start listening, if you want to, at about 00 13 20

Another thought, if you have more than £85k in any one bank it will not be safe if the bank goes under. You need to spread it about a bit.

It sounds to me as if you will leave more that £650k which means 40% of everything above that will go to the treasury. If it were me I would spend it on doing up the house and making it comfortable for me as I got older. We did that as soon as we moved here 4 years ago.

If you write a will your wishes will be carried out after your death and before that no one needs to know what is in it. We are about to change ours to reduce the number of people who will benefit, it is very easy to do. You don't need to leave any of it to family, perhaps you have a friend you would like to leave some to? Perhaps there is an organisation you have belonged to which could benefit. If there is no one in particular you feel you want to leave it to how about a local hospice, they do good work. I'm sure you could find plenty of organisations which would do much good with a large amount of money and if the charities get it I don't think the 40% tax is payable.

I agree that you should get some financial advice before doing it though.

If you should leave the money to your brother does he intend to spend it on himself/ family or just keep it because it was your /Aunt's/Dad's money!!!
As has been said there is no need for you to tell anyone you have made a will let alone say what is in it!

Welcome Abbey - I can see you are in a dilemma. Your brother is wrong to describe the money you have inherited as your dads/aunts - it is YOURS and you can do exactly what you want with it. You do not have to consult or inform your brother either!

As regards your estate when you die, it sounds as if it will be a large one and unless you do make proper provision there will be quite a lot of Inheritance Tax going straight to the Government.

If I were you I would seek proper financial advice about the best way to leave things. It may be that a trust is advised with animal charities set as one beneficiary.

Think about it and seek advice - you can then make an informed decision.

You don't have to tell anyone what your will says Abbey, nor does your brother have any right to tell you how to spend your own money.
Practise saying 'It's none of your business' in front of the mirror

Thanks. Thanks also for the welcome.

I can live with potluck. Thats how I came by the money in the first place. My aunt and my father died intestate.

If my husband choses to leave it to his sisters, then so be it. If I die after him and my brother gets it, then thats his luck. But I dont want to write them all in or out. I dont like being pressured either.

If I could pick without being pressured (except to leave it to my husband if I die first) I would leave all of it to an animal charity although I do not know which - probably whoever is willing to look aftermy cat AND NOT PUT HIM DOWN because he is "old". Leaving it to a charity would upset them all frankly and leave me with rows and arguments galore for the next upteen years.

Its just being pushed all the time as if they all feel a right to it somehow. Now I am being unreasonable.

I had thought about spending some on windows/doors for the house and getting it done up but I was told by my brother I was spending my dads/aunts money for myself and I shouldnt. Maybe that gives an idea of the situation. I dont know.

Abbey Have a look at this
https://www.gov.uk/inherits-someone-dies-without-will
It's a sort of online flow-chart.
If your husband died before you, your brother would get all your money.

I can understand your reluctance, in a way, and your irritation at other people wanting to earmark their share of your wealth.

But wills are not the final word. You can alter them at any time - if you decide at some point you'd prefer the Cats' League to the Battersea Dogs' Home after all, you just change your will accordingly.

Oh and welcome to Gransnet