Gransnet forums

Relationships

Inheritance

(32 Posts)
WOODMOUSE49 Mon 10-Feb-20 13:50:31

Dvidhs Big risk

Give then more than £3000 per year and you're OK.

Give more than that and if you die within 7 years, they will pay inheritance tax on it anyway (if you think your estate is more than the threshold allowance.

WOODMOUSE49 Mon 10-Feb-20 13:47:29

You need a solicitor to advise and sort it out for you as soon as possible. Well worth the money,

It all depends on what is in both your wills. You need to state clearly what your children will get. His will needs to reflect what you have in yours.

I remarried 3 years ago (both were about to be 70). Rewrote our wills when I moved in with DH after selling my house.

Davidhs Mon 10-Feb-20 13:45:12

I think I would give half to the children now and leave the rest until they inherit, keeping it all could mean a big tax bill later

FlexibleFriend Mon 10-Feb-20 13:30:22

Why bother tying your money up in the house, keep it invested and split it between your two children when you die. That way yours get what you have built up and his get what he and his ex built up. Do you really need to dip into your nest egg for yourselves? It's no doubt tempting but is it necessary?

HettyMaud Mon 10-Feb-20 13:20:55

I have a problem along the same lines as you. I was advised to use a financial advisor and I think this is absolutely the best thing for you to do. Although you will have to pay a fee, a good advisor will help you tie up everything, work out percentages (what is fair for each person) and give you peace of mind. It is well worth it.

notanan2 Mon 10-Feb-20 13:14:00

I think you need to see a solicitor. Alone.

1Appleby Mon 10-Feb-20 11:05:22

Good morning everyone I’m new here !
Just wondered if anyone else has had to deal with this.
I’ve lived with my now husband for five years - we married a couple of years ago. We were both widowed. Moved to his house because his was bigger than mine. I’ve settled in well after ‘teething problems’ made more friends and got a very happy new life. We’re both in our 70s. I rented my house for a while but have now sold it. Decided to stay in husband’s house as it is easy to maintain in a nice area and makes no sense moving to somewhere new at the same price.
Here’s the dilemma husband and late wife had a ‘tenancy in common’ whereby she left her half of the house to their one grown up child. I have two grown up children. For peace of mind I want to put a half share into the house. Everyone is willing and my husband, should he die before me, will will his half to me. I know my step child will get a lot more at this stage than my two children - I will give them some now but can’t afford to give any more as we obviously need to keep some income for ourselves. My two children, in the beginning, were very against me doing this and so I have waited. Things have calmed down somewhat and I know for my peace of mind I want to have ownership with my husband but I have a sense of guilt that I’m letting my children down. His house, by the way, is nearly another £75,000 more than mine and we’ve said that when we both die whatever is left will be shared 3 ways between our children. Apologies for such a long post. X