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Share your experiences of inheritance with Tower Street Finance - £200 voucher to be won

(139 Posts)
LucyBGransnet (GNHQ) Mon 15-Mar-21 09:30:19

This sponsored discussion is now closed. Thank you to everyone who posted below.

No one likes to think about what happens when a loved one passes away. Talking about inheritance - who is going to be left with what in a will or indeed who is going to be left out of a will – can make most people feel uncomfortable. But these are important conversations to have, because navigating your way through the legal process of an inheritance after a loved one has passed away can be stressful and confusing.

With this in mind, Tower Street Finance would like you to share your experiences with inheritance.

Here’s what Tower Street Finance has to say: “Tower Street Finance makes it easier and quicker for people to access their inheritance. Its award-winning Inheritance Advance product is for beneficiaries and the Inheritance Tax Loan, which is paid directly to HMRC to settle the IHT bill, is for executors. Both products offer: no credit checks, no charge over property, no personal liability, no monthly repayments and come with a fixed monthly interest rate.

The loan is repaid from the estate funds once probate has been granted and the estate is ready to distribute. There is a 2% origination fee (capped at £1,500), which can be added to the loan, and a fixed yearly interest rate of 19.6%. Interest roll-up is capped at 30 months.”

Have you spoken to your loved ones about what inheritance you plan to leave to them? If you haven’t, is there a particular reason why? Are you expecting to receive an inheritance? Do you know how long it takes to receive your inheritance? Do you know if you will be liable for an inheritance tax bill? What would you do if you are faced with an inheritance tax bill – this is 40% of the overall estate? Have you ever wanted to dispute who benefited from a will?

Whether it’s about the inheritance you’ve planned to leave loved ones or you’ve received an inheritance from a loved one, we want to hear all about your experiences with inheritance. All who post on this thread will be entered into a prize draw where one lucky GNer will win a £200 voucher for a store of their choice (from a list).

Thanks and good luck!

GNHQ

Insight T&Cs apply

AliBeeee Sat 27-Mar-21 15:32:28

I have a will and POA, updated about 2 years ago. My son, daughter in law and my partner all have copies of these. We have discussed what’s in them and what it means for me and for them.

TanaMa Sat 27-Mar-21 15:26:14

I was supposed to inherit from paternal grandmother but my father refused to toe the line as to what occupation he should follow so, although many years later, she wrote us all out of inheriting any of her vast wealth.
As a widow with one daughter I will not be leaving anything to her as her husband, who neither my late husband nor I like, will spend it on alcohol! We have worked hard for what I now enjoy so there is no way I would want my money wasted in that way. My daughter has benefitted over the years with paid for holidays, cars, etc so, in a way, has already had her inheritance. Charities such as the RNLI will be my beneficiaries.

Patticake123 Sat 27-Mar-21 13:45:15

Two stories to tell, both happened to us, learn from our experiences. Firstly my husband, an only child was left everything in his father’s home made will. Unfortunately for us, he remarried five days before he died and therefore the Will was nul and void and my husband received nothing at all from his father’s estate, not even a shirt button.
Second story was concerning my Mum. One of her sons persuaded the other siblings to let him have his ‘quarter’ of our mother’s estate to enlarge his house and then have mum live with him until her death. I doubted the wisdom of this idea but was overruled. House extension later, Mum went into residential care and the remaining three quarters of her wealth was spent on her care. Not quite to do with inheritance and it was my mum’s money, not ours, but I am positive she would not have appreciated one of her children benefitting and the rest of us not getting anything at all.

SueEH Sat 27-Mar-21 13:32:45

My parents are in their 90s, live at home and I have power of attorney (not yet activated). I will inherit quite a large sum of money and a house worth approx £400,000 (half of the house from whichever parent I lose first). I don’t know what’s in their wills as they are unwilling to share that information but they have indicated that I am the main beneficiary. My brother who shared POA was removed a few years ago from that and the will because he treated our parents very badly. They are terrified of going into care and having their savings eaten up by fees but I don’t know if there’s anything they can do to avoid that (if they do need to go into care) apart from insurance which, at this late stage, would maybe be prohibitively expensive. So we keep on keeping on....

NannanTo4 Sat 27-Mar-21 13:31:13

I inherited shares from my grandmother 30 years ago.

When my mother died she left instructions and her sister and nephews were left small amounts the rest went to her new husband.
Father used to update his will regularly. All to be shared between myself and brother.
After confronting him 20 years ago re him sexually / physically abusing me I no longer had to see him. I did this to protect my nieces. Brother then became ‘close’ with him although previously had avoided contact with him.
Father died about 3-4 years ago (was not important to me) 6 weeks later my (3) girls received FB messages from brother telling them they had been left £2500 in father’s will.
I recently saw copy of said will written 6 years ago and all 5 grandchildren received £2,500 and brother the rest. I have never seen a probate record.
The will was literally one sheet of paper signed by witnesses but no names or addresses.
I really am 50/50 torn between not caring/wanting anything and why the hell should I suffer again.

I own our house. DH is adamant my girls inherit but I have percentaged it so when the time comes to share estate his 2 children will receive 5% each. Husband to continue to live here unless he remarries. He is 12 years younger than me.
His will compliments mine.

Treetops05 Sat 27-Mar-21 13:28:08

My Mum died intestate in 2019, and my brother who was originally in the register, but removed himself claims he should get the entire estate; and we 3 sisters should get nothing. He took out business loans against the property twice which Mum ended up paying off. He has prevented us selling the property, keeps saying he will take us to court but doesn't and just seems to want to delay the impossible. Mum drafted a will (under his control) 26 years ago, but never signed it. Causing major emotional stress for us.

I nursed Mum through various cancers, lived with her on and off over 7 years, but because of him and his lies she seems to have been forgotten...and the entire family has split. All so sad, over a relatively small I heritance

jocork Sat 27-Mar-21 13:14:55

I received an inheritance from my mum when she died. It enabled me to keep my house and pay off enough of my mortgage to make it affordable as I was going through divorce at the time.
I have talked informally with my adult children about my plans, first to downsize, then to help them with deposits to buy their own homes. Both are currently renting so hopefully that will help them onto the housing ladder and reduce the likelihood of a big IHT bill as long as I live long enough for the gifts not to count. It should also enable me to enjoy a few nice holidays now I'm retired if we are ever able to travel again. Sigh!

pinkjj27 Sat 27-Mar-21 12:31:54

When my husband was dying I sorted out my will. I have talked to my kids about everything even though they kept telling me to shut up they didnt want to talk about it. I have even spoken to them about organ donation. I really dont think inheritance tax wll be an issue I have looked into everything lossing your husband makes you get everyything in order.

Roxy1195 Sat 27-Mar-21 12:21:28

I do worry about my best friend - single with an estate likely to be worth £1m. She is 74 . I know she has a Will and believe my son (her godson) is a beneficiary along with her other godson,
As her threshold before IHT will be £325,000 I worry she will let 40% of the balance go to taxman. But I don’t feel I can raise with her obviously - the gifting idea or whatever she should do (7 years before dies). Ah well shame but maybe in time
she will get some advice - she is a young 74 add hates to think getting old. Money always a sensitive issue

Maf1 Sat 27-Mar-21 12:04:32

After years of being estranged from my large family my father died but I wasn't told until the day of the funeral(which I discreetly attended) two years later my mother died and she had made a will but had to change it following my brothers death who was POA.Even though she had kept me out of the will she hadn't signed it so it was deemed intestate, therefore by law I was entitled to a share,after hours of pondering wether to sign and accept I was told I had no choice but to sign so that it could be ended and my siblings could get their share.
I finally did and gave the money to my children who had also been left out of the will

jaybee66 Sat 27-Mar-21 12:01:09

When my mum passed away she lived in a rented bungalow and had £2500 in the bank. I live 200 miles away and consequently my sister had looked after her for her final few months. I only felt it right for her to inherit all that she had.

pen50 Sat 27-Mar-21 11:33:35

I am a chartered accountant who is qualified (through extra training and an exam) to offer probate services. Was inspired after doing my father's estate and discovering just how much the rip off lawyers charged him to do my mother's sad - £2,500+VAT for an estate of £85,000 . Dad was brilliant about record keeping so the admin, though a bit complex, was relatively easy to deal with.

Notes: my mother died 23 years before my father but I was still able to use the same fraction of her tax free allowance as had been unused on her death against dad's estate;

Similarly her deemed allowance for the family home (dad was living in his own home when he died).

So that meant I actually had £325k + £300k + £150k + £150k to offset Dad's's estate: no tax was payable.

Some estate agents will let you put a house on the market before probate is granted. Ours wouldn't!

stamperamper Sat 27-Mar-21 11:23:25

I am single and don't have much but have made a will to leave everything to my only son.
I did, a few years ago, inherit a relatively small amount of money from my "aunt"/godmother. That cash injection was so very welcome.

Kate1949 Sat 27-Mar-21 11:19:59

We haven't spoken to our daughter about this subject. She doesn't really want to talk about it. We've made wills and everything will go to her. We've put a letter with our wills detailing our bank accounts, pensions etc. We have also asked that a nominal amount be given to a couple of members of our family. I know she will adhere to our wishes.
Neither myself nor my husband have ever received an inheritance. Our parents died leaving nothing.

Dearknees1 Sat 27-Mar-21 11:18:34

I'm so pleased times have changed. My maternal grandma received nothing when her father died in 1949. The largest share went to her older brother with smaller amounts to her younger brother, step brother and stepmother. She had to wait until 1968 to inherit the small amount left by her stepmother. Her husband had a low paid job so she had a very different life from her brothers, Hopefully that kind of genderinequality has largely died out. We have had wills since our son was a child and needed named guardians-financial provision in case the worst happened. Now he will inherit as he's our only child. We intend to include our two granddaughters to receive separate legacies and this reminds me we should get on with it. I also intend to specify people to whom individual pieces of jewellery and other items should go.

Loobs Sat 27-Mar-21 11:17:46

Wills made by both my husband and myself. My 2 daughters get 50/50 but if I go first my husband can stay in the house until he dies. I will inherit (along with my 2 sisters) when my father dies - at nearly 97 he is hale and hearty and living in his own home - long may that continue.

4allweknow Sat 27-Mar-21 11:16:08

What's an inheritance? Parents died long before the sell off of council housing that has created a lot of inheritance in the past 30 or so years. No I don't know about inheritance, my family do but will not be in the bracket to pay any tax etc.

Dee1012 Sat 27-Mar-21 11:12:42

My father and step mother had mirror wills, the bulk of the estate coming to me with other smaller bequests to members of my step mothers family (she had no children just 2 nieces).
My father sadly died first and my step mother changed her will. Her sister suggested that there was some pressure on her to do this but didn't elaborate.
On her death, a great deal went to her nieces...neither of them had been in much contact etc.
I did find it difficult as the estate was largely via my father but didn't challenge anything, it was pointless.
I've since heard of similar instances.

poshpaws Sat 27-Mar-21 11:09:22

I inherited a large sum of money from my late mother, who - apart from a few small bequests to close friends - left her estate split equally between myself, my brother and my son. My brother could have contested the will I believe, so that my son would not inherit, but like me he believes that it's everyone's right to leave their estate as they see fit. For myself, now that my beloved husband has died from Covid, I'm leaving everything to my son apart from some small jewellery bequests to friends.

Nan0 Sat 27-Mar-21 10:57:59

When my grandfather died there was enough money left for a small bequest to grandchildren..with my share I bought a Mountfield lawnmower that lasted a good 20 years of heavy duty use and a very good bicycle that I still have 40 years later and has given me hours and hours of joy pleasure and strenous sweaty exercise pushing it up hills I couldn't get up with laden panniers on long distance rides ..a great aunt died and left my sister and I enough money that we used to go on an epic trip to Mongolia a few years ago and to repair a falling down brick stable which has become a covid isolation out house and multi use office/ archive/ library with disabled loo shower and mini kitchen..I am eternally thankful for these and hope to be as useful and joy giving to my heirs if the tax man allows

Lucy127 Sat 27-Mar-21 10:45:54

I am leaving my whole estate to my son. He lives with me together with his family. However, there will be IHT bill and he will be forced to sell this meet this bill. We tried and tried to reduce this bill but without any luck.
My son owes me approx £30k which is being formalised and paid monthly. Would this debt by any chance be treated as an asset to be added to the estate? Or deducted and thereby reduce the IHT bill? I’ve spoken to solicitor and financial advisor, who have only confused me by giving conflicting advice.
Anyone out there have some advice/ experience to draw from?

Tanjamaltija Sat 27-Mar-21 10:45:19

I k new I would inherit, but I didn't know how much or what. I never expect anything from anyone, so it was quite a surprise. We have made our will, but we haven't told the beneficiaries who will inherit what. When it happens, it will be here - just as it was for us.

marpau Thu 25-Mar-21 22:54:11

Have you spoken to loved ones?
Yes
Are you expecting to receive an inheritance?
A modest one
Do you know how long it will take?
Yes due to the modest amount it should be instantly
Will I be liable to tax?
No it is well below the band limit
What would I do if I had to pay inheritance tax?
Pay from savings
Have I wanted to dispute a will?
Yes currently but don't know how

maisietoo Thu 25-Mar-21 16:50:38

Have you spoken to your loved ones about what inheritance you plan to leave to them?
No. They are too young.
Are you expecting to receive an inheritance?
Perhaps, if the state don't sell the house for care.
Do you know how long it takes to receive your inheritance?
No.
Do you know if you will be liable for an inheritance tax bill?
No.
What would you do if you are faced with an inheritance tax bill – this is 40% of the overall estate?
I'd sell the estate to pay the inheritance tax.
Have you ever wanted to dispute who benefited from a will?
No

CHARLEY1 Thu 25-Mar-21 12:23:49

I handled my mother's estate when she passed away. She had a small house which thankfully sold quite quickly, some money and a few insurance policies some of which were very old. Luckily she had kept all her paperwork together and I found it fairly easy. She had made a will dividing everything between my sister and I with one small bequest to a cousin. Thankfully there was no dissent and everything within the family was amicable. My husband and I have made wills and revise them every so often if anything in our lives changes. The bulk of our estate is to be left to one grand daughter - although there are other grand children and children who will probably be very put out by this we never see them and even over this last horrible year they have never enquired how we are or if we are coping so we really don't see why they should benefit after our deaths.