Inheritance Question

Discussion in 'Finance & Pensions' started by seafarer1939, Jan 10, 2012.

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  1. What happens if a couple with separate bank accounts enters a situation where one dies,does the cash go to the next of kin automatically?
    My wife and I have this,she has her money and I have mine,if one goes will the other get it or do we have to make it in to a joint acc. something we don't want as we like to be independent
    She also has quite a good few Premium Bonds do they come to me in cash terms?
    I ask because she nearly died last month due to insides bursting,she's now recovered and asking as I am,the answer without the use of Lawyers if Poss.
    We don't want to draw up wills as we want all to go to the other so it seems an unnecessary expense.
    Need an answer to calm her if you can.thanks
  2. janner

    janner War Hero Book Reviewer

    You are better off making wills so that things go where you want them too, sadly in some families this can lead to some non healing fights over property etc. Have a look at some on line will sites you can fill the forms out yourselves and get them witnessed, make sure you follow the instructions exactly.
  3. Had a similar problem when the mother in law passed on no will. Ended up having to go to a solicitor to get executer power in order to release the insurance policy etc. have the father in law with us at the moment who has just made a will via solicitor cost £140 but all legal. Think you can each make separate wills yourself on pre printed performas. Why not give Age concern a bell or trawl the Internet for impartial advice via Wikki.
  4. This site, I used, is totally free, and worth a gander at. But a will is a MUST to avoid complications later. It's easier to make a will than to go through the rigamarole of your partner going off 'Intestate' | Free on-line will-making service in England and Wales
  5. Make a will and do it properly. When my Grandfather died, a few minor things weren't accounted for (stupid stuff with little monetry value) as a result my mum and her two sisters no longer speak to each other.

    Likewise, my missus and her seven brothers and sisters are still feeling the financial effects of her dad's death 6 years ago, all due to discrepencies in the paperwork.
  6. Make your will mate common sense, but my understanding is that between a man and wife the estate automatically goes to the surviving spouse in normal circumstances.
    My dad was automatically given my moms bank account contents on production of the death certificate and his marriage lines.
  7. If you is black like me, when you have been fit up by the filth, the court appoints a brief for you.:toothy3:
  8. (granny)

    (granny) Book Reviewer

    The making of a will is a must. My wife and I did that, not only to ensure that each of us are covered, but in the event of both of us dying, say in an accident, then our combined assets are distrubuted as WE want them to be, not as some court may decide. Dying intestate only leaves more problems for those we love. So make a will ASAP.
  9. Make a will. You never know who might pop up out of the wood work to try to stake a claim on what you believe should be yours...
  10. Only agreeing what others have said. Make a will out asap. Glad I had ours made out as it makes everything so much easier when
    your other half dies.
  11. Make a will and do it porperly ... dont rely on one of the downloadable ones you can get or even the ones sold by WH Smith ... no good and will only make things worse in the long run. Get a solicitor to draw up what you want properly. There are schemes run by charitities working with solicitors whereby the solicitor does the work for free and you make a donation to the charity ... nominally about £50 a head but that can vary ... ask your solicitor if they have sucha scheme running. We used the local hospice one and saved about £600 ... would have cost us £350 a head for the will and we paid £100 for the two.

    The other thing to look into is a lasting power of attorney ... just in case one or either of you becomes incapable at some point in the future of managing your own affairs ... means the other one can pick everything up ... btu there can also be a provision to protect your house (if you own or have a mortgage) whereby if one or other of you has to go into care for what ever reason ... if the council fund it they can try to force the sale of your house to pay for it ... you can make provisons that they cant get their theiving hands on and can be left for your kids / whoever!

    Just had to go though all this with In Laws!
  12. I concur with most on here, if you own anything of value then make a will.
    I would stress that you should use a real solicitor, not one of the plastic Willrighting services that have sprung up everywhere.
    I tried a will writer and at the end of the day they wanted over £1000 so told them to stuff it. My wife and I then wrote mirror wills using a local solicitor, total cost was £150, the will is stored free of charge and they even did the legal work to change our joint ownership house to Tennents in common (seems it can save a lot of hassle) free of charge.
    Of course the solicitor is using a sprat to catcha mackerel, what he really wants is to carry out the probate when you die. good luck to him I say as this will take a load of pressure of my kids
  13. The advice provided re making a will is spot on

    i have listed below for your perusal the rules relating to intestacy for England, they are different in other parts of the union. it should give you an idea of how not making a will is a gross act of 'f*ckwittdness' in the extreme.

    if you want to talk further then PM me;

    What happens if an individual dies without making a will?
    An individual who dies without a valid Will dies intestate. The estate of an intestate individual is dealt with under the Administration of Estates Act 1925 and the Intestate Estates Act 1952.
    People will die totally intestate if:-
    • No will was made; or
    • The will made is invalid (for example, because it was not executed properly); or
    • A valid will was made but it has been revoked, either deliberately or automatically; or
    • The will did not in-fact dispose of any assets in the estate because the intended beneficiaries had already died
    People will die partially intestate if there is a valid will that governs how some of the assets should be distributed, but not all of them.
    For example:-
    • It simply doesn’t cover the distribution of some of the assets; or
    • It does, but one of the intended beneficiaries has already died.
    The Intestacy rules will apply if someone dies without making a will. People who have not made a will are said to have died 'intestate'. If this happens, the law sets out who should deal with the deceased's affairs and who should inherit their estate.

    Intestacy Rules - England & Wales

    1. Spouse - but no issue, no parent(s), no brother or sister of the whole blood, or issue of brother or sister of the whole blood

    Spouse takes the whole estate absolutely

    2. Spouse and issue

    Spouse takes:-

    (i) All the chattels
    (ii) £250,000 absolutely (known as the statutory legacy) plus 6% interest from date of death to date of payment
    (iii) A life interest in half the residue (i.e. - a right to income) with the remainder to the children

    Issue takes the remainder of the residuary estate and, if more than one in equal shares, subject to 'statutory trust' provisions - Broadly the statutory trusts are relevant where issue is below the age of majority and their terms provide that the issue attains an absolute right to income and capital at age 18.

    Where the issue of the deceased are adults they will take their proportionate legacy immediately.

    3. Spouse, no issue but other relatives

    Spouse takes:-

    (i) All the chattels
    (ii) £450,000 absolutely (the statutory legacy)
    (iii) The balance of half the residue absolutely
    Relatives take the remainder in the following order of priority:-
    (i) Parents (and if more than one in equal shares)
    (ii) Brothers and sisters (or if themselves deceased, their issue) in equal shares per stirpes

    4. Issue but no spouse

    Issue take the entire estate absolutely

    5. No spouse or issue

    If there is no spouse or issue then the whole estate is taken by other specified relatives in the following order of priority:
    • Parents
    • Brothers and sisters of the whole blood
    • Brothers and sisters of the half blood
    • Grandparents
    • Uncles and Aunts of the whole blood
    • Uncles and Aunts of the half blood
    • Crown
    'Per stirpes': This term means that, if that beneficiary has died, then their children 'step into their shoes' taking an equal share and, if the child predeceases the intestate then his/her entitlement passes equally between his/her children and so on.

  14. This is exactly whats happening to me at the moment ... Maiden Aunt died with no spouse or kids. She was one of 2 sisters and the other sister had 7 kids. Both sisters are now dead, so each kid (of the blood relation) gets a 7th ... means that if the kid has died but has a surviving partner then their share skips to the next blood relative down their part of the family. My father being dead (one of the 7 kids) means I get his share and it skips my Mother who is still alive.
  15. That's great advice thanks a lot I'll get on to the will done properly I reckon,nice to see Rumrat joining in but he's not getting any! Although his advice of being black may help me as a Geordie,will that count the same?
    My wife is a worrier,well she married a Matelot,but this will ease her mind once I have explained your advice.
    Appreciate it and if your ever in Berwick on Tweed you won't pay for a drink.Cheers
  16. Seaweed

    Seaweed War Hero Book Reviewer

    My formula is to have spouse and son as executors (either can act on their own) with power in the will (so that the money can come out of the estate) to engage such solicitors or accountants etc as/if they see fit i.e. we do NOT appoint solicitors or a bank as executors as charges are extortionate and cannot be challenged, delays are enormous (useless solicitor took 2 yrs to clear my mother's will) and the beneficiaries have no control at all. For things like arranging title to property you can visit and consult with the Land Registry, fill in forms, pay modest fee and don't need a solicitor at all. Leeches. We think bank or solicitor's bod nicked all sorts of bits from my g'mother's house. I have done two probates unaided and it's a piece of cake if the estate is straightforward. Also if you have a solicitor as executor he will want to clear his yardarm by having every button valued (big fee to valuer) and the valuer will want to keep his yardarm clear by giving rather optimistic valuations so he can't be accused of chiselling the IHT people, plus of course he is charging %.

    Concur absolutely re usefulness of dormant Powers of Attorney, arranged when you can still think straight but then only implemented when (if) needed.
  17. Am in Scotland and its all slightly different here .
    I was given a book by my Funeral Director when my wife passed on its freely available I think the social services supply them .
    Anyway Wife left no will------I as surviving spouse became main beneficiary and executor and as mentioned survivor does get everything.
    However there is a clause that children can claim a certain sum if the total value of movable estate exceeds an amount that is pre set
    ie Spouse gets x plus y any sum above that then "blood "children can claim a fraction .

    Scotland you need a solicitor --I sat a long time before submitting the forms needed and a solicitor was well worth the money to
    clarify some of the legalese terms and phrases --it all then has to be submitted for a court validation which can then be forwarded for tax
    etc etc purposes .

    I have written a will !! Which my solicitor has but I have my Son as executor and he knows my preferences as does my Daughter
    so hopefully there will be no difficulties when I do pass on.
    Power of attorney--well hopefully I can arrange that myself eventually.
    The joys of getting old

  18. Keep your will updated as well, my wife and I made wills about when our second child was born, when my Dad died we had a look at our wills and there were a few things that needed changing as we'd forgotton all about them.
  19. Life is a funny old thing.
    When we are young and need it, money is in short supply.
    Work and save and by the time we retire chances are that we will have more money than we really need.
    We then worry about the best way to dispose of it when we pop our clogs.

    Right sensible and spend like fck

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