strichener Posted March 19 Share Posted March 19 13 minutes ago, Archie McSquackle said: I'm surprised at that. I thought you could write your will any way you wanted. You can. However, it relies on the inheriting parties to abide by it. If they don't then there are very specific rules around legal rights. 1 Quote Link to comment Share on other sites More sharing options...
Florentine_Pogen Posted March 19 Share Posted March 19 4 hours ago, Leith Green said: I heard a story recently. Someones mum died a few months back, she had 3 children, left 45% to two of her children and left the third 10% (she had been having "issues" with him on and off for years). After her death she has just left a massive grenade for her 3 kids to deal with. There is now massive infighting and recriminations. Horrible Gail Zappa ? https://www.kcopplelaw.com/frank-zappa-and-estate-trustees/ 0 Quote Link to comment Share on other sites More sharing options...
Leith Green Posted March 19 Share Posted March 19 1 minute ago, Florentine_Pogen said: Gail Zappa ? https://www.kcopplelaw.com/frank-zappa-and-estate-trustees/ She no Scottish unless I'm mistaken...... 1 Quote Link to comment Share on other sites More sharing options...
Leith Green Posted March 19 Share Posted March 19 8 hours ago, ICTChris said: Saw this article earlier - millennials stand to inherit more than £2 trillion worth of property in the coming years as their parents die and leave their offspring the spoils. https://apple.news/AV6TvJxKeSWuLAeHABegPRg This giant generational transfer isn’t without hitches though - more and more wills are being contested legally and the increase of “blended families” with stepchildren due to divorced parents remarrying can complicate matters. Do any P&Bers stand to inherit generational wealth? Have the P&B boomers written up wills or will they leave their descendants to fight it out like rats in sack? This will probably be a bit of a moot point for a lot of people in a few years anyway as (even Scots) live longer. The other edge of the longevity sword means that lots of those assets probably won't be inherited as they will go to the rapacious b*****ds who run care homes. 2 Quote Link to comment Share on other sites More sharing options...
tamthebam Posted March 19 Share Posted March 19 Blackadder coughs making a noise like "inheritance" I stand to inherit a house in Edinburgh which if it doesn't fall down first is worth a bob or two 0 Quote Link to comment Share on other sites More sharing options...
Thistle_do_nicely Posted March 19 Share Posted March 19 (edited) 44 minutes ago, strichener said: You can. However, it relies on the inheriting parties to abide by it. If they don't then there are very specific rules around legal rights. Yeah, had to look this up a while back. Wills are still very important but theres kind of minimums set out as legal rights. https://advisingfamilies.org/uk/information-portal/family-matters/legal-rights-scotland/ Edited March 19 by Thistle_do_nicely 0 Quote Link to comment Share on other sites More sharing options...
TxRover Posted March 20 Share Posted March 20 7 hours ago, Leith Green said: I heard a story recently. Someones mum died a few months back, she had 3 children, left 45% to two of her children and left the third 10% (she had been having "issues" with him on and off for years). After her death she has just left a massive grenade for her 3 kids to deal with. There is now massive infighting and recriminations. Horrible A gent I used to work with had an attorney prepare his will with a similar problem. He was twice divorced and had five kids who could claim a portion of his monies/property. Two kids had spent the previous few years visiting often for holidays and bringing the spouses and grandkids, two were remote and seldom visited, and one was an absolute wastrel, married to another wastrel, and had a whole brood that he never saw. He wanted to split it 35%/35%/15%/15%/0%, but the attorney explained what would happen, and instead they designed the following: Nothing in the estate had real sentimental value, even the properties, it was items that were convertible to cash and actual cash. That was to be lumped up and divided 34%/34%/14%/14%/4%, along with an explanation of why. Prior to his death, he planned to give away the few sentimental items to the kids that wanted them The will contained a contest provision that stated that any party protesting the will would automatically forfeit their portion of the estate, which would be redistributed to the other four equally. That was how he managed to keep the kids in line, especially Mr. 4%. Turned out he was dying of cancer at the time he designed this, and no one knew...so two years later we got to see how the will would hold up. Mr. 4% found a lawyer who assured him he was owed more, and lost it all plus got a lawyers bill he was still in collections over last I heard. A good estate lawyer can usually find a way to make almost anything legal. We then found out about five years after he died he had designed a nice little account outside the estate to pay each grandchild, apparently even the estranged ones, a tidy little sum when they turned 25. Not a terribly large amount, but enough to be welcome. 3 Quote Link to comment Share on other sites More sharing options...
jimbaxters Posted March 20 Share Posted March 20 3 hours ago, TxRover said: A gent I used to work with had an attorney prepare his will with a similar problem. He was twice divorced and had five kids who could claim a portion of his monies/property. Two kids had spent the previous few years visiting often for holidays and bringing the spouses and grandkids, two were remote and seldom visited, and one was an absolute wastrel, married to another wastrel, and had a whole brood that he never saw. He wanted to split it 35%/35%/15%/15%/0%, but the attorney explained what would happen, and instead they designed the following: Nothing in the estate had real sentimental value, even the properties, it was items that were convertible to cash and actual cash. That was to be lumped up and divided 34%/34%/14%/14%/4%, along with an explanation of why. Prior to his death, he planned to give away the few sentimental items to the kids that wanted them The will contained a contest provision that stated that any party protesting the will would automatically forfeit their portion of the estate, which would be redistributed to the other four equally. That was how he managed to keep the kids in line, especially Mr. 4%. Turned out he was dying of cancer at the time he designed this, and no one knew...so two years later we got to see how the will would hold up. Mr. 4% found a lawyer who assured him he was owed more, and lost it all plus got a lawyers bill he was still in collections over last I heard. A good estate lawyer can usually find a way to make almost anything legal. We then found out about five years after he died he had designed a nice little account outside the estate to pay each grandchild, apparently even the estranged ones, a tidy little sum when they turned 25. Not a terribly large amount, but enough to be welcome. Stopped reading at "attorney". 8 Quote Link to comment Share on other sites More sharing options...
MONKMAN Posted March 20 Share Posted March 20 8 hours ago, Leith Green said: The other edge of the longevity sword means that lots of those assets probably won't be inherited as they will go to the rapacious b*****ds who run care homes. Which is why there is a large increase in asset transfer at a younger age, in order to be exempt under the 7 year rule. 0 Quote Link to comment Share on other sites More sharing options...
101 Posted March 20 Share Posted March 20 I got £100 from my gran. No idea what happened to it. Add me into the 100% inheritance tax club, maybe with a few exceptions for orphans under 25 and those with assets under £20k. Of course if you don't have a will and don't have family to make a claim, in bits of the country you're estate is taken in by our dear leaders Chuck, Wills and Andy. 0 Quote Link to comment Share on other sites More sharing options...
welshbairn Posted March 20 Share Posted March 20 Not sure if I approve of people spending years looking after elderly parents being thrown out on the street after the funeral by HMRC bailiffs. 9 Quote Link to comment Share on other sites More sharing options...
ICTChris Posted March 20 Author Share Posted March 20 19 minutes ago, welshbairn said: Not sure if I approve of people spending years looking after elderly parents being thrown out on the street after the funeral by HMRC bailiffs. We have a friend who moved back with her parents about ten years ago to care for them - her dad was in end stages of cancer and he died shortly after, her mum is very frail and needs someone there to help her. She has several siblings, who have spread out over the world and have families of their own so don't see much of them. After a few years, her mum wanted to change the will to give her daughter the house outright when she died - it's her home, she lives there has done for years etc. One of her siblings objected, said that they need the money for long term planning. I don't know legally where they stand but it's just appalling behaviour IMO. There is a lot more they'll inherit rather than just the house but they want to squeeze every last few quid out of it, no matter the impact on their sister who has looked after their parents for years. The house is not some country pile, it's a completely normal family home. 1 Quote Link to comment Share on other sites More sharing options...
Molotov Posted March 20 Share Posted March 20 What was the inheritance tax paid out on the Queen’s estate when she died? Was there any inheritance tax paid when Rangers died? Hmmm 0 Quote Link to comment Share on other sites More sharing options...
hk blues Posted March 20 Share Posted March 20 5 minutes ago, ICTChris said: We have a friend who moved back with her parents about ten years ago to care for them - her dad was in end stages of cancer and he died shortly after, her mum is very frail and needs someone there to help her. She has several siblings, who have spread out over the world and have families of their own so don't see much of them. After a few years, her mum wanted to change the will to give her daughter the house outright when she died - it's her home, she lives there has done for years etc. One of her siblings objected, said that they need the money for long term planning. I don't know legally where they stand but it's just appalling behaviour IMO. There is a lot more they'll inherit rather than just the house but they want to squeeze every last few quid out of it, no matter the impact on their sister who has looked after their parents for years. The house is not some country pile, it's a completely normal family home. It's a difficult one - I'm a great believer that when it comes to parent's assets they should be split equally except in exceptional circumstances. Doing otherwise can just drive a wedge amongst siblings even though it's done with the best of intentions. 0 Quote Link to comment Share on other sites More sharing options...
Ross. Posted March 20 Share Posted March 20 13 minutes ago, ICTChris said: We have a friend who moved back with her parents about ten years ago to care for them - her dad was in end stages of cancer and he died shortly after, her mum is very frail and needs someone there to help her. She has several siblings, who have spread out over the world and have families of their own so don't see much of them. After a few years, her mum wanted to change the will to give her daughter the house outright when she died - it's her home, she lives there has done for years etc. One of her siblings objected, said that they need the money for long term planning. I don't know legally where they stand but it's just appalling behaviour IMO. There is a lot more they'll inherit rather than just the house but they want to squeeze every last few quid out of it, no matter the impact on their sister who has looked after their parents for years. The house is not some country pile, it's a completely normal family home. 3 minutes ago, hk blues said: It's a difficult one - I'm a great believer that when it comes to parent's assets they should be split equally except in exceptional circumstances. Doing otherwise can just drive a wedge amongst siblings even though it's done with the best of intentions. I don’t think it’s too difficult. The sister looking after the mum should just tell the sibling acting the c**t that for reasons of long term financial planning she will need to start charging for time worked as a carer, and send the c**t a bill for their share of everything that has been done so far. 12 Quote Link to comment Share on other sites More sharing options...
hk blues Posted March 20 Share Posted March 20 3 minutes ago, Ross. said: I don’t think it’s too difficult. The sister looking after the mum should just tell the sibling acting the c**t that for reasons of long term financial planning she will need to start charging for time worked as a carer, and send the c**t a bill for their share of everything that has been done so far. Proving my point. 0 Quote Link to comment Share on other sites More sharing options...
welshbairn Posted March 20 Share Posted March 20 14 minutes ago, ICTChris said: We have a friend who moved back with her parents about ten years ago to care for them - her dad was in end stages of cancer and he died shortly after, her mum is very frail and needs someone there to help her. She has several siblings, who have spread out over the world and have families of their own so don't see much of them. After a few years, her mum wanted to change the will to give her daughter the house outright when she died - it's her home, she lives there has done for years etc. One of her siblings objected, said that they need the money for long term planning. I don't know legally where they stand but it's just appalling behaviour IMO. There is a lot more they'll inherit rather than just the house but they want to squeeze every last few quid out of it, no matter the impact on their sister who has looked after their parents for years. The house is not some country pile, it's a completely normal family home. My cousin had a similar situation, looking after her mum for decades with serious dementia and her brothers wanted to throw her out of the house and split the cash. I think she ended up topping herself. I looked after my parents for about ten years and my sisters persuaded my widowed mum to change her will to leave the house to me instead of splitting it 3 ways. I stayed well out of it. 2 Quote Link to comment Share on other sites More sharing options...
Nkomo-A-Gogo Posted March 20 Share Posted March 20 3 hours ago, jimbaxters said: Stopped reading at "attorney". Stopped reading at TX 5 Quote Link to comment Share on other sites More sharing options...
VincentGuerin Posted March 20 Share Posted March 20 (edited) My missus' family is currently being torn apart by an inheritance fuss. There are siblings, step-siblings, and half-siblings spouses, step-parents etc involved. I've honestly been making the point for years that the arrangement in place was going to lead to acrimony and dispute when the time came (I've seen this film before in other families) but was assured that everyone got on and there'd be no problem. Spoiler alert. There is a problem. I'm honestly not in the slightest bit surprised at what's happened, but there are now family members we will never speak to again. It's sad, but it was very predictable. People often turn into utter c***s when there's money involved. Me and the missus have basically walked away from it. We've walked away from a hefty wedge, but ultimately decided we are happy with what we have and can't be fucked with it any more. I'd honestly rather lose out on some money than not be able to look at myself in the mirror. It has been an on/off thing for a while now, and we've basically just disengaged from it. We're fine. I have absolutely no family money whatsoever, but me and the missus both work, we live within our means, we have no kids, and we are doing absolutely fine. It's just sad the way some folk behave when there's a few quid up for grabs. I honestly saw this coming years off and am quite sad, but completely unsurprised, to have been proven correct on this one. I'm against inheritance in general, so I can now smugly cling to my principles anyway. It's a damaging thing for society, imo. Edited March 20 by VincentGuerin 6 Quote Link to comment Share on other sites More sharing options...
Alert Mongoose Posted March 20 Share Posted March 20 2 hours ago, 101 said: maybe with a few exceptions for orphans What if they had murdered their parents? 0 Quote Link to comment Share on other sites More sharing options...
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