Apportioning your will
- Thread starter Arrowfoot
- Start date
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Assuming you didn't marry her last week and she's not half the age of your youngest, then I'd lean towards option 1 also. My understanding is that if you don't have a will then it would revert to your spouse regardless. In such a case a will might be appropriate only if you wish to gift particular items to each of your kids.
Edit to add: I don't have kids, nor do I intend ever to so have but the only thing that might change my thinking there would be if the kids were from a different marriage, in which case 🤷♂️
Edit to add: I don't have kids, nor do I intend ever to so have but the only thing that might change my thinking there would be if the kids were from a different marriage, in which case 🤷♂️
twentysix by twentyfive
Clinging on tightly
- Location
- Over the Hill
Option 1 is what I've done. 2 kids get 50% each if we both peg it at the same time. Also I expect spouse to divide everything 50% if she outlives me (which she probably will).
Can't say I know owt about the tax implications of any of this. I suppose there may be wrinkles?
Can't say I know owt about the tax implications of any of this. I suppose there may be wrinkles?
BoldonLad
Not part of the Elite
- Location
- South Tyneside
I would have thought legal/financial advice wise, not a bunch of cyclist's advice.... but... since you ask...my immediate thoughts...
1. Do you need to consider inheritance tax implications? No IHT between husband/wife, but, if (sadly) wife were to die there may be IHT if/when she leaves it all to kids
2. Do you want/need to protect against (possible) events after your death? one example wife gets new partner and/or remarries, then, leaves it all to new partner, who cuts out your children, and/or spends it all
I doubt it is possible to cover every scenario, but, I would think, professional advice wise.
twentysix by twentyfive
Clinging on tightly
- Location
- Over the Hill
Also I think KISS applies (Keep It Simple Stupid).
BoldonLad
Not part of the Elite
- Location
- South Tyneside
Mine is easy… no spouse, no kids
(actually probably less easy than if I did)
dunno if there’ll be enough to worry about IHT but it’s hardly going to be my problem
I suppose, easiest would be no spouse, no kids, no money?
graham bowers
Guru
- Location
- NW Leicestershire
We used a solicitor, who was able to advise based on our particular circumstances. If I were you' I'd do the same, to be honest.
Drago
Legendary Member
- Location
- Suburban Poshshire
I went with option 1. Mrs D will need the resources, and still has Mini D to care for. The others are grown up and self sufficient.
ClichéGuevara
Legendary Member
- Location
- Kingston upon the River Hull
I checked to see if I could leave my debts to an Ex.
Apparently you can, but they're not obliged to accept them. 😞
Apparently you can, but they're not obliged to accept them. 😞
I will certainly seek legal help to address various statutory issues. It is the human and family aspect that I want to be sure. Your second point has merit.I would have thought legal/financial advice wise, not a bunch of cyclist's advice.... but... since you ask...my immediate thoughts...
1. Do you need to consider inheritance tax implications? No IHT between husband/wife, but, if (sadly) wife were to die there may be IHT if/when she leaves it all to kids
2. Do you want/need to protect against (possible) events after your death? one example wife gets new partner and/or remarries, then, leaves it all to new partner, who cuts out your children, and/or spends it all
I doubt it is possible to cover every scenario, but, I would think, professional advice wise.
Kingfisher101
Veteran
If your married and die you estate will automatically go to your spouse.
If you want to make provision for you kids I would consult with a solicitor re the will like others have said.
If you want to make provision for you kids I would consult with a solicitor re the will like others have said.
Dolorous Edd
Senior Member
My understanding is that ordinarily there is no inheritance tax benefit from leaving part of your estate to your children instead of your spouse, because your spouse inherits your unused tax-free allowance.
https://www.moneysavingexpert.com/family/inheritance-tax-planning-iht/
The human/family aspect in BL's second point is still worth thinking about, though.
https://www.moneysavingexpert.com/family/inheritance-tax-planning-iht/
The human/family aspect in BL's second point is still worth thinking about, though.
presta
Legendary Member
That's me too, but I put off making a will for years because I don't really have anyone I want it to go to, and couldn't make my mind up what to do with it. I finally got round to it this summer and left most of it to various charities, but I've changed my mind which ones already.Mine is easy… no spouse, no kids
Dolorous Edd
Senior Member
If you're really struggling I'm happy to have some.
