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Re: Creating a will

by windmill26 » Tue Dec 17, 2019 3:32 pm

Sircharlie_newmum wrote: Mon Dec 16, 2019 10:48 amWindmill - who did you use at bulimore?
windmill26 wrote: Mon Dec 09, 2019 7:34 pmI can recommend Bullimore Suggitt in Wimbledon,we have used them recently for our wills.
Their fee is also competitive (which is a bonus 😉 ).
bullimoresuggitt.com

Andrew Suggitt  :)

Re: Creating a will

by stevehall » Mon Dec 16, 2019 8:14 pm

I have lived in Spain for almost 20 years and I can confirm that if you have assets there you MUST speak to the professionals. I cannot speak for other countries but on the expat forums in Spain there are frequent threads about problems with wills. Generally because people have taken no professional advice. Good luck.

Re: Creating a will

by Sircharlie_newmum » Mon Dec 16, 2019 10:51 am

On the same subject..... can anyone recommend a will writing lawyer who can cover both british and French based assets for a British person who is resident in the U.K.?

Re: Creating a will

by Sircharlie_newmum » Mon Dec 16, 2019 10:48 am

Windmill - who did you use at bulimore?
windmill26 wrote: Mon Dec 09, 2019 7:34 pm I can recommend Bullimore Suggitt in Wimbledon,we have used them recently for our wills.
Their fee is also competitive (which is a bonus 😉 ).
bullimoresuggitt.com

Re: Creating a will

by SouthLondonDaddy » Wed Dec 11, 2019 10:42 am

Assets abroad can complicate things HUGELY.
If you want to do things properly, you MUST get proper professional advice from someone who is an expert in both jurisdictions, which can be expensive.

The UK is one of the few EU countries which has opted out of EU rules on inheritance and succession
https://europa.eu/youreurope/citizens/f ... dex_en.htm
And this is now, before Brexit.

Also, the UK and the US did not ratify the Washington convention on international wills.

Another thing to bear in mind is that the applicable law might change if your residence changes. Eg you have a house in Spain and you might move there when you retire - should all your assets be regulated by Spanish law?

I don't know the answer to that, but there is no substitute for proper (and potentially expensive) legal advice.

PS Many civil law countries have rules on the minimum amount which wives and children must receive; giving them less is almost impossible, and allowed only in extreme cases (eg heirs who had tried to murder the deceased). Interestingly, this has nothing to do with fairness, but is something which was introduced by Napoleon as a way to reduce the wealth, and therefore the power and the influence, of the wealthiest families.
 

Re: Creating a will

by mymyherewegoagain » Tue Dec 10, 2019 9:23 am

Thank you to everyone for your suggestions.  I will contact all the lawyers recommended, so far my quotes have been GBP500 - GBP900 for the same thing!???  I think the will will be very simple - appointing a guardian and leaving all assets to a spouse and one child, problem is some assets are abroad.

Re: Creating a will

by GEORGE AT KILLIK » Tue Dec 10, 2019 9:08 am

Killik & Co on Northcote Road have a Will Writing team and our prices start at £125 (inc VAT). Please feel free to pop in if you would like to find out more. 

Re: Creating a will

by windmill26 » Mon Dec 09, 2019 7:34 pm

I can recommend Bullimore Suggitt in Wimbledon,we have used them recently for our wills.
Their fee is also competitive (which is a bonus 😉 ).
bullimoresuggitt.com
 

Re: Creating a will

by SW12dadfincladviser » Mon Dec 09, 2019 6:00 pm

Hi Muddyboots - the change in law I was referring to was the residential nil rate band. And the question of trusts will be very specific to your circumstances, and what you are trying to achieve. As SouthLondonDaddy mentioned about a guardian being the trustee, this is what I have done. The guardian for the children is also a trustee and the executor for my and my wife's wills.
 

Re: Creating a will

by Motherslittlehelper » Mon Dec 09, 2019 12:44 pm

Its worth waiting until the free Will weeks/months happen - Trinity Hospice do them regularly and you can then leave them a little donation (great cause I think). 

Also, google 'Free Wills Month' - next one is in March

Re: Creating a will

by SouthLondonDaddy » Tue Dec 03, 2019 12:09 pm

I see. How about a will whereby if you die, your partner/spouse manages the assets, and viceversa, and only if you both die is a trust created?

You have a trustee or a guardian? Would you be comfortable with the same person acting in both roles?

Life insurance should always be written in trust - it doesn't cost anything, and it means the payout is considered an asset of the trust, not of the deceased, so no inheritance tax. The relationship between the trust which receives the payout and the trust created by your will is something that requires professional advice.

 

Re: Creating a will

by muddyboots » Tue Dec 03, 2019 12:03 pm

Sorry, I was not very clear.
I was referring to when the trust is managed by an external company.
We discussed with with an advisor years ago and I didn’t like it.
For the moment we have a trustee should it be needed for our children.
I think it was mentioned In relation to my husband to have his payout, pension etc put in trust should something happen to him to make it easier... didn’t like the idea.

Re: Creating a will

by SouthLondonDaddy » Tue Dec 03, 2019 11:15 am

What does for or against trusts mean? In what context are you considering one?
Trusts can be a very complex matter, and proper professional advice can be expensive.

I am not sure what you mean about a trust being there when needed.

It is common, especially if you have children who are young or are just 18, to create a trust in your will so that, when you die, all the assets go the trust, not directly to your children. For example, you could decide that assets remain in the trust till your children are, I don't know, 23, and only then is the trust wound up and the children get the money. Before then, someone needs to manage the trust; you would probably want to specify that the trustees (those who manage the trust) can use the income and capital for the benefit of your children, eg to pay for school fees ordinary expenses etc.

Could a trustee mismanage the trust and misuse the money? Yes, of course that's possible, but from the grave there will be very little you can do...
AFAIK in these case many people choose a trusted family member to be their children's guardian and to manage the money. Of course the risk that the trusted family member misuses the money is there.

If you are a multi millionaire you can think of paying for a professional trustee, but if you're an average family it would probably be excessive and too expensive. Plus think of how it would look if your will were to say: dear sister, please look after my children, but not after the money I am leaving them.

You can also set up a trust while you are still alive, but that's a completely separate matter. Eg you could want to donate certain assets to children or grandchildren now; that can be complex because there are loads of inheritance tax implications.

Re: Creating a will

by muddyboots » Mon Dec 02, 2019 11:30 pm

sw12dadfincladvisor
Would you mind explaining which law you are referring to ?
I wonder if it would apply to me as ours are over 5 yrs. Anything specific or general?
Thanks

Ps, are you for or against trusts? I’m risk averse and worry any trust will still me there when needed and if trustworthy ...
Can it go wrong I’d you set someone up to manage something in potentially many years from now

Re: Creating a will

by SW12dadfincladviser » Mon Dec 02, 2019 5:25 pm

My wife and I recently had our wills reviewed and updated due to changes in the law since last done 5 years ago. We used Toby Fountaine who is very professional and does not talk in jargon.
toby.fountaine@thomasmansfield.com,  07747 219962

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