Who is prepared?

JodieWodie · Reflective Banana Joined: 22 Jul 2004 Karma :

Ho Ho Ho

No, this is not a thread about who has done their Christmas shopping already Rolling Eyes

...

This evening the OH and I did our wills. Not the most exciting and fun of things to do, but nevetheless essential

As OH is off to Iraq, a requirement was that he HAD to do a will before leaving. We hadn't really thought about it before, as we don't have much money, we have a house sure.... but there is loads left on the mortgage....
But it's things like our kid, how and where we want to be buried/cremated, if we want flowers or not!!?? Shocked

I didn't realise there is so much detail.
Reserve executors, this that, blah blah

So it's done now. We just have to get it all witnessed in a week when it's been all typed and stuff

When I asked in the office where I work, about 40% had wills, the rest didn't. And these are people with kids and houses and all the gubbins!

So, who is as a boy scout, prepared for the inevitable?

JO x
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ncrn · World Chat Champion Joined: 24 May 2006 Karma :

Wheres the option for I don't have anything worth leaving behind so I don't see the point?
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JodieWodie · Reflective Banana Joined: 22 Jul 2004 Karma :

Dragonfly · Super Spammer Joined: 05 Sep 2005 Karma :

Jaloopa · Brolly Dolly Joined: 14 Sep 2007 Karma :

I'm in my early 20s and hence will never die.

I'm also a student so have bugger all to leave people, and I trust my family to give me a good send off if the unthinkable does happen.

I'll think about a will when I start thinking about pensions.
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JodieWodie · Reflective Banana Joined: 22 Jul 2004 Karma :

Harold_Shand · World Chat Champion Joined: 07 Jun 2004 Karma :

Friggin' 'ell, ok, ok, everyone gets it... your boyfriend is going to Iraq.
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Harold_Shand's theory might be the best explanation.

TheShaggyDA · Repost Police Joined: 14 Jun 2004 Karma :

It's something that the good lady wife and I keep meaning to sort out. If one of us pops our clogs, the other simply gets everything, but if we were both to go at the same time then we need to say what should happen to the house and contents. I'd rather it burn than any part of the government or banking system get it.
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ncrn · World Chat Champion Joined: 24 May 2006 Karma :

Ben. · World Chat Champion Joined: 10 Jul 2007 Karma :

im 17 i own nothing and will never die. and yes I am superman

*flys off into the sunset*
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Wafer_Thin_Ham · Super Spammer Joined: 18 Nov 2005 Karma :

I'm 19 and own very little of value apart from my bike.
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Itchy · Super Spammer Joined: 07 Apr 2005 Karma :

Wills are over rated,

a client in my old work place had one, I was there for the reading as executer,

it said all to mother,

and thats it,

Wills can be easily changed post mortem, just requires a signature and me to charge you £150 for the paperwork and liase with HMRC and other parties.

Me I have very little my net worth probably being < £20000,

You only need an efficient will if you have assets worth over 280K
otherwise don't bother, worst comes to worst you die Intestate which means IF/when (nobody is immortal) your OH dies you get it all,

As said you only need a will if you have 280K of assets your partner has 280K of assets , thus if you want to leave it to a child you effectively skip a generation ,

rather than OH dies gives you 280K , making your death estate worth 560K and being raped on 40% IHT and thus £112K.

Which is an enourmous hole in anybody's pocket,
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D O G · World Chat Champion Joined: 18 Dec 2006 Karma :

I believe also that should a will result in an less than optimal tax position, the beneficiaries can change the will easily to maximise efficiency. In effect the will is only your opinion, which is easily disregarded when you've gone. Laughing

yambabe · World Chat Champion Joined: 12 Jul 2004 Karma :

stinkwheel · Bovine Proctologist Joined: 12 Jul 2004 Karma :

A will to me is about as useful as life insurance. Given that I have no dependants, if I'm dead, I wont be worrying about it.

Although I have left instructions that my body should be disposed of at public expense, if I cark it, nobody is to claim the body or pay any bill that might be sent for its disposal.
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cagiva gezzer · World Chat Champion Joined: 17 Mar 2003 Karma :

I've always wondered what would happen if i popped it. Could someone suggest how my assets would be divided up;

Only debt against my name is my £10K student loan.

Assets / capital;

£10k premium binds
~£1K savings
Motorbike & Car & Montainbikes

Would my financial assets be used to pay off my student loan, or would that be written off? Either way, i live with my dad so i assume that he'll get the rest of my general crap.
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Itchy · Super Spammer Joined: 07 Apr 2005 Karma :

Itchy · Super Spammer Joined: 07 Apr 2005 Karma :

Paivi · World Chat Champion Joined: 30 Sep 2005 Karma :

Does anybody know what the situation is with foreign residents? Would the UK law or the Finnish one apply, should I die intestate here (no relatives in the UK)?

In Finland, my parents would inherit; if they were to die before me, my sister would, then her children.

But as they're over there, and I'm over here, would the UK government take everything? Shocked

If so, can I even name a foreign resident and citizen as a beneficiary in my will?
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Itchy · Super Spammer Joined: 07 Apr 2005 Karma :

Paivi · World Chat Champion Joined: 30 Sep 2005 Karma :

Itchy, I own a one bedroom flat in London, so I'm practically a paper millionaire... Laughing

I'm probably domiciled here, as I'm on the electoral roll, have NI number, pay my taxes here.

Looks like I need to visit a lawyer, as would hate Liz to take it all should the inevitable happen.
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Itchy · Super Spammer Joined: 07 Apr 2005 Karma :

hellkat · Super Spammer Joined: 12 Jul 2004 Karma :

hellkat · Super Spammer Joined: 12 Jul 2004 Karma :

I have sod all left to give away.
Whoever finds the cash first can have it Wink

Andy will have my bike/s anyway.
And Anita will have the cats.

Laughing

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Shaun · Likes 'em bent Joined: 17 May 2003 Karma :