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Last Will & Testicle

ex-member200218

By ex-member200218
in General Boating

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Dyertribe Rising Star

Dyertribe

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I set up an EPA for mum several years ago when it was much simpler. I needed to use it late last year so asked my solicitor to lodge it with the court so there were no slip ups, needless to say they cocked it up completely and mum died in December and it still is not completed and they have now sent a death certificate to the court to try to stop it. I wish I had done it all my self.

Unfortunately many solicitors see wills etc as small fry and don't put in the study to keep up to date with things. There is relatively little money in it for them compared to divorce, conveyancing etc unless the put themselves in the will as executors and take a percentage of the estate as a fee.

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lewisericeric Rising Star

lewisericeric

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What if the boat has a mortgage on it, still outstanding, but its only in one of the two people's names on living on it? If the person who's name the mortgage is in dies tomorrow, what happens???? Ie, the boat is still technically owned by the mortgage co.....???? will they take it back or let the "other" person take over the mortgage (i doubt it!) but what provisions could be put in place?

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Dyertribe Rising Star

Dyertribe

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What if the boat has a mortgage on it, still outstanding, but its only in one of the two people's names on living on it? If the person who's name the mortgage is in dies tomorrow, what happens???? Ie, the boat is still technically owned by the mortgage co.....???? will they take it back or let the "other" person take over the mortgage (i doubt it!) but what provisions could be put in place?

If there is no will it follows the laws of intestacy, so the unmarried partner gets nothing

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Dyertribe Rising Star

Dyertribe

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but if there is a will, which says it goes to the unmarried partner....but its still got a mortgage outstanding in the deceased's name.....doiesn't that make things different?

If there is a will the mortgage people will want their money, whether they will grant the partner a mortgage to cover it will depend upon status, as long as they get what they are owed they will be happy, same as with a loan on a car. Life insurance to cover the amount of the outstanding mortgage would work.

 

If there is a will the mortgage people will want their money, whether they will grant the partner a mortgage to cover it will depend upon status, as long as they get what they are owed they will be happy, same as with a loan on a car. Life insurance to cover the amount of the outstanding mortgage would work.

The difference between the boat's value and the mortgage would be the unmarried partner's

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Dyertribe Rising Star

Dyertribe

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OK -lets throw this in the pot. My late husband made a will but it still went to probate....................never understood that. I don't believe anyone contested it.

If all his assets were jointly held or those in his name only were under £5,000 then you did not need to go to probate, in all other circumstances you do, it doesn't mean anyone will contest it that is a fairly rare occurrence. It is just the way the law works.

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ditchcrawler Veteran II

ditchcrawlerDonate to Canal World

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OK -lets throw this in the pot. My late husband made a will but it still went to probate....................never understood that. I don't believe anyone contested it.

Not a problem, it's just a system to make sure the executor is who he says he is and that he will make sure that the conditions of the will are adhered too. O and that the Tax Man gets his bit first.

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Dyertribe Rising Star

Dyertribe

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Not a problem, it's just a system to make sure the executor is who he says he is and that he will make sure that the conditions of the will are adhered too. O and that the Tax Man gets his bit first.

Unless you have sorted things so the tax man gets as litte as possible

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ex-member200218 Engager

ex-member200218

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I think thats both me and dragonboat put in our places rolleyes.gif

 

I believe, I can truthfully say, that as we have only been together for just over a year (though known each other for 35!) having our first boat is a proud status achievement for a new relationship! Having read and digested all the advice above, for which we are extremely grateful, we have already made appointments for Will's to be drawn up! We do both have 'other bits of family' individually, of our own and wouldn't want to put any of them into any kind of uncomfortable or unnecessary legal wrangles when we shuffle off our mortals.

So by Wednesday this week solicitors will be visited and by Thursday ... ship ahoy; we'll be afloat! Break out the champers! :D

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Dyertribe Rising Star

Dyertribe

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You still have to convince them ?

No, you have to fill in a form of all the assets and then if it is over the inheritance tax threshold you give 40% of the remainder to the tax man. You can set up trusts and things to avoid this but you would need to speak to someone like my hubby to get the technical detail. Don't rely on a solicitor to know though they are trained in the law not financial matters

 

I believe, I can truthfully say, that as we have only been together for just over a year (though known each other for 35!) having our first boat is a proud status achievement for a new relationship! Having read and digested all the advice above, for which we are extremely grateful, we have already made appointments for Will's to be drawn up! We do both have 'other bits of family' individually, of our own and wouldn't want to put any of them into any kind of uncomfortable or unnecessary legal wrangles when we shuffle off our mortals.

So by Wednesday this week solicitors will be visited and by Thursday ... ship ahoy; we'll be afloat! Break out the champers! :D

Good decision! Don't let the solicitor make themselves an executor though see previous posts, sneaking money off people in that was is a pet hate of mine!

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ditchcrawler Veteran II

ditchcrawlerDonate to Canal World

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No, you have to fill in a form of all the assets and then if it is over the inheritance tax threshold you give 40% of the remainder to the tax man. You can set up trusts and things to avoid this but you would need to speak to someone like my hubby to get the technical detail. Don't rely on a solicitor to know though they are trained in the law not financial matters

 

 

And if he (HMRC) thinks you are telling porky pies (I.E. you forgot gran gave you £10000 last year and that you were looking after all her gold jewellery for her to keep it safe from con men) then you have to convince him that was not the case.

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ex-member200218 Engager

ex-member200218

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And if he (HMRC) thinks you are telling porky pies (I.E. you forgot gran gave you £10000 last year and that you were looking after all her gold jewellery for her to keep it safe from con men) then you have to convince him that was not the case.

 

 

Oooh... whilst we're on HMRC (or not); do gifted equity release funds attract income tax?

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