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Wales
by Joske Vermeule, September 1
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Forums39
Topics49,909
Posts838,131
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Jun 14th, 2026
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Joined: Nov 2015
Posts: 8,701 Likes: 501
Just barreling along Needs to Get Out More!
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Just barreling along Needs to Get Out More!
Joined: Nov 2015
Posts: 8,701 Likes: 501 |
Don’t think it is a trust actually - just a properly written will but house tenancy needs altering from joint tenancy to 50/50 ownership - tenants in common. As one's spouse inherits your bits without tax liability when I pop-off, could you please explain the benefit of the above in terms a simple chap like me would understand
Jon M
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Joined: Dec 2018
Posts: 1,360 Likes: 5
Has a lot to Say!
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Has a lot to Say!
Joined: Dec 2018
Posts: 1,360 Likes: 5 |
Subject to other gifts made via the Will on death, normally the spouse will inherit the remaining unused IHT allowance, including potentially MRNRB. Thus nowadays the use of Tenants in Common and the associated Trusts are generally less beneficial…or worthwhile in terms of costs as well as getting Trustees to willingly get involved…
Just my thoughts and opinion and not advice…
HB
Plus Four Bentley Velvet Red “Grandi P”
Golf ehybrid thingy “Toadie”
Polestar 4 “Vger”
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Joined: Mar 2012
Posts: 4,656 Likes: 124
Part of the Furniture
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Part of the Furniture
Joined: Mar 2012
Posts: 4,656 Likes: 124 |
No IHT between spouses and providing total estate is below one million no IHT for beneficiaries when both spouses are deceased.
If your estate is above a million however, 40% IHT applies above the million.
2021 Lapis Blue Plus 6  You know it makes sense!  2016 Carmine Red 991.2 C4S
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Joined: Mar 2012
Posts: 4,656 Likes: 124
Part of the Furniture
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Part of the Furniture
Joined: Mar 2012
Posts: 4,656 Likes: 124 |
One million limit includes main domestic home should add.
2021 Lapis Blue Plus 6 You know it makes sense! 2016 Carmine Red 991.2 C4S
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Joined: Dec 2018
Posts: 1,360 Likes: 5
Has a lot to Say!
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Has a lot to Say!
Joined: Dec 2018
Posts: 1,360 Likes: 5 |
Plus total estate over £2m affects certain aspects of the allowance which should be checked out too…!
HB
Plus Four Bentley Velvet Red “Grandi P”
Golf ehybrid thingy “Toadie”
Polestar 4 “Vger”
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Joined: Jan 2009
Posts: 5,945 Likes: 28
Charter Member
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Charter Member
Joined: Jan 2009
Posts: 5,945 Likes: 28 |
The inflationary impact you might experience maybe very different to the national average % according to what inflationary pressures are being exerted on your current spending profile in that eg if a great proportion of your expenditure experience is say heat and light then the recent increases are going to have a much greater impact on you than the UK average % impact might suggest.
I was interested to read when doing OU maths that there are numerous cost of living indices produced by the ONS for different situations eg one for the retired reflecting the importance to the older people of different purchases. I guess they remove nappies ( or is it diaoers now) and baby foods and add adult nappies and false teeth glue!  That said I doubt there is one for Morgan owners including grease guns and flying jackets.
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