Property After Death – Making A Will For Your Property

For a moment I considered this blog post to be poorly timed since it’s the season to be jolly, and the last thing I want to do is kill the mood. Merry Christmas everyone.

But then. I changed my mind. Perhaps the deeper-thinkers will appreciate the profound irony of discussing death during the time many celebrate the birth of baby Jesus! The circle of life.

My reluctant need to organise a Will & Testament

So, even though I’m in my early 20’s early 30’s, which by all intents and purposes is young for an impeccably healthy individual (minus a dodgy finger, but more on that shortly) to be fluttering around the idea of death, it does seem like the sensible move considering I do own appreciating ‘assets’, and even the optimist in me isn’t deluded enough to deny the possibility of tripping over my obscenely gigantic pecker and knocking my lights out. What a way to go.

From what I understand, the Grim Reaper does not discriminate and has no conception of time. Regardless of age, race, gender, faith, or penis size – and even if your faith allows you to be reborn as a cactus – one thing is for sure, when it happens we won’t be carrying over the junk we’ve accumulated in this life to the next.

As amusing as it would be to do a disappearing act before creating a blueprint of how I want my assets distributed, so I can appear down on the self-appointed beneficiaries squabble over my life’s work, I think it will probably do more harm than good, especially since ‘the law’ gets to dictate who gets what if I don’t do it myself. Yeah, fuck that.

However, even while fully understanding and respecting the reality of uncompromising death, I’ve always been reluctant to plan for it. Planning for it feels like bad karma, and almost like I’d be jinxing myself into an early grave. But putting the Voodoo crap aside, I’ve also been too lazy to get it sorted; arranging a meeting with a will expert/solicitor and leaving the comfort of my parents’ basement always felt terribly overwhelming. That said, apparently I’m not alone, because I’m told seven out of ten landlords don’t prepare Wills and a whooping 97% of Brits don’t have a will or have one that’s outdated, which is thoroughly comforting. Communal failure is so much easier to accept, ain’t it?

Long story short, for the past few years I’ve been prioritising everything else before thinking about what happens ‘after’.

Why I suddenly decided to get my will sorted…

Part A

One of my mate’s is ‘one of those’ Marketing guys; he exclusively deals with digital companies, and promises them the world:

TRUST ME, I’ll get you a thousand new customers by sunlight. You’ll be retired on a yacht by next year! Picture yourself swimming in money and tits… Can you see it? Can you feel it? That’s my promise to you!

YES, YES, YES!!!

Hook line and sinker.

A couple of weeks ago he was informing me about a new client he had reeled in, Farewill, and they, lo and behold, allow you to create ‘professional’ Wills online for £90.

For the first time [for totally selfish reasons], I found myself interested in his work. I didn’t really consider the grand possibility of creating a will online (not to be confused with generic downloadable templates) while remaining glued to my seat by the congealed remains of kebab grease and cheese-puff residue, but I’m not terribly surprised it’s possible considering I order toothpaste and toilet roll off Amazon.

Apparently a ‘typical lawyer’ charges a ‘one time’ fee of anywhere between £200 – £500 for a similar service, plus, however much you value the inconvenience of leaving your home to fulfil a rewardless ‘chore’.

My interest has been perked.

Part B

Perhaps this is how I was finally convinced.

Dislocated finger

My near death experience (genuine pic).

Ok, so now, back onto my mutilated pinky.

Before you all FREAK OUT, I’m fine.

Well, actually, let’s just say I survived. I might technically be ‘fine’ after PTSD counselling.

Last week I had a near-death experience when I stubbed my beautiful little finger on a basketball during a friendly game, which caused it to buckle and dislocate. The experience profoundly made me realise how fragile I am life is. And wonderful. I had two nurses yank my bone back into place.

Life is so precious, isn’t it?

I hate to be a cliché cheeseball, but I’ve discovered a new found respect for life.

If my recent toe-curling and heart-breaking experience wasn’t a utterly terrifying reminder of how we are all vulnerable – even those in peak physical condition – then I don’t know what is. I mean, just look at my pinky (if you don’t mind looking at a war-torn severed body, that is)!!!

My poor finger is a bloody catastrophe. Your prayers would be appreciated.

So, two very telling events all pointing in the same direction…

Will and Testament sorted

After years of side-stepping and procrastinating, I finally did it. I don’t know what all the fuss was about…

Approximately an hour ago I jumped onto the Farewill website and sorted out my Will. It was pretty effortless. Actually, it almost felt too effortless considering the magnitude of death, but I’ve been assured it’s legit. But then again, technically you can write your own will on your own ass, and stuff it into a shoebox and slide it under your bed until it’s required. As long as it’s signed and witnessed, that’s one legally binding ass.

Disclaimer: Wills are legal documents, and as small errors can cause big problems, it’s preferable to have someone legally qualified draft it for you. Even if it’s on your flesh.

Why am I sharing this?

A lot of my ‘financial assets’ is accounted for by my BTL properties (but not exclusively), and I imagine that’s the case for many of you slumlords also. We all need to eventually decide who we want to curse with our bullshit BTL’s.

In all seriousness, I don’t know if I would laugh or cry if I inherited a BTL. It’s like donating a pair of jeans that’s filled with skid-marks to the homeless.

Anyways, I’m assuming many of you are uglier and older than me, so you’ve probably already made suitable reservations. But for everyone else, which includes the seven out of ten landlords that statistically hasn’t got round to it (for whatever reason), maybe this is the ticket you’ve been waiting for, so I thought I’d share my thoughts on using Farewill’s online will service.

More about FareWill (and other online will companies)

A few points that I’d like to share, just in case you happen to be intrigued…

  • Online will companies: I did come across a few online will companies after a few quick Google searches, so I don’t want you to think I’m veering you into one dirty little corner. So go ahead, shop around if you’re interested. But in all honesty, Farewill looked the best to me.
  • Will sample: here’s a sample Will from FareWill.
  • Cost: Farewill’s pricing structure: “Your professional will for £90 (or £135 for a couple). Updatable anytime for £10/year.”

    “£10/year” updateable fee”.. errr..? Exactly! It confused the crap out of me also, so I did some investigating.

    After creating and paying for your will, they automatically sign you into an annual subscription of £10 per year, which permits you to make as many updates as you need. You can cancel any time (easily via your personal control panel), but then you’ll have to pay the amount again if you wish to make changes in the future. Your first year of updates is free, so diarise if you want to cancel before the subscription fees kick in.

    The update subscription does make sense for those with frequently changing circumstances, for example, anyone that’s growing their property portfolio and/or often transferring money into different banks/savings accounts to benefit from better rates.

    Anyways, I paid the £90 for a single will (I didn’t get any special rate from my bone-head friend even though he does their marketing, which is something I kept in mind while cobbling together my will. He’ll get the jeans I mentioned earlier).

  • Time taken: On the tin it says it takes about 15mins. They’re not lying.
  • Interface: This is what I really liked about Farewill- they’ve made it so incredibly easy to create a will. I’m not exaggerating when I say that even if you’re the type of person that farts on demand and scratches your balls with a fork, you should still have the mental capacity to follow the process.
  • Process:
    • 1. Fill in your personal details.
    • 2. Fill in details of those you want to inherit your state (money, property and anything else you wish to specifically allocate)
      FareWill
    • 3. Define how you want the estate to be split (by percent).
    • 4. Define what happens in the event of your beneficiaries dying before you.
    • 5. Define Executors of the Will.
    • 6. Define your ‘Financial Assets’. Interestingly, they didn’t have a real estate/property option, so threw my properties under “other” and listed the addresses.
    • 7. Check details.
    • 8. Pay £90 for a single will (or £135 for a couple).
    • 9. Wait for confirmation email from Farewill stipulating that everything is in order with your will (every will is double-checked by one of their experts). Sidenote, my confirmation email landed up in my spam/junk folder.
    • 10. Print the will and get it signed & witnessed.
  • Support / Expert advice: They have live chat and phone support, but I didn’t take advantage.
  • TrustPilot: I’m a TrustPilot fiend! Even if I was looking for someone to wipe my cat’s ass, I’d hunt down TrustPilot reviews to ensure I was using someone that deploys the best and most gentle techniques! At the time of writing this blog post, FareWill have a rating of 9.6 /10, which ain’t bad by anyone’s standards. Check it.
  • Solicitor / Financial advisers: When I was explaining this online will gig to a [well-off] friend, he said that he liked creating his will with his specialist Solicitor face-to-face, because he was advised to reconsider certain choices after being explained legal technicalities. I guess that’s the trade-off.

    However, I took a few things into consideration while choosing to go down the online route. Firstly, my circumstances are bog-standard; there’s nothing obscure or hairy about it. If I had a more complicated situation (i.e. complicated estate, kids from another marriage, manipulative blood-sucking ex-wife, a bastard son that I wanted to compensate etc.), I may have thrown on a suit and reluctantly sailed down the face-to-face Solicitor route.

    Secondly, I haven’t ruled out the fact that this will may end up being a “for now” and “better than nothing” solution. If my situation changes I may end up groveling to a snotty solicitor so I can be properly advised through each asset (and pay through the ass for it, I’m sure).

    To quote FareWill’s FAQ page,

    Wills aren’t actually too complex it turns out, so it baffles us that they usually cost so much. We keep things simple and to a high standard, so £90 it is.

    I like it.

  • Inheritance tax: Yeah, you see, I just don’t know about how any of that works, and this is where colluding with a tax specialist may help at some point. Ultimately, I don’t want to burden anyone with tax bills, but I’m not sure I should be overly concerned since my beneficiaries will be getting a house or two for fuck-all.

    However, what I do know is that the law demands 40% tax on any assets worth over £325,000 that you leave, so those valuable houses could cost your beneficiaries a small fortune. One way to reduce or completely avoid the burden of inheritance tax is by giving your assets away before you die (it works on a sliding scale, between 3- 7 years). More details on the GOV website.

    In any case, the tax implications is an issue for another rainy day. Maybe decade.

If anyone’s interested, here’s a link to Farewill (which I promised my mate I’d share in an obnoxious fashion)…

Check out Farewill →

What happens if you don’t leave a will?

Oddly, I only looked into this AFTER I wrote mine. What a baffoon! I ‘spose anyone with half a brain would have done the research first (even though it wouldn’t have changed the outcome). In any case, here are the basics:

Dying without a valid will is called ‘intestacy’. Intestacy law is different in England, Wales, Scotland and Northern Ireland, but there are some common rules:

  • Any Inheritance Tax that your estate/beneficiaries has to pay might be higher.
  • If you die with no living close relatives, your estate will be passed to the Crown. This law is known as ‘bona vacantia’.
  • If you’re not married and not in a civil partnership, your partner is not legally entitled to anything when you die.
  • If you have children or grandchildren, how much they are legally entitled to will depend on where you live in the UK. But if you make will, you can decide how much they each individually get.

Source: moneyadviceservice.org.uk

To round off, if anyone does want to know more about wills, probate and inheritance, a good starting point is the Gov website.

Right, that’s me done.

If anyone decides to use Farewill or any other online will solution, please share your thoughts/experience!

Merry Christmas and seasons greetings everyone!!! Hope you all have an awesome break! See ya’ next ‘ear xoxo

P.s. I hope none of you die! Ever!

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38 Comments- Join The Conversation...

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opp 21st December, 2017 @ 16:21

There is absolutely no reason to prepare a will unless you want to have your assets leave your family after you die. Or have 10 children and particularly dislike one of them...

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Valerie 21st December, 2017 @ 16:36

I am still trying to get rid of the image of two nurses yanking your bone into place.Is this a service you get on the NHS or are you with BUPA?

I made my first will in my 30's,and have made necessary changes over the years.Even if you use a lawyer it is not expensive.Two elderly neighbours died few years ago.They were childless and no living relatives could be found.Despite saying they wanted to leave everything to a charity,they died intestate,and the tax man got the lot.Sickening.

Your poorly finger has clearly changed you quite profoundly,so you will remember 2017 for the rest of your life.Hope 2018 is less traumatic,with good health and happiness for you.

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The Landlord Avatar
The Landlord 21st December, 2017 @ 16:38

@opp
I'm not entirely sure how wealth/assets gets distributed if left in the hands of the law. I'm sure there's a standard protocol, but that may change as and when the law does.

In my particular case, I'll be leaving a lot to my parents and my older sister in case they out live me. I don't think that would have necessarily been the case if it was out of my hands.

Plus, as Valerie implied, many people wish to donate to charity!

Either way, I'm happier knowing that everything gets distributed exactly how I want it to.

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Dave the rave 21st December, 2017 @ 17:44

@opp
Irritatingly, if you leave the lot to your favourite child(ren) and nothing to the layabout arsewipe, the layabout can dispute the will and grab what the courts decree to be their fair share. Something about the government having the idea that giving your child enough cash to live on stops them claiming as many benefits, or something
The only way I can see around this is to sign over assets to the golden child and hope they don’t fuck them all off. Rock and a hard place.

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The Landlord Avatar
The Landlord 21st December, 2017 @ 19:39

@Valerie
Oh, come on, V! Embrace the moment and savour it! NHS' finest, of course. I was genuinely impressed with the service :)

That really is sickening!! And exactly why I wouldn't trust the law to dictate what happens to my assets; the dominos would probably fall in such a way that my drunk uncle ends up snorting my life's work up his nose!

NOT ON MY WATCH, NO SIREE BOB!

Appreciate the sympathy, I know my poor pinky deserves it.

Thank you very much, and likewise! Hope you have an awesome one!

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The Landlord Avatar
The Landlord 21st December, 2017 @ 19:50

@Dave the rave
I assumed that could be the case under those cicumstances.

Damn those arsewipe children, they ruin it for everyone! One of my best friend's recently got screwed over by his arsewipe sibbling.

Also, under the circumstances that I have 2 children, and one is significantly richer than the other (i.e. Pauper Vs Multi-millionaire), I'd be inclined to give more to my street-rat child. Not because I favour one over the other, but purely because of the economics. I'd probably give the rich one more of the sentimental junk, just to even it out.

The good thing about a will is that you can also clearly list the executors.

I have no intentions of telling anyone how to allocate their wealth, but saying there is absolutely no reason to prepare a will is a baffling sentiment in my opinion!

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Nige 22nd December, 2017 @ 00:29

For the last 20 or so years I have been supporting the pits of society in one way or another. Whilst they bought the latest phone. watched netflix all day and refused to shop in any shop unless it was within 20 walking paces I cleaned up their crap.
I admit that I made a reasonable living out of it and built up a small empire until one very nice lady that I was married to put a rapid end to my luck by having affairs.
Not to be beaten I rebuilt with the help of my daughter. Without her it would have been impossible.
Now having supported the lazy bastards of society through multiple taxes we find that the end result will be a 40% tax after some measly allowance.
So even with a will everything my daughter helped work for will be diminished.
Fortunately she is a good un so my ill gotten gains will be willed to her less a few gifts to friends and notable causes.
You see as a landlord I invested in a capital asset and made my living from a return on that invested capital. So whilst the living was goodish the capital was high . Thus on my departure my inheritors will not benefit as much from my assets due to taxation.

In fact few landlords have an exit plan. But time catches up and before you know it you are still working like I did at 68 doing up houses to sell off.

What a mug. 40% of my estate being grabbed by the taxman. Whoopee Doo. I should have begun my exit plan earlier and saved between 12 and 22% which is the differential between CGT and inheritance tax.

Then instead of clearing up the shit left by crap tenants I could have had an easy life driving nice cars , wine women and song.

So you bet I have a will. Ive given up enough of my lifetime to create something and I would like it to go where I want and not be fought over by a load of grabbin relatives who never talked to me.

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Benji 22nd December, 2017 @ 01:08

@The Landlord,

"the dominos would probably fall in such a way that my drunk uncle ends up snorting my life's work up his nose!"

Going on past record, there is a fair chance you've fucked this up as well. (I'm beginning to suspect you are my fuckwit nephew BTW).

For landlords, I'd recommend using their regular solicitor, probably get it thrown in on the next instruction for a similar price. But for those really wanting to go online;

https://www.moneysavingexpert.com/family/free-cheap-wills

"Farewill*: An online service that quickly takes you through the process of creating a simple will for individuals or couples in England and Wales. Normally costing £50 for a single will, use the promotional code PIP3 at the checkout and you'll get a 30% discount"

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opp 22nd December, 2017 @ 08:07

@Nige
If your wealth is big enough to enter 40% inheritance tax bracket and you trust your daughter, just give her your estates until you fall below 40% bracket and hope that you won't die within next 5 years. No tax paid on your heritage, problem solved, you're welcome :)

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The Landlord Avatar
The Landlord 22nd December, 2017 @ 08:16

@opp
I believe that it works on a sliding-scale, between 3 - 7 years. To avoid any tax, you need to give everything away 7 years before dying.

https://www.gov.uk/inheritance-tax/gifts

Hope Nige is fit & healthy and wrapped in cotton wool! Still a long way to go.

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Nige 22nd December, 2017 @ 08:33

Oh dead simple then !!! Give it to someone and struggle along for the next 7 years ? Errrr Its a one way street with gifting.
As I said in the beginning I was one of these poor men who stupidly married the wrong woman and things like pension plans are depleted.
Unlike a lot of countries who have now realised that inheritance tax is unfair this country keeps the majority poor and working like hell. Unless of course you are on benefits.
Those on benefits have no idea how working people are hit.
Save for a pension . Sensible people do. Then when the state pension comes you do not get the top ups.
Own your own house? I have a 61 year old friend who kills herself every day by working in pain. Why ? Because she lives in a one up one down property that has a mortgage. She will not be helped by the state because she owns about £20k equity. Her current prospect is dire. Lose the house because she can't pay mortgage. No benefits until her megre savings have gone. No help from council because she is deemed to have made herself homeless.
So its not just the ''rich'' who are kept to the grindstone. Ironically she is a property manager letting to DHSS.

But thats the way it goes.
Going back to the original thread. As a landlord I invested instead of pissing all my money down the pub. I have worked all hours from cleaning shitty toilets to toiling for hours over useless paperwork. It actually doesnt take much to hit that inheritance threshold. A 2 bed house £200,000 plus one 2 bed rental £200,000 will pop you straight over. (thats prices here currently and we are well up from London.)

Im not whinging about things generally because I do reasonably OK and like every other working mug in this country I get turned upside down and my pockets shaken dry. What I am saying is that for the 53 years I grafted I would like to leave something to my family or to charitable causes to be remembered by.

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Nige 22nd December, 2017 @ 08:51

@Landlord
Thanks for your wishes . Wrapped in cotton wool ? Some bloody hope !! Crawling towards 69 (not the sex position) and spent several of my final days days trying to get a cooker fixed for a DHSS tenant who smashed the oven door just before xmas and sits watching TV all day when they are not breaking the cooker.

I do think however that younger people do not see the future. I didn't. The forcing of people to take out pensions when they are working is a prelude to the state pension being cut back in the future. Its much the same as the 'child gift at birth' started about 20 years ago. Parents were meant to top up. Results ? No DHSS for 18 year olds when they leave school. Student fees the price of a good car.

Its much the same as us having a huge bill for Britexit when some countries have never paid a penny in !! OMG here go out taxes rising again .

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The Landlord Avatar
The Landlord 22nd December, 2017 @ 09:27

@Benji

Thanks Unc, Merry Christmas!! xo

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The Landlord Avatar
The Landlord 22nd December, 2017 @ 09:34

@Nige
Haha, basically, it's all doom and gloom! Look at it this way, at least your filthy rich Nige (regardless of how hard you worked/working for it) :)

P.s. I have mental images of you crawling into a 69 position, which I probably wouldn't have if you didn't say anything. So thank you for that! What a Xmas treat!

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Pete 22nd December, 2017 @ 09:49

"Opp - There is absolutely no reason to prepare a will unless you want to have your assets leave your family after you die. Or have 10 children and particularly dislike one of them..."

Unfortunately it doesn't work like that.
The surviving spouse can meet someone else, marry them and have them take everything. The kids from the original marriage get shafted.
I know 3 people this has happened to.

I would much rather determine exactly how it is to work and specify it in my will.
However I do admit to being one of the 97% with a will that is out of date so great to see this blog post.

The other issue is the potential cost of care sucking you dry before you die.
It will be interesting to see if the wills from Farewill make allowance for setting up trusts.

Thanks Landlord
Pete

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Nige 22nd December, 2017 @ 09:51

@landlord

You have to split filthy and rich into 2 parts.
Filthy yes.
The only 69 I get these days is the bus with my bus pass but at least the bus droops (just like me)at the front so I don't have to step up and I don't have to grab a pole at the rear to hang on for dear life.

Rich ?

If I totally cashed in I might just get half of a 2 bed flat in London and share a bathroom and kitchen. Just hoping that whoever I bought it with was about 25, slim and blonde. (just a dream but if I did share with her my inheritance might be paid out earlier than I was hoping for)

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Valerie 22nd December, 2017 @ 10:16

Unless you have a very simple estate,it really is best to pay a solicitor.There is nothing quite like a will to have people show their true colours.I am a trustee of an animal charity.Legacy income has fallen dramatically for all charities in the U.K.Anyone who is eligible to contest a will can get legal aid to fight their case.We have to pay our legal costs.

Often the amount of money would not change their lives substantially,they just like to make trouble.One current case is still unresolved after five years,and we had to decide to withdraw due to legal bills.

A good solicitor can advise on ways to avoid your money going to such scumbags.

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The Landlord Avatar
The Landlord 22nd December, 2017 @ 10:23

@Valerie,
I hear a lot of people contest wills on the basis that the will-writer was not of "sane" mind. Usually contested by bratty children, of course. From what I'm aware, the right to contest is unavoidable, though.

I do agree that complex estates is best dealt by a specialist will solicitor. However, most people do have simple enough situations, even landlords. There's nothing really complicated about properties unless they're owned via a company or owned by feuding co-owners.

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The Landlord Avatar
The Landlord 22nd December, 2017 @ 10:28

@Pete,
Great input, Pete! And just another example for why it's better not to leave the fate of your life's work in the hands of the law.

There are just too many cases of assets being allocated unfairly/wrongly.

Thanks for the comment.

Have a great Christmas :)

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andrewa 22nd December, 2017 @ 21:41

Merry Xmas landlord,

@Nige
I do not know how it works in the UK but in South Africa there is a legal method of donating your assets (piece by piece) to your daughter whilst you retain life rights to the enjoyment of them. Perhaps David (this sites legal boffin) could advise?

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The Landlord Avatar
The Landlord 22nd December, 2017 @ 22:00

Thanks andrewa, you too. Have an awesome one!

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Nige 23rd December, 2017 @ 10:45

@Andrew

There are many methods of transferring property/assets in advance of your demise. These are often complicated and you really need a good accountant /financial advisor to deal with them. This is something that most people never consider.
Many landlords are accidental landlords. I was. Never intended to be in property but hit a great deal in 96 and things rocketed.
Then in 2007 came the recession. Just at the same time my x cleaned me out . Boo Hoo. But what it meant was that I was relying on rental income and not asset disposal to live.
One of the things about asset transfer is that it is a one way street. Yes you can give your kids the property subject to inheritance rules but they cannot give it back and they collect the rent.
Another really nasty one and most people do not know this is a property is always subject to cgt so not only do your trustees have to deal with inheritance tax they also get hit with cgt. Thats one hell of a tax bill.
One way around a lot of this is to set up family trusts. I don't know all the rules on this. I do know that a friend's father died and his estate was in a family trust. The trusts trustees then bought a house for my friends son who lives in it. One advantage of this is that should the son divorce he is not the actual owner of the house.
Oh its so complicated !! The unfair bit is that instead of frittering my cash away I took care of it only to face the possibility of my estate losing most of it.And like most people I left this rather late and instead of blowing it on wild women or song ...which I am doing now !!! I thought I could help my kids on their way in life.
Of course this is a peculiar situation as landlords were encouraged to build up the buy to let market to help out the housing crisis.
But there are only 2 things in life that are certain. Death and taxes !!!

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Henry 24th December, 2017 @ 19:09

A few things:
- have a Merry Christmas, "the Landlord"; didn't realise you were only in your 30s - so jaded/wise so soon;
- don't know if this helps anyone, but Roy Jenkins (sometime Labour Chancellor before defecting to the old SDP) is reported as saying that Inheritance Tax is only paid by people who like/trust their family and friends less then the Inland Revenue (i.e. give it to relatives etc, before you die and IHT grabs 40%). Wish my late uncle had known that, I was the only blood relative and had to sign the biggest eye-watering cheque in my life to HMRC for money that could have come to me direct before death;
- better not to die "intestate", i.e. without a Will. If you do, then Intestacy law decides which relatives, in a strict blood relative order, your 'riches' go to (only advantage with this is that relatives can't squabble and can only blame the law, so clever great-uncle did this intentionally after previous family squabble after a death). If no relatives, then all goes to the State;
- MOST IMPORTANTLY if you love someone you leave behind, leave a Will for them even if you are only worth a penny. The hassle of sorting out a lack of a Will by someone you care for, even if they had no money but just a few possessions, is so much hassle, even with Intestacy rules (as above), is something you'll curse them for. Yes, I've dealt with that situation. (Her children could demand 'her' possessions from the house you shared with their (divorced) Mum and whom you cared for while she was slowly dying, if not married and no Will so you have no rights but they have all rights, you are legally nobody). People think it won't happen to them: you never know until the time comes and the Sh1t hits the Expelair. I got off fairly well and the house was mine, but it wasn't nice. And Intestacy is sooo much hassle and I've now been caught twice (invalid will by my father second time, would have been much easier if Will had been valid even though he had passed on all assets to me without me knowing about all of those he had passed on at the time, and the 7 years before his death to be IHT free, clever chap).
- Merry Christmas and Happy New Year everyone: "live long and prosper" as the (Star) Treckkies say.

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The Landlord Avatar
The Landlord 27th December, 2017 @ 12:16

@Henry,

Thanks for sharing your experiences!! Very interesting. Just more reasons not to die without a will, didn't realise things can potentially get so messy otherwise.

Hope you had a good Christmas, and have a great New year!

Live long and prosper *signals spock hand-sign*

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Nige 27th December, 2017 @ 15:28

@Landlord. Thanks for such a great forum and one with a sense of humour as well !!

I will add that according to my sources a solicitor will charge about 5% for sorting out an estate. Thats more money out of the inheritance I wanted to give .

Happy new year and many of them .

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The Landlord 27th December, 2017 @ 20:20

@Nige,

Cheers!! Thanks for contributing for so long! This place is nothing without the contributors (cheesy, but true). There are so many regular contributors that all have different personalities- I can almost recognise who people are by what they say and how they say it. For example, when you recite one of your stories in the way you that you do - usually on how you've been screwed over one way or another haha. It's pretty cool.

I don't doubt your sources! It's big business.

Have an awesome New Year, Nige!!

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Polly 30th December, 2017 @ 17:02

Solicitors always say that they make more money from sorting out home made Wills than they make from doing the job themselves in the first place. So however you do it - make sure you do it properly.

Do not name a bank or solicitor as an executor in your Will - banks in particular charge an absolute fortune. There's nothing to stop your executor getting some or a lot of help from a solicitor, but they will remain in charge of the process.

Do not cut out any relative (eg your wayward step daughter). Instead, leave them a small amount - and put an explanation in the Will saying why you have done so. They are in a far weaker position to challenge the Will than if they are omitted completely. Also (from what I have read - not experience) I think it is difficult for someone to successfully challenge a Will unless they were dependent on the deceased.

If you think there is any chance of your Will being challenged on the grounds of your mental incapacity, get a doctor (either your GP or you could stalk someone at the staff entrance of your local hospital) and your Solicitor to witness it. Doubtless it will cost you a bit to get one to come to the office of the other at the appropriate time, but it would be pretty difficult for anyone to later make a challenge that you were not of sound mind.

If you want to ask legal type questions, including about Wills and Probate, I recommend lemonfool.co.uk - legal issues board.

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The Landlord 30th December, 2017 @ 20:55

@Polly
Nice tips/comments, thanks for sharing :)

I hear challenging is pretty common, particularly between the children of the diseased (i.e. when someone is completely missed out, who doesn't receive an equal share). No idea how successful the challenges are, though.

I've never heard of lemon fool before, but seems very active!

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Peta 4th January, 2018 @ 17:54

yes, wills are very important. We made ours years ago (and yes, they need updating!) when we found out that if we both died together without a will my husband's family would get the lot!

Also, re: contesting wills - I read somewhere recently that the way round this is to leave an unloved relative something very small (and possibly hideous?) in the will. This way they cannot claim to have not been considered and therefore contest apparently!

And finally - check how % stuff is left - especially if it is going to charities. A client's mother had left a % to a large charity in her will and it was worded in such a way that the charity were able to prevent the sale of her house for under the market value which caused a lot of unhappiness for the rest of the family as they wanted it sold quickly and the estate sorted. This meant the charity prevented the estate being sorted until the house sold for the full market value - which took some time apparently.

Thanks for spurring us on to get our affairs in order!

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The Landlord 5th January, 2018 @ 08:31

@Peta
Thanks for your comment Peta, useful points (particularly the one about leaving behind something possibly hideous, like a beloved pet dog with rabies hah) :)

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Grumpy 15th January, 2018 @ 07:43

How did I miss the xmas blog post.....

Yes got a will in place, relatively painless to do. The process also revealed that due to various insurance policies, if both me and mrs grumpy die in the same plane crash then our relatives will be living the high life for a long time.
Hence it started a rapid cancellation of said policies.

Also having just spent another £1000 of MORE fire alarms for the building the decision to sell up was the correct one. Apparently the 12 existing was not enough.

Apparently we are the scumbag capitalist overlords and not the thick as mince tenants who removed the plug from the fridge so he stuff the WIRES into the plug socket back to front “cos it stops the eleccy meter charging them...”

Gggggrrr

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Nige 15th January, 2018 @ 10:16

@Grumpy

Do you mean the scumbag tenants who whinge about filling in forms to get free money whilst I am still struggling over last years accounts working under candlelight to avoid a fine ?

Electrics? How about the extra twin socket we found they fitted. It was noticed because they had fitted it with 4 inch nails and connected it with the cable used for light fittings. Or the kitchen we found where every socket had been rewired with reverse polarity.Your post may explain why. Or the lovely divider unit with 4 twin sockets hard wired with a bit of chord from an iron.

Now you know why tower blocks catch fire.

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Grumpy 15th January, 2018 @ 10:24

@Nige.... its Obv innit, I forgot to mention the reason I found the reversed wires was they had a gas leak and had forgotten to mention it.....

I once found Coal in the Oven, yes coal. Apparently an electric oven does not cook food properly!

surprisingly the tower block story didn't really get the full story on BBC..... http://metro.co.uk/2017/06/15/man-whose-flat-started-grenfell-blaze-packed-luggage-before-raising-alarm-6710853/

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Nige 15th January, 2018 @ 10:39

@Grumpy
I will race you to publish the book.
Talking to a letting agent the other day who got fed up with calls asking ''how to''. She told them the best solution would be if she moved in to make sure they did things right.

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Grumpy 15th January, 2018 @ 10:43

@Nige

Good luck with the book, no one will believe it.
Im dealing with the cockroaches now. Apparently the cockroaches and the piled high food and rubbish in the flat are unrelated. Also apparently the bins are full, again unrelated to the fact they have to actually put the bins out one a fortnight to actually be collected. Sobs....

Goal for 2018.... sell all properties...

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Nige 15th January, 2018 @ 11:29

@Grumpy
They might believe it !! After all you have seen the 'you've been framed' type of programme on tv.Who the hell would insure humans ?
Currently down from 13 properties to one and thats with an agent.

Sell ? Now you are in the wonderfull world of CGT ...more work.

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andrewa 13th February, 2018 @ 16:54

@Nige
Done a bit of research. Its called a usefruct or life rental under Scottish law.You gift usefruct property in tax efficient manner to daughter, she owns it, you retain enjoyment of property till death.

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Nige 14th February, 2018 @ 01:15

@Anndrew
Thanks for the info will look it up.

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