Where there’s a will, there’s a... relative
Why...
Did God invent money? To keep you in touch with your children.
It’s a sad truth that money trumps politics, religion or sexual orientation as the biggest buster-upper of families.
Here I stick my hand up and admit in my own family if mention is made of wills and inheritance it’s like nails down a blackboard.
Before we get personal, let me start with the tax logic... or utter lack of it. If you’ve had your nose to the grindstone, worked hard and paid your taxes, why do you get taxed again gifting it to whomever you please. Now I know in the UK there is a daft provision that if you live for seven years after the bequeath then what you bequeath is tax free. But why? What cockamamie logic is that?
When you are on the last lap of the race of life and you need money to look after yourself and lessen the burden to others... sorry, you must give it all away to lessen the inheritance tax bill. Either you live in poverty in your last years or rely on those you gave your money too will look after you. Either has the potential for disaster.
Next. The taxman's beady little eyes are more shortsighted than a mole. They value an Estate at time of death, not at the grant of probate. Mad. Let me give a simple example. Let’s say you sadly popped your clogs before the crash of 2007 when stocks were high but your wife who achieves probate afterwards when stocks were often more than halved; she would find there was very little left after the taxman had his Jaws like bite.
Then there is probate itself. Legal constipation at its finest. Even simple probate takes a year and more complex ones taking up to five times that.
Once you have got through all this... the legal challenge. A minefield and the explosive device upon which many a family have trodden and blown themselves to smithereens.
