Situation with Mother-in-Law Living in the House

A client told me about a situation some friends are in. It would appear, it is not totally unique, and talking to others, the situation may be on the increase. I have listed below some of the common characteristics: Couple (Man and Woman) typically aged 40 may be married or not. Have recently bought a house together on a mortgage and set up home. Typically have young children. The children...
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Can I and My Wife Transfer Our House to Our Children to Reduce Inheritance Tax?

Reading in a popular newspaper a reader had written in asking this question. The article made the point, that the reader would need to make sure they were legally protected, and could remain in the house. It also advised setting up a trust to put the house in, using a specialist lawyer. These two points are very valid. I would also add, such advice does not come cheap. Expect to pay £...
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What Can I Do If I Have an Inheritance Tax Liability?

Inheritance tax has been described as a voluntary tax. It is true if you are wealthy, and you give your assets away, well in advance of dying, you might be able to avoid it. Sadly, many of us don’t give it a thought until it is too late, and tax is payable on our death. So what should you do? Firstly, count up all your assets. If necessary, obtain valuations, if one hasn’t been done for som...
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Why is Mental Capacity Important When Making a Will?

The majority of Wills written shouldn’t create a problem when the person making the Will, the testator dies. Most are perfectly fair, leaving everything to a spouse, and failing that the children equally. Even if the mental capacity of the testator wasn’t great, in the majority of cases, it is unlikely to be questioned. However,the situation is very different, when a testator has unusual wis...
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WHY WOULD YOU BUY YOUR FUNERAL PLAN IN ADVANCE?

That is a good question. Surely, you must have better things to spend your money on! If you have plenty of money, and close family, you might think they can sort everything out after your day. It is helpful if your family know what you would want, and details may be given in a Will or separate letter of wishes. For most of us, it is not a subject we like to talk about, so it can be overlooked. ...
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BE CAREFUL WITH LOW PRICE INTERNET WILLS

When buying anything, there is typically a normal price you might expect to pay. If you are offered something much cheaper, there is generally a good reason why. For example, it could be a piece of furniture you have to build yourself or an electrical item that soon goes wrong! This is also true with buying a Will. The low cost offerings tend to be, Will Packs, from a stationers shop, on line ...
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IF I HAVE AN ENDURING POWER OF ATTORNEY SHOULD I TAKE OUT A NEW LASTING POWER OF ATTORNEY?

Although “Lasting Powers of Attorneys” have been around for 12 years now, there are still lots of people with the older “Enduring Powers of Attorneys”. Questions can arise about these, and the differences between the two documents. The Enduring Power of Attorney is a fairly simple document, which enables you to appoint your Attorneys, in case you lose mental capacity. It only relates to finance a...
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HAVE YOU THOUGHT ABOUT MUSIC FOR YOUR FUNERAL?

When writing a Will, it is a good time to think about your funeral. The obvious questions arise, whether you would like to be buried or cremated, and where. It is also wise to think about the practical arrangements of the funeral itself. Normally, the funeral director will advise family members of what they could have. However, it can be helpful if you give thought to the funeral while you are ...
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DO CHILDREN STILL BENEFIT IF THEY ARE ADOPTED AND THEIR BIOLOGICAL PARENTS DIE AND THERE IS NO WILL?

When it comes to Wills, it gets more complicated when children are put up for adoption, or adopted by a new parent. A further complication is the situation where there is no Will, and we need to consider what the law says. When a child is given for adoption, any legal rights the child would have had from their birth parent are cancelled. Having said that, there is nothing to stop the birth pare...
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MY HUSBAND WON’T MAKE A WILL, WHAT SHOULD I DO?

Last week I had a meeting with a lady who was very concerned her husband won’t make a Will. Their situation was not uncommon. They are in their 50’s, and both have grown up children from previous marriages. They own their own house jointly, with no mortgage, and no major other assets. As neither of them have a Will currently, it is a bit of a lottery as to who benefits. Quite naturally, they wo...
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