Opinions on a tough subject (wills)

[4KSuited]

This is never ever an easy subject.

However, it seems that, barring a terrible accident, your parents will be around for at least another 30 years. You mentioned 50 years, but we're assuming this may be a little exaggeration?

In essence, they have a long time to consider the options. In the interim, they should write mirror wills that leave everything to each other with the exception of certain personal items (e.g. mother's jewellery usually gets left to the daughter; dad's watches (or whatever) go to the sons). In an ideal world, the aim should eventually be to have an estate within the limits of Inheritance Tax allowance after the second of your parents pass. Equalisation of the cash gifts can be sorted during the years following the draft of the mirrot wills, at the discretion of your parents, so it does not need to be dealt with in a will if they don't want it to be and if they have the available capital to do it.

If they want it to be done in the will, then you all have the opportunity to discuss the issue individually with your parents. This is probably the fairest way to proceed. He/they can hear what each of you have to say and then reach their own decisions. He doesn't have to tell any of you what's in the will/s but he can tell you all that he and your mother have made what they feel is the fairest distribution of their estate when the time comes.

It's a little late, and perhaps I'm not articulating very well, but the key point is that they have PLENTY OF TIME to work out how to deal with the children. First, just do the mirror wills, so in that way he will feel like progress is being made. In addition, the solicitor who drafts the wills can give him completely independent advice too.

[SuuPRlim]

Its a bit morbid but nursing homes/best health care in these times will chew up 900 bags pretty quick, if they splash around on retirement a bit first might not be much left to discuss in 30 years.

[dakky]

What about interest on the loan? Are you paying that or your parents? If it's them, it'll add up to quite a bit over the years. Of course, they wouldn't have had to get it if they hadn't given some to the others, so the cause is shared, but it's mainly incurred by you, if we're getting down to the nitty-gritty.

I'm paying the interest on the loan. Ie. I'm paying the interest instead of paying rent to a private landlord

[dakky]

I mean I should point out that I was exaggerating of course. I CANNOT BEAR THE THOUGHT OF them dying. It is my only fear in life. They are 70 and 76.

[dakky]

Just reread this and am confused on why you say your parents have no money but the house - why have they given away so much cash which will if they passed away tomorrow be liable for tax from you and your siblings.

Also giving away all your cash and just leaving yourself with a house can have serious ramifications to your potential care in the future'

Trouble is you dont say how old your parents are,

76 and 70. They do have money maybe a couple hundred K and my mum still works. I was just trying to make the ex pls making simple.

My dad has a MUCH smaller pension than  he should  do. He got screwed by th e equitable life collapse/scandal