What's Inside
A common strategy to reduce inheritance tax is to give it away while you are alive. But how much you should give, when you should give it and to whom?
Do you know your POAT (previously owned asset tax) from your PET (potentially exempt transfer)? Want to make sure your spouse can remain in the matrimonial home after your death, or that your nasty son-in-law or daughter-in-law won't get it all?
These issues are complex and are discussed in several sections, notably Money, Tax and Legal. ...................................................................................................................................
To do or not to do? By yourself?
Some people write their own wills, do it well, and save money in the process.
Some make an almighty mess of it, condemning their heirs to pick up the costly pieces.
See for yourself in DIY, DIY Yes, DIY No
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Despite its title, the Oldies section is recommended reading for all ages. Most of us put off writing our wills - often until we are, yes, old, too old in many instances. This section highlights the pitfalls of procrastination - don't wait until tomorrow to read it.
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Do you own property outright as a sole owner, or jointly with someone else? And if you do share ownership, do you own jointly or as "tenants in common"? These simple questions have tricky answers, and making a mistake can cost a small fortune (as cricketing legend Geoffrey Boycott discovered). See property and property ownership for basic information and case studies.
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Do you own property or have savings or other assets in another country - or is/was your husband, wife, civil partner or live-in lover born in a foreign country? If anyone in your family has links outside England and Wales, see the sections on property, foreign assets and domicile.
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Famous People has major entries listed by name and, in In the News, shorter entries for celebrities who died recently (such as singer Amy Winehouse or trucking magnate Eddie Stobart) or whose legacies have recently come to light (Spike Milligan died in 2002 but his estate became newsworthy again with the death of his widow Shelagh in 2011). Princess Diana merits a section under Famous People and the full text of her will is in the Actual Wills section.
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Wonder where to store your will? Check out Practical and Buyer Beware (which also highlights dodgy deals involving all manner of will writers). The Basic page discusses the advisability of making (and updating) wills and provides basic information on inheritance tax and related issues.
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Harold Shipman was a doctor, a serial murder and a will forger. He gets a page on his own as well as a mention in Killer Doctors, which details the homicidal tendencies of many other docs. There are also separate sectios on Forgery and Murder.
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The bigger the house, the bigger the heating bill. The more valuable the house, the larger the inheritance-tax bill - and the greater likelihood that the heirs will be hard pressed to pay it. Thus do many private homes become public. In addition to the piles described in the Stately Homes section, photo-caption stories dotted throughout the site describe many other properties.
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Sex, drugs, rock n' roll?! With the sad sudden death of soul singer Amy Winehouse in July 2011 (see In the News), a new member joined the Club of 27 - rockers who died at that age include Jimi Hendrix, Janis Joplin, Jim Morrison, Richey Edwards and Brian Jones. Other pop stars in this site include Elvis, Michael Jackson, Dusty Springfield and James Brooks.
Sex and drugs and at least a little bit of rock and roll figured in the lives of Hong Kong billionaires Nina and Teddy Wang. Anna Nicole Smith, an erotic dancer with an eye for (much) older men, died - as did Elvis and Michael Jackson - with a bellyful of pills. Many of the above are in the Famous People section.
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Do wills and weirdness go together? You decide: A lawyer communicates with the dead. A mother disinherits her children in favour of a preacher who predicts that the world will soon end - and when it doesn't, he simply provides a new date. A vagrant inherits a fortune. A young writer's life changes when she inherits a bundle from a long-ago teacher. Weird describes these items, and more.
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When Olive Watson adopted Patricia Spado, the mother was a year younger than her daughter. Both were adults at the time, and the two woman were also lovers. With Olive as her mother, Spado became the granddaughter of Olive's father Thomas - head of IBM, the company founded by his father. Thomas Watson had created a fund for his grandchildren - and the fund's trustees were less than thrilled at the prospect of shelling out to Spado. Court proceedings began in 2004/5, and last we heard (July 2011), the finish line has yet to be reached.
