Do I need to name relatives in my will?

In brief. If you specify the names of the beneficiaries they will benefit from their individual thresholds. Threrefore it will be passed on without them paying any inheritance tax.

...solicitor still needed. Hope this answers your (simple) question.
 
Well done Marianne. It's good to see someone thinking things through....Taxman has already gotten his share of your earnings. It's good to pass it on in a tax efficient way.
 
pc7 said:
you could always pop in a claus that if they are in college they can access it, they would have a ball being loaded in college :)
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If you a serious then I think that would be sad ,not all people want or have the brains to go to College I'm thinking, So maybe they should get more as people who go to college on average have a better chance of earning more money. So they would not need it as much as someone who does not go to college. I take it you are not letting even your sister know what you plan to do in your will as this could make things a bit awkard.
 
Gordanus said:
In my will I had (have - I'mm still alive ;)) the money held in trust till they were 25 .......but that was remembering my own youth & immaturity. (I would have liked to say 30, but felt that might be a bit mean)
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Gordanus - Froma tax point of view this is not the best way to do it - I would gt advice on this. There may be additional taxes if they are not to get funds until 25 payable by the Trustees of the trust. check it out.
 
Marianne

You could have the will written thus - I bequeath the sum of 50k to my sis, and the sum of 150k to be split equally among the children of my sis then living. this covers off the possibility of additional kids while excluding the brother in law in case he does a runner!

this ensures that your sis pays no tax and assuming there are three kids alive (it sounds awful but it does happen) they should have no tax either.

hope this helps
 
Ned_ie said:
Gordanus - Froma tax point of view this is not the best way to do it - I would gt advice on this. There may be additional taxes if they are not to get funds until 25 payable by the Trustees of the trust. check it out.
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It depends on the type of trust. Also a trust can be broken by the beneficiary once the youngest entitled reaches 18.
 
Again it depends on the type of trust doesn't it Vanilla? I would still get tax advice on it.
 
There are certain additional income taxes on trusts. But unfortunately there often isnt a credible alternative. So while a client should be advised of the potential tax it shouldn't put them off necessarily.
 
True - I agree. However, it sometimes happens that the people setting up these trusts are not qualified to give tax advice and as such they are more often than not set up incorrectly with the result that their tax efficiency is greatly reduced.
 
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