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Share your experiences of inheritance with Tower Street Finance - £200 voucher to be won

(139 Posts)
LucyBGransnet (GNHQ) Mon 15-Mar-21 09:30:19

This sponsored discussion is now closed. Thank you to everyone who posted below.

No one likes to think about what happens when a loved one passes away. Talking about inheritance - who is going to be left with what in a will or indeed who is going to be left out of a will – can make most people feel uncomfortable. But these are important conversations to have, because navigating your way through the legal process of an inheritance after a loved one has passed away can be stressful and confusing.

With this in mind, Tower Street Finance would like you to share your experiences with inheritance.

Here’s what Tower Street Finance has to say: “Tower Street Finance makes it easier and quicker for people to access their inheritance. Its award-winning Inheritance Advance product is for beneficiaries and the Inheritance Tax Loan, which is paid directly to HMRC to settle the IHT bill, is for executors. Both products offer: no credit checks, no charge over property, no personal liability, no monthly repayments and come with a fixed monthly interest rate.

The loan is repaid from the estate funds once probate has been granted and the estate is ready to distribute. There is a 2% origination fee (capped at £1,500), which can be added to the loan, and a fixed yearly interest rate of 19.6%. Interest roll-up is capped at 30 months.”

Have you spoken to your loved ones about what inheritance you plan to leave to them? If you haven’t, is there a particular reason why? Are you expecting to receive an inheritance? Do you know how long it takes to receive your inheritance? Do you know if you will be liable for an inheritance tax bill? What would you do if you are faced with an inheritance tax bill – this is 40% of the overall estate? Have you ever wanted to dispute who benefited from a will?

Whether it’s about the inheritance you’ve planned to leave loved ones or you’ve received an inheritance from a loved one, we want to hear all about your experiences with inheritance. All who post on this thread will be entered into a prize draw where one lucky GNer will win a £200 voucher for a store of their choice (from a list).

Thanks and good luck!

GNHQ

Insight T&Cs apply

Redhead56 Sun 28-Mar-21 13:38:40

We inherited money from DH parents we bought a small cottage in Wales with it. I inherited money from my mother I gave it to my DC. We inherited money from an aunt and uncle we gave some to our DC and invested the rest. We have Wills sorted out our DC do not like us talking about it. But they know about investments we have ISAs savings personal belongings etc.

Elizabeth1 Sun 28-Mar-21 16:06:51

My dh and I have made out poa equally to our two children who will sell our home and share the proceedings not that there will be much to share. We’ve both got wills nothing complicated there and we’ve both got life policies which will more than cover any expenses needed at short notice uncomplicated lives we lead. Hope our two children can ultimately agree on final arrangements. They know us so well and they are kind children. But who knows, it’ll be down to them.

nabob Sun 28-Mar-21 23:05:52

I will probably leave my money to RNLI . I realise I need to make a will. I hope to do it soon as Covid has made life short and unexpected.
NO I have never inherited anything.

Keffie12 Mon 29-Mar-21 00:39:57

All my affairs are in order. My adult children inherit. My eldest is the executor of the estate. There are 4 of them. They aren't particularly close. Two of the 4 live abroad.

My eldest is the serious sensible one so all will be sorted properly. I'm close to them all as was/is my late husband who passed 3 years ago. He is there step dad and the dad he didn't have to be to mine.

Though I'm close to my youngsters because of the horrific divorce I went through from the biological one as the boys call him it caused some problems.

My 2 eldest boys used to be really close. My 2nd son has mental health issues which seriously impacted his relationship with his elder brother. They never have quite recovered from it though are civil when they see each other

I inherited a small amount from my late mom. Mom inherited alot of money in the 80s which she used to help me bring the children up.

My late husband wanted his share of his inheritance from his mom who is still alive to pass to me. I very much doubt that will happen because of certain family dynamics on that side. To be quite honest I couldn't hack the trouble that would come with it so don't want it anyway

Keffie12 Mon 29-Mar-21 00:42:04

Keffie12

All my affairs are in order. My adult children inherit. My eldest is the executor of the estate. There are 4 of them. They aren't particularly close. Two of the 4 live abroad.

My eldest is the serious sensible one so all will be sorted properly. I'm close to them all as was/is my late husband who passed 3 years ago. He is there step dad and the dad he didn't have to be to mine.

Though I'm close to my youngsters because of the horrific divorce I went through from the biological one as the boys call him it caused some problems.

My 2 eldest boys used to be really close. My 2nd son has mental health issues which seriously impacted his relationship with his elder brother. They never have quite recovered from it though are civil when they see each other

I inherited a small amount from my late mom. Mom inherited alot of money in the 80s which she used to help me bring the children up.

My late husband wanted his share of his inheritance from his mom who is still alive to pass to me. I very much doubt that will happen because of certain family dynamics on that side. To be quite honest I couldn't hack the trouble that would come with it so don't want it anyway

Meant to add. I've a prepayment funeral in place as did my husband and insurance policies for the youngsters too

AliceLGransnet (GNHQ) Mon 29-Mar-21 09:40:18

Thank you for everyone who took part. The winner of this prize draw is @Jaxjacky smile

Marmight Mon 29-Mar-21 09:48:34

I’ve recently acted as Executor with my cousin for my late Aunt. Apart from using her next to useless solicitor, & the fact that she made over 30 separate bequests ?, the biggest pain was the ‘Tax Man’. The estate was finalised in January last year but even last week we received yet another demand from the totally inefficient Tax dept. Luckily I’ll never have to act as executor again having done it 3x for various relatives. My will is simple and I hope my own executors don’t have the problems I’ve had. And, yes, I have had the talk with my family. As I intend to go ‘skiing’ once allowed to travel again, there may not be too much left, apart from a modest property ?

muse Mon 29-Mar-21 10:11:06

AliceLGransnet

Thank you for everyone who took part. The winner of this prize draw is @Jaxjacky smile

Congratulations thanks Jax. Hope there's a good choice of companies you can choose from. smile

Auntieflo Mon 29-Mar-21 12:20:01

Congratulations Jaxjacky. Enjoy a spend up .

Dannydog1 Fri 02-Apr-21 19:57:54

My sister and I dealt with my mum’s estate which included a property and investments and didn’t find it too difficult to do. I have made my will.

christinawadeley Mon 16-Aug-21 03:19:25

My mother sadly passed away earlier this year and left myself and other family members some money in her will. I was the executor of her will and although I thought I'd done everything right there were still bills that needed paying after I had followed through with the requests I used some of my inheritance to pay for these. In addition as I then had savings, I had to let the dwp know and it affected my benefit income. I found it really difficult as no one explains what you have to do when a loved one passes and at the time you are consumed by grief you have to sort everything out. It was a horrible experience for me

greig23 Mon 16-Aug-21 11:08:21

Never inherited anything yet , probbaly due to in the near fture but hate talking about it aha

chris8888 Wed 18-Aug-21 08:07:09

I have not had or expect to receive any inheritance.
I have nothing to leave as house sold long ago due to divorce.
I have however pre paid for my funeral I would hate for my family to worry about the financial costs of that.
I have spoken to my children they know their is no inheritance.