Making a will!

[goodnightsienna]

With my wife Margaret in a Care Home for past eighteen months I need to make out a fresh will( I am in my late eighties)

I take a water colour painting group in a local Hospice and one of the group who had previously had her holiday in Spain cancelled by her doctor commented "I assembled my four children--gave them a cheque each--you should have seen their faces! one of them went out and bought a car--much better than making a will!"

 

[creativesarah]

Thats so lovely how nice to see and enjoy the recipients getting pleasure out of their gift.
Good for you running a watercolour class are you going to show us any of your work?
I'd love to see some

Sarah

reminds me i havnt made a will yet

 

[Nebiroth]

It's a lovely idea, but you do need to watch out when giving away large gifts. If the person giving them away has to go into care at some point, the local authority may decide that the gifts were a "deprivation of asset" which means giving away assets (usually money, but can be anything) to evade care fees.

The same thing applies if, for example, you give away savings and then apply for Pension Credit or other means-tested benefits.

Lastly, keep in mind that gifts need to be recorded, this is because it may be necessary to include them as part of the person's estate for Inheritance Tax purposes.

 

[goodnightsienna]

Thats so lovely how nice to see and enjoy the recipients getting pleasure out of their gift.
Good for you running a watercolour class are you going to show us any of your work?
I'd love to see some

Sarah

reminds me i havnt made a will yet

I shall sort some examples of my "Art into the Community"
Goodnight sienna

 

[david451]

It's a lovely idea, but you do need to watch out when giving away large gifts. If the person giving them away has to go into care at some point, the local authority may decide that the gifts were a "deprivation of asset" which means giving away assets (usually money, but can be anything) to evade care fees.

The same thing applies if, for example, you give away savings and then apply for Pension Credit or other means-tested benefits.

Lastly, keep in mind that gifts need to be recorded, this is because it may be necessary to include them as part of the person's estate for Inheritance Tax purposes.

It's called stripping the assets and it's illegal, folk used to do it shortly before they declared they were bankrupt.

 

[Nebiroth]

Giving away assets is not illegal, unless it is done with the intent of committing some form of fraud. That would include the evasion of care home fees or qualifying for means tested benefits following the gifts. In that case the gifting would be classed as "deprivation of asset". It would not lead to a prosecution, but the person giving would be treated as though they still held the asset. Normally, this would require that the authority in question establishes an abnormal pattern of giving (or spending) without explanation and often it must prove there was intent as well.

One can give away one's assets - but it is important to realise that there can be consequences beyond the immediate financial ones.

Probably the most unwise thing anyone can do is to "sign away" property which they continue to live in.

 

[goodnightsienna]

Thats so lovely how nice to see and enjoy the recipients getting pleasure out of their gift.
Good for you running a watercolour class are you going to show us any of your work?
I'd love to see some

Sarah

reminds me i havnt made a will yet

Hope you enjoy looking at these Sarah, just an example of my paintings and friends paintings

 

[Jancis]

That's a great watercolour - do tell us more about it. I'd love to see more of your own and your group's paintings. Watercolour is a wonderful medium but a really difficult one to master.

 

[goodnightsienna]

With my wife Margaret in a Care Home for past eighteen months I need to make out a fresh will( I am in my late eighties)

I take a water colour painting group in a local Hospice and one of the group who had previously had her holiday in Spain cancelled by her doctor commented "I assembled my four children--gave them a cheque each--you should have seen their faces! one of them went out and bought a car--much better than making a will!"

Glad you liked the watercolours I have been,along with my wife Margaret.taking water colour into Hospices, care homes,and the local hospital since I retired from teaching in Oldham 21years ago. Margaret is now in a Care Home but I continue with my ten volunteers,bringing the wonder of water colour into resident and patients lives I am indeed fortunate God is good. love John x