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PrelovedPrams's latest comments
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17th Aug 2018PrelovedPrams commented on:
Wills/Insurance policiesI can certainly understand how you feel. I would recommend that you find a really good financial adviser as this is all very straightforward. Your life assurance should be written into trust, which is effectively gifting your policy to your son upon your death. Therefore, since its his, the cash is forwarded to him, tax free and immediately. In other words, because you gifted it to him, it no longer is yours when you die and does not get included in your estate for probate purposes.ViewDate:
17th Aug 2018PrelovedPrams commented on:
Buying the freehold of my houseHi Patsyann, Please don't be worried as there are options. Buying the F/H is just one of them. The other two options that I can think of is one, is extending the lease, which you have the right to do. New leases tend to be for 99 years and the cost of extending it varies greatly, but it will be significant - thats for sure ! The other option is to do nothing as it is likely that the lease will out live you ! It will then be down to your inheritors to decide which would be the best option. Before decideing whether to buy the f/h or extend the lease, please consider the type of property that you own. If it is a semi or detached property then buying the f/h is a really good option. Owning the f/h means that you are responsible for everything above and below you. So one must consider carefully if your property is a maisonette or flat as you would not want to own the responsibility for everyone else ! In such cases, the fellow owners, jointly buy the f/h and thus share the responsibility. I hope this helps a little.