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Topic: Wills  (Read 1024 times)

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Wills
« on: November 15, 2007, 04:24:42 PM »
I'm not sure where to put this, so thought I'd put it here.  My hubby and I are trying to get our ducks in a row as we don't have wills and our house is only in his name currently. 

Does anyone know what an approximate solicitor fee is for a simple will?

I think to put the house in both names it is at least 200 pounds.

Thanks.


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Re: Wills
« Reply #1 on: November 16, 2007, 03:29:20 PM »
If you own assets in both countries, you will need a will in both countries.  In that case, it won't be simple since you have to add special language so that neither will cancels the other will out. 

If your net worth is in excess of the UK or US tax-free limit, you'll need someone who's clued in enough not to set up a trust in one country that will be subject to ridiculous tax rates in the other country.  That's not cheap either.

The threasholds that apply are lower if you have a different domicle from your spouse.  If you're not sure what your domiciles are for UK and US inheritance tax purposes, you may want to confirm what they are with a reputable dual US/UK accountant before beginning the will writing process.

If you own assets in just one country, and you are well below the taxable thresholds, you can probably squeak by with a cheapo will, perhaps even one of those will kits from Staples.
Liz Z i t z o w, EA
British American Tax


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Re: Wills
« Reply #2 on: November 16, 2007, 03:57:24 PM »
It is almost certain that a simple Will could have the opposite effect of what is intended.

If you are domiciled in New York State and your spouse and children and domiciled in England & Wales you will find that you will indeed require Wills drafted by a lawyer who understands New York state laws, English law, US estate tax if you die first and UK inheritance tax if your spouse dies first.

Most solicitors charge hourly rates but a local solicitor may not be appropriate if you end up paying for her or him to "learn" the US rules.


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