The Retirement Thread
3 lurkers |
175 watchers
Sep 2023
1:57am, 29 Sep 2023
15,522 posts
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jda
Two good reasons for executors not wanting to pay out early are that (a) someone might challenge the will and (b) some previously unknown debt might turn up and empty the estate. So while a domestic executor might judge the risk to be small and pay out some stuff rapidly, I can understand a solicitor being reluctant (and advising against it).
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Sep 2023
7:45am, 29 Sep 2023
5,472 posts
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Winniefree
I took the decision not to pay anything out at all until affairs were fully settled for my MiL for that very reason. I didn’t want to end up with a debt because there was something we weren’t expecting (plus we had a ‘difficult’ relative in the mix).
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Sep 2023
8:37am, 29 Sep 2023
16,716 posts
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XB
We distributed miles estate after settling and agreeing IHT and relying on a Self Assessment return which stated that no further tax was due. It turns out that £650 of further tax was actually due. We explained that the estate had been distributed and that two of the beneficiaries had signed a deed of variation. HMRC's response: the tax is due but we aren't going to pursue it! |
Sep 2023
9:00am, 29 Sep 2023
9,386 posts
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DoricQuine
Being widowed when I was only 8, my mum basically lived from hand to mouth all her life so it was simple for me to deal with things when she died. Her 'penny policies' covered her funeral costs and what little there was left was split between the grandchildren. As my two half brothers had very little to do with mum and left me to do everything, including clearing out her sheltered house flat within a few weeks of her passing, I'm not ashamed to say that my two, who loved their Nana and saw her frequently, got a bigger share.
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Sep 2023
11:28am, 29 Sep 2023
4,146 posts
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Pou Pou LePhoõk
I was the executor on my mum's will. She had one savings account and no property as she had been in a home and the house was already sold. Simple three way cash split. I held back 10% in case of any unforeseen debts. It was a reasonably simple process. Retire asap everybody. Since my retirement two years ago I've been to Mallorca, Portugal, USA, Malta, India, Singapore, Malaysia and am currently in Japan. Plus various UK holidays. Roughly 50% of my time has been on holiday, all on a budget that is not much greater than if I were at home 
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Sep 2023
11:56am, 29 Sep 2023
111,784 posts
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Hanneke
I am aiming for that Poupou ☺️
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Sep 2023
12:56pm, 29 Sep 2023
4,265 posts
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Ally-C
Aye, but apart from that Pou Pou what have you done? 😂 Magnificent holidaying 👍🏻 |
Sep 2023
1:55pm, 29 Sep 2023
39,251 posts
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Mrs Jigs (Luverlylegs)
I have just completed my first week in my ‘new job’ , nothing has changed 😂 not likely to anytime soon so all that upset and stress for no good reason, my plan to put my notice in at the end of November also remains unchanged
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Sep 2023
2:12pm, 29 Sep 2023
31,725 posts
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macca 53
Our strategy was pretty much the same as Pou Pou’s. Spend half the year (most of the winter!) on holiday. My company pension funds our UK expenses snd my state pension funds our overseas trips - mrs macca reaches her SP age from January 24 so we have no plans to change our lifestyle any time soon. We retired in October 2017. Come on in folks it’s lovely. I also worked with my cousin (university lecturer) and her husband to demonstrate what we did and they have jumped as well (and both look 10 years younger already!) |
Sep 2023
2:16pm, 29 Sep 2023
81,713 posts
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Diogenes
What sort of places do you stay, Pou and Macca?
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McGoohan Useful Links
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- How Much is Enough to Retire On?
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- Free Govt website for pension advice
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- Check your National Insurance contributions
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- Martin Lewis on pensions
- Support and advice for those widowed under the age of 50
- Power of Attorney information
- Making the most of your retirement
- 20 tips for a happy retirement
- Married Couple's Allowance
- Aviva guide to retirement planning
- U3A
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- Make a Power of Attorney
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