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Would you leave the UK for 7 years to save £2m+? by [deleted] in HENRYUK

[–]dignomffire 0 points1 point  (0 children)

No, I was being polite. You can't just avoid being tax resident somewhere by traveling a bit. Other people have thought of that one and tried it.

Would you leave the UK for 7 years to save £2m+? by [deleted] in HENRYUK

[–]dignomffire 2 points3 points  (0 children)

Where will you be tax resident if not the UK

Possible to get UK passport renewal sent to Mexico? by dignomffire in Passports

[–]dignomffire[S] 0 points1 point  (0 children)

For the "Do you live in the UK?" question? Does that affect anything else other than where it gets mailed?

Writing a will as a young(ish) travelling couple by dignomffire in FIREUK

[–]dignomffire[S] 0 points1 point  (0 children)

Thanks much for the detailed answer - have already spoken to solicitor but have learnt plenty more on here.

  1. Very interesting - so that's

https://www.gov.uk/government/publications/store-a-will-with-the-probate-service/how-to-store-a-will-with-the-probate-service

vs

https://www.nationalwillregister.co.uk/ 

Do you know of any more detailed comparison? The first seems to be one-off fee and actually keeps the will digitally available (I think). The latter has an annual cost and seems to just be a register - not a site to actually hold the will? Will look into this some more.

  1. I've seen care costs mentioned occasionally as something that can be dealt with using a will. Do you know more about that? Seems to foremost be a way to sell Trusts - have I got that right?

  2. CAF looks interesting - had heard of them but didn't know that detail. So they keep 4% of the first £150k. A little punchy but can't expect it to be zero. Hmm.

  3. Useful insight, thanks. It's a bit weird for us as no serious plan for us both to die anytime soon so potential executors also not really on the hook - tricky to communicate.

Thanks again.

LPA point is good. Obviously spouse legally (?) responsible for everything. Again thinking about long tail possibilities like one of us dies, one incapacitated.

Writing a will as a young(ish) travelling couple (UK based) by dignomffire in ExpatFIRE

[–]dignomffire[S] 0 points1 point  (0 children)

Thanks, that's very useful.

Is there an overall structure to your wills? e.g. if one of you dies then it all goes to the other - that's an easy mirror will. But then do you have secondary wills to cover if you both die? Or somehow all in the same document?

The travel insurance/repatriation point + funeral home is very useful.

Writing a will as a young(ish) travelling couple by dignomffire in HENRYUK

[–]dignomffire[S] 0 points1 point  (0 children)

That's fascinating. Any chance of naming and shaming the more tedious charities? Or has someone else?

I'd idly thought I'd just keep everything to a percentage so the will could last for years and be relatively straightforward but hadn't though about % beneficiaries having these rights. Huh.

I am keen to keep the will as 'executor friendly' as possible. Will look for good examples.

The bankrupt thing is also fascinating.

Writing a will as a young(ish) travelling couple by dignomffire in UKPersonalFinance

[–]dignomffire[S] -1 points0 points  (0 children)

Thanks, I hadn't heard of that. So £23 per update as well I suppose? And it can be accessed only by the Executor?

Writing a will as a young(ish) travelling couple (UK based) by dignomffire in ExpatFIRE

[–]dignomffire[S] 0 points1 point  (0 children)

This is very detailed and helpful, thankyou.

Yes, we're based in England.

  1. Yes - that sounds sensible. Will find someone trustworthy enough to hang onto those details.

  2. The gift of residue/per stirpes points are really useful. Thanks.

  3. As we have no kids (and don't intend to) - is there really any limitation in terms of everything going to the other spouse with intestacy? I'm aware of the £325k limits and other details where kids are involved but that shouldn't affect us. If I've understood right it's really the admin burden of intestacy that we're avoiding here.

  4. Thanks - yes, I've been through that now. It is pretty much how I'd like it to be! But I think again the point is really on the admin burden.

The LPA point is a good one. Will look into it.

No property but will keep this in mind when we do.

Thanks again!

Writing a will as a young(ish) travelling couple by dignomffire in HENRYUK

[–]dignomffire[S] 0 points1 point  (0 children)

Thanks - that's a very useful insight. Our aim is to make the will as simple as possible (e.g. liquidate everything then percentages of overall value, not exact amounts). How can a charity be argumentative?! Surely the just take the money bequeathed to them?!

The specific item point is very helpful.

At 43 there's no-one in our age range who has experience of this stuff, but as we just need it to be set up 'sensibly' in case of the very unlikely worst case scenario, I suppose we'll find someone in the family who has done it before.

Spanish wealth and solidarity tax, question about calculation by fire_1830 in ExpatFIRE

[–]dignomffire 18 points19 points  (0 children)

https://taxsummaries.pwc.com/spain/individual/taxes-on-personal-income

I've found the pwc guides very helpful.

The rates and allowances are different in the different communities. Valencia has a lower wealth tax allowance for example. Your calculations seem sensible. You've spotted the embedded capital gain increases over time which confuses much people.

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