Not really, very standard thing to do. My parents did it and we’ve done it. Pitfalls mainly surround the survivor wanting to change properties at some point - the trustees then need to agree to the deceased’s share being used towards the new property (if needed) so unless the beneficiaries want...
…………that assumes the tax code applied to the SIPP drawdown is correct. Mine never is for some reason and my overall tax gets adjusted every year (even though my drawdowns don’t change). For example I usually take a 12k lump sum from one pot around this time of year to use up the nil rate band...
Complicated. Your will is only enacted on death so strictly speaking no…….assets are still yours until that point. There are ways of putting certain things in trust that help avoid state claims on them but you need to get advice in relation to your particular circumstances.
It’s an awful thing. Had two chats with my elderly neighbour today………about an hour apart. In the second, he couldn’t remember the first chat we had, but was then talking vividly about his football-playing days in the 50s.
Similar in terms of living expenses but currently burning way, way more on holidays for now (from savings) - will do it as long as we can afford to then stop. Big trip bucket list is shrinking but having a business class flight habit isn’t cheap. Don’t really have any other extravagances like...
Loads of ‘calculators’ and articles online but they’re all generalisations to a degree (like saying ‘average’ and ‘£43k’) and not overly helpful imo (for example many show a % of your salary which might be nonsense if you’re a high earner and been saving a decent part of your salary for years)...
Same here - deliberately stopped work early to make the most of whatever time, fitness and motivation we have to do 'stuff'. Already been to Qatar and Scotland this year, and have trips to Portugal, Croatia, 6 weeks in Singapore/Oz and Florida booked before year end. Last year was similar...
Doesn’t surprise me….went to Vilamoura a couple of times in the summer whilst on a non-golfing family trip (stayed in Albufeira), was surprised at the amount of development there had been since I was last there. Eating out was significantly more expensive than Alvor and Albufeira (‘posh marina...
We’ve been to Alvor for the last several years after many trips to Vilamoura. Prefer the town, and it’s significantly cheaper in our experience anyway……next trip is in May 😄
Depends on what else you have and where it is and where you are with pension drawdown but highly unlikely to be a bad decision given all income/capital growth is tax free………I'm still putting money into ISAs but all that’s doing now is gradually moving stuff from less tax-efficient vehicles...
Doesn’t really make any difference - funds are still held by the same institution (unless you move them), just classified differently in terms of drawdown/tax treatment etc so covered by FSCS. Most managers will hold any cash (if you have a large % in cash above the FSCS limit for example)...