land and house in a will

[richardfinch]

my grandparents want to find the most cst effective way off leaving tier land and house, can anyone recommend some good sites or even a solicitor, as there must be more cost effective ways than just staing it in a will

thanks 

[dothawkes]

Having just been through this, I would just have a will, the solicitor charges around �1000 to settle an estate and everything is legal, the  sale of any shares or closing of bank accounts has to be done and a solicitor is able to do this, if there is no will in place, there are other fees and charges or even taxes that could end up costing you more in the long run.  Many life insurance companies would only deal with solicitors I think.

[Sweet G]

Be careful here. If the value of their combined estate (all assets) is over �275,000 then the excess over �275,000 is taxed at 40%. However each person can individually leave up to �275,000 (this is called the Nil rate Band)to their dependants. It gets tricky when all assets are jointly owned. A solictor, or an Independent Financial Adviser, specialising in Estate Planning should ensure that wills are constructed in such a way to mitigate the tax burden. It may mean some assets need to be unwound now into individual ownership for tax efficiency.