Just been reading about inheritance and bank accounts. For us this may be less complicated, but we still need to know the best way to go about things? My husband and I have been married since 1967 and our four children (and ten grandchildren) are all descended from this union. We intended our four direct offspring to jointly inherit anything we have to leave. Neither of us have been married to anyone else or had any children with anyone else. I'd intended to open a company in the children's names to buy the house, but can it be a joint company/property owned by the four of them? If I can't do that and have to buy the house in one name only, should this be mine (I'm slightly younger than my husband) or our eldest son's or what? How long is it likely to take for the inheritance process to be completed? Can we set up a trust in the UK and have that own the company/property?

We have no other money to invest, but may save some from our pensions, intending it to pay fares out for our children and back to UK for us to visit. Is there a convenient way to do this in Bulgaria and take advantage of possible better interest rates, without making it inaccessible to those who need it when one of us dies?

We intended to buy very soon so this is clearly something we need to know all about quickly!

this is a lot less complicated than others. in my case, i own the company and my partner is the manager 50/50. your children are the heirs and will automatically get an equal share ( reserved portion), but i dont know if the grandchildren are heirs, you need to ask a lawyer on this, its complicated.
any assests in the uk are protected by a uk will.

Glad you came in on this starlite I find it a bit of a mine field when it comes to this matter but I think once you have your head round it its your choice, but you will need to be careful for example do you have children? do either of you have children from a previous relationship? what sex are they and so on, we do have a lawyer on here who will come along and maybe give you his opinion. Good luck

thanks daisy, yes it is complicated when your not married,, or have children from a previous marraige, the heirs make a very long line :Very funny 2:but i do now understand how most of it works. but i do think there are many people who are not aware of the inheritence law here.

Thankyou Starlite, this is helpful. Assets in the UK, yes that would be nice, wish we had some! Anyone like to recommend a good Lawyer in the VT region, or do we need to be more area specific than that?

There is a post on here somewhere which might help and also a lawyers input I will try and find it and come back

Here it is have a good read through it and I'm sure it will help

viewtopic.php?f=30&
t=4155

Thankyou Davshaz, I have tried to follow this link, but it's just taking me back to the top of this same post, not sure why?

Sorry I think I pasted it wrong

[url:2c5e6103]http:
//www.
ourbulgariaforum.
com/viewtopic.
php?f=30&
t=2943&
p=29999&
hilit=inheritance#p29999[/url:2c5e6103]

fruitlover wrote:

open a company in the children's names to buy the house, but can it be a joint company/property owned by the four of them?

Yes, it can. And this would be a good solution.

starlite wrote:

i dont know if the grandchildren are heirs

No - until their parents pass away.

Very interesting post this. I have a question if anyone can help. We wish to put our next house in Pauline'd daughter.s name to make it easier if anything happens to us. Question is If anything happens to her, where do we stand? or would it revert to us being the nearest family?

Many thanks for this clarification, it is very good to have this advice before we purchase rather than trying to rectify problems afterwards!

If the company is in our children's names, does it's bank account have to be in the same names? If so, can I or my husband also make deposits and withdrawals? For instance could we have power of attorney, renewed every 5 years perhaps? Would we use this account to pay the utilities and tax on the property?

Also, as a married couple, can we have a joint account, and can the surviving partner still use it normally after one dies? Your advice is much appreciated.

i think we need the lawyer back [You must be registered and logged in to see this image.] you cannot have a joint bank account but you can have a second signature, power of attorney ceases on death, not much good really.so you can access the bank account as long as no one tells the bank, not good.

if its in the daughters name and something happens, i think the heirs are the parents and remaining children, but these are the questions you need to be asking a professional,

Would it be a good idea to re-start this thread as 3 topics? i.e.

1-Wills &
Banking for married couples with no stepchildren or former spouses;

2- Wills &
Banking for married couples with step-children and/or former spouses;

3- Wills &
baning for non-married couples.

Because the answers to the same questions are different in each case. It's getting difficult on this thread for people who know the answers (obliged to cut &
paste in the question) and confusing for the people reading the answers to know who they apply to?

If others think this is a good idea I will start mine as a new thread.

Sounds good to me anything that makes things clearer is always good