Are your wills ready?

[quackers]

My neighbour wanted to leave hıs property to hıs son although he has 4 chıldren. He went to a turkısh lawyer who  ınformed hım that although he wanted to do thıs hıs other chıldren have a rıght to contest hıs wıll and upon hıs death ın turkısh law they wıll probably be entıtled to a share. Any ensuıng court contest between the chıldren could cost a lot of money. Sımple answer was to sell the property to hıs son .

[Rimms]

rimms, your wife will get 1/4 of the assets and your children(or child) will get 3/4 of the assets.(it doesnt matter how many children you have got)

Great Stuff, I don't need to worry about a will then.

[Ian]

If I am reading this right (from now on referred to as the Rimms approach ) - when I die first (statistics will support this) Gill retains her half of the property - the other half is split between our children and she maybe gets a small share of that half.

Because we love and trust them they were going to get it anyway - so they let her do what she wants at that point - keep it or sell it and divide the proceeds as she requires at that time (if she needs the money our children will recognise that - or be left out of her UK will )

So if we let the law take it's course in Turkey and we have not made a Turkish will - how much would it cost to arrive at the above - i.e the tapu is changed - as I can't believe that majority of Turkish people have made wills or have thousands of lira to sort it out.



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[littlereddevil]

The majority of Turkish people I know only rent.

I wish I had thought seriously about this before buying as my kids live in the far corners of the world and have no wish to come to Turkey and wouldn't even bother to come to sort out the legalities. We plan to sell up before we pop!

[Scunner]

That's all well and good and works well if you pop at the correct time   

"Selling" to your children is a decent option but not cheap. Property purchase tax (4%) will be due and there's little underdeclaring of value now - so if your apartment (for example) sells for £50,000 you will pay 4% of that in tax, not on 20,000 lira or something silly (like the good old days    )

The other thing to bear in mind is you effectively are both parties - buyer and seller - so don't do it in the first five years as you (the seller this time) will owe capital gains tax on any profit. That could be quite small, but say your tapu does say 20,000 TL and the new tapu for your children says £50,000 (140,000 TLish) then you will be taxed on the lion's share of the difference, less a bit of allowance - and 25% of 120,000 TL will work out as a CGT of over TEN THOUSAND POUNDS on a 'paper' capital gain of over £40,0000!!!

I hope the figures made sense. In short, just make sure you own it for five years minimum before changing ownership.

[johntaylor49]

sincere apologies to Loz and Ytokgoz but omg Scunner that has just cracked me up    i cant comment on the thread as in the words of Manwell I know nothing   

  And he came from barcleona!

[littlereddevil]

Yeah if only we had a crystal ball!
Only problem is my children don't want it, they will never ever use it.
They wouldn't even bother coming to Turkey to sort it out.
( one in Brazil the other in Australia)

[loz]

I am still waiting a reply from the lawyers confirming a few facts, but in the meanwhile; Your children inherit under the Turkish Law senario, all well and good, however, they are not Turkish Citizens so will have to produce Apostile Cerficates of Birth to confirm to the justice system who they are and if they are entitled.   This again is a long drawn out system and will have to pay lawyers and Peace Court fees, then cross your fingers that the ruling Judge and others are satisfied with the documents supplied. 
And remember to register the death with the Tax office so that you are not fined further down the road. 

[Anne]

Seems to me the best thing is to enjoy it for as long as you can then sell up

[cef]

so what is your point than?
turkish will is for turkey, so dont bother adding things in uk, for uk stuff make uk will,
it would cut down most of the cost

A Will under UK law is 'Your Last Will & Testament'

Does anybody know if;  a person makes another Will in Turkey, does this invalidate any Will previously sworn in the UK?

Ytokgoz, you've no doubt provided much entertainment for many looking at this thread but, I don't think you're doing yourself, or your business any favours by the tone you've taken & language you've used towards a very respected member who has done more to help people in this area than 'Any' lawyer could/would & for free!

You seem astounded that 'some' Turks may well have rushed off to empty bank accounts on the demise of a loved one (or not)!  I agree that 'us'  Yanbanci's have to learn 'how to' in Turkey, & thank God for people like Loz who have in this paricular area.

Come on, get real! most of us are now 'seasoned' in Turkey & have grasped the gist of it, mostly through our own experiences or through other's who had to travel along different routes, as did Loz in this case for a friend who desperately needed help.

By the by, "Power of Attorney's" are Not for life, you can & should in most situations add a time limit to it's validity!

Even I have picked up a morsel or 2 about Turkish Law!