Discussion
Hi all
Not sure if this is the right area to post this question but mods please feel free to move if it isn't.
OK, so a relation has recently passed away and his will leaves the entire estate to a family friend. whilst he expressed a desire and intention to change his will he never got round to it. His intention was to leave his house to a family member and the remainder of the estate to the said friend.
I know his intent means nothing in law and therefore legally the friend gets everything as per the existing will, however the friend has very generously expressed a desire to "give" the house to the intended family member as they wish to honor this expressed wish.
So to my question.
Is this gift allowed? Would they need to sell it for a nominal gesture price (£1)? If this is all allowed, where does it put the recipient with regard to tax? Are they likely to get bitten in the bum further down the road?
Can you just give away a house?
All inheritance taxes will be paid by the estate and the property will be valued correctly for this. The will is legal and will stand.
Not sure if this is the right area to post this question but mods please feel free to move if it isn't.
OK, so a relation has recently passed away and his will leaves the entire estate to a family friend. whilst he expressed a desire and intention to change his will he never got round to it. His intention was to leave his house to a family member and the remainder of the estate to the said friend.
I know his intent means nothing in law and therefore legally the friend gets everything as per the existing will, however the friend has very generously expressed a desire to "give" the house to the intended family member as they wish to honor this expressed wish.
So to my question.
Is this gift allowed? Would they need to sell it for a nominal gesture price (£1)? If this is all allowed, where does it put the recipient with regard to tax? Are they likely to get bitten in the bum further down the road?
Can you just give away a house?
All inheritance taxes will be paid by the estate and the property will be valued correctly for this. The will is legal and will stand.
silverous said:
As far as I know there is no "gift tax" in the UK so my understanding would be that as long as the friend does not die within, I think 7 years, of the "gift" this should be ok?
If the home does not become their main home there may be taxes to pay if they dispose of it I guess.
The home wouldn't be sold by the family member. That was the reason for the expressed intent, so that they had a home.If the home does not become their main home there may be taxes to pay if they dispose of it I guess.
You really need to talk to an inheritance lawyer about this, and I am not one.
But I have had a similar situation recently and I understand that it is possible for a will to be executed differently IF (some or all of*) the executors agree. You are suggesting two transactions; house is inherited by friend, and then passed to family member. Talk to an inheritance lawyer and see whether it would be possible to over-ride the will and pass the house directly to the family member.
Oli.
-*- I've added this bit because I'm not sure of the details. Find that lawyer and talk to him/her ...
But I have had a similar situation recently and I understand that it is possible for a will to be executed differently IF (some or all of*) the executors agree. You are suggesting two transactions; house is inherited by friend, and then passed to family member. Talk to an inheritance lawyer and see whether it would be possible to over-ride the will and pass the house directly to the family member.
Oli.
-*- I've added this bit because I'm not sure of the details. Find that lawyer and talk to him/her ...
zcacogp said:
You really need to talk to an inheritance lawyer about this, and I am not one.
But I have had a similar situation recently and I understand that it is possible for a will to be executed differently IF (all) the executors agree. You are suggesting two transactions; house is inherited by friend, and then passed to family member. Talk to an inheritance lawyer and see whether it would be possible to over-ride the will and pass the house directly to the family member.
Oli.
Well to make it slightly more involved the 2 named executors have both declared that they don't wish to carry out the duties and have nominated me to replace them. So does that mean it is now my choice?But I have had a similar situation recently and I understand that it is possible for a will to be executed differently IF (all) the executors agree. You are suggesting two transactions; house is inherited by friend, and then passed to family member. Talk to an inheritance lawyer and see whether it would be possible to over-ride the will and pass the house directly to the family member.
Oli.
My brain is starting to hurt.
sunoco69 said:
The home wouldn't be sold by the family member. That was the reason for the expressed intent, so that they had a home.
Ok, then I don't think there's an issue but as others have said get some advise, I presume a lawyer will be involved in the dealing with the estate, no doubt they can advise or will recommend someone.silverous said:
Ok, then I don't think there's an issue but as others have said get some advise, I presume a lawyer will be involved in the dealing with the estate, no doubt they can advise or will recommend someone.
I didn't intend to have a lawyer involved in the estate and planned to carry out the probate myself. There would be one involved when it came to title & deed transfer though.sunoco69 said:
zcacogp said:
You really need to talk to an inheritance lawyer about this, and I am not one.
But I have had a similar situation recently and I understand that it is possible for a will to be executed differently IF (all) the executors agree. You are suggesting two transactions; house is inherited by friend, and then passed to family member. Talk to an inheritance lawyer and see whether it would be possible to over-ride the will and pass the house directly to the family member.
Well to make it slightly more involved the 2 named executors have both declared that they don't wish to carry out the duties and have nominated me to replace them. So does that mean it is now my choice?But I have had a similar situation recently and I understand that it is possible for a will to be executed differently IF (all) the executors agree. You are suggesting two transactions; house is inherited by friend, and then passed to family member. Talk to an inheritance lawyer and see whether it would be possible to over-ride the will and pass the house directly to the family member.
My brain is starting to hurt.
Oli
Ossiantoad said:
I use Richard Guy at Prettys Solicitors in Ipswich for this sort of thing. Give him a call I'm sure he will tell you the answer straight away without having to raise an invoice!
Many thanks for that, really appreciate the advice and help.I have just spoken to him and he was a great help. Looks like this isn't that uncommon and is all above board.
Just need to get the stated beneficiary of the will to do a "Deed of Variation" which in effect change the will to the deceased verbally stated intent. Simples!
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