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Swerdna | INHERITANCE - Help required.? |
My Grandparents are both in their 90's and have stated for a long time that they wish to leave their house to my wife and I when they die.
My uncle (their son) has said that he will do all he can to stop us from getting the house (he does not live with them - nor do we as it happens).
Should my Grandparents make a will or can they transfer the deeds of the house to us (they have 2 months left to pay on their mortgage apparently) or is there an alternative?
My worry is that they might not be considered of sound mind to make decisions due to their old age as they are getting forgetfull.
I expect that the house is worth £130000 if that makes any difference. Would we be subject to any taxes?
Any help or advice would be gratefully received.
Thanks |
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Champagne
 |
Tell them to make a will.
It saves all the confusion after death and if they're in sane mind when the will is made then it's rock solid after death. |
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byebye
 |
they need a will,get a doctor as a witness to say they are of sound mind |
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sam
|
You need to see a solicitor. they do need to make a will but the solicitor will need to make sure that they are of sound mind.
If they are not of sound mind then then it may be too late - however if they still have their marbles with them now they need to get a power of attorney for each of them and nominate 2 people (i think) to be their attorneys for when they are unable to make decisions for themselves and/or unable to sign documents.
This is something that should really be done now if they are not very well. If they die before making a will the rules of intestacy will apply and their children will inherit the property. then there is nothing you can really do.
But a word of advice, the solicitor will make sure that you are not forcing or pressuring your grand-parents to hand over the proeprty to you, so make sure you have the best intentions of your grandparents in mind. |
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Onestep downfrom God
|
Have them see a solicitor to either arrange the transfer or make the will.
Ensure that he is aware of the potential problems so he can counter them.
If they have no other assets, or they total less than £300,000 (£600,000 jointly) then there is no inheritance tax due.
Are they joint tenants or tenants in common? Check this first, and if necessary arrange a change of title.
But be aware that it will have to be the second death which transfers the property to you. The survivor will require somewhere to live and the court could ensure that they are not put on the street.
Remember that the survivor can change the disposition after the first death.
An outright gift with a recognised life tenancy is probably the best solution. |
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retox
|
You need to take some legal advice on this. However, as long as your grandparents have all their facaulties then they are free to leave their property to whoever they wish. They will need to make a will. They could transfer the deeds of their house to you but there are implications on this as to their right to remain in the house and you really need to take specialist advice on this for your own protection and of course theirs. Getting old and forgetful is not considered being of unsound mind (if it was - it's not good news for me being 41 and forgetfull!!). |
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magnumxcalibur
 |
You have 2 options -
1. Have them transfer the title to your (or your wife's) name now. But make sure you dont directly assist or go with them to do it, otherwise their son will sue you for coercion or undue influence.
2. Have them prepare a will and get it through an attorney for safe keeping. Again, make sure you dont directly assist them with it (i.e. a 3rd party should not be able to see you assisting them).
In either case, make sure they tranfer the title to you as a 'gift' or a 'repayment of a past loan'. That will prevent you getting taxed for the base cost to you. |
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Duffer
|
They need to make a will. Unless their son can produce evidence of them being not of sound mind, or of undue influence by a third party, the court is unlikely to overturn a bequest.
Any bequest is tax free at the time of inheritance. |
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Daisuke
|
It is better to transfer the house in your case. Make arrangements with an attorney and a doctor present in court if possible to finalize it.
And yes, expect a lawsuit afterwards. If you go for the route of waiting for the will, the litigation is much longer and in effect more expensive since the original owner can no longer validate the authenticity. |
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eat my try
|
For inheritance tax, you would need to have ownership of the house for 2 years minimum or you will be charged and the house may have to be sold to pay the tax.
A will at least must be made to ensure you get the house and maybe an indipendant whitness to verify that it is their DEFINATE wish to pass the house to you and that they are of sound mind and know what they are doing. It's important for you to determine that its what they want, not what you want them to do so that if it gets taken to court, nobody can tell you otherwise and have the house taken off you!
Good luck! |
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