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Parents want to pass house to one child only

Re: Parents want to pass house to one child only

Postby Zapster » Mon Feb 06, 2017 9:57 pm

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Re: Parents want to pass house to one child only

Postby dls » Tue Feb 07, 2017 11:58 am

Such arrangements are well trodden.
They have several possible subterranean complications, and I am sure that a solicitor (not an unqualified will writer or an accountant0 should be given all teh acts and invited to advise.

In general, start with keeping things as simple as possible in a will. The gifts should be outright gifts, not heritable character assasinations.
Move away from such only as far as is absolutely necessary.
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Re: Parents want to pass house to one child only

Postby Hairyloon » Tue Feb 07, 2017 12:42 pm

dls wrote:In general, start with keeping things as simple as possible in a will...

Unless the intent is to avoid inheritance tax, in which case you would need to give it yourself (as against through a will), and then avoid dying for seven years.
A solicitor would still be advisable.
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Re: Parents want to pass house to one child only

Postby Hairyloon » Tue Feb 07, 2017 12:48 pm

Zapster wrote:Parents do not want to leave their property to child B (because of previous family dispute involving a lot of money)...

Reading what you've written it seems that the parents do not want to leave anything to B because they have fallen out, which seems exceptionally tight if B is now looking after them.
I take it that they do not want to leave it to him because he has proven irresponsible with money and they are worried that he'll waste it.

Might a better answer be to put the house into a trust, and have both children benefit from the trust, eg by living in the house?
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Re: Parents want to pass house to one child only

Postby dls » Tue Feb 07, 2017 1:13 pm

Might a better answer be to put the house into a trust,


I would always start by saying No, that is not a good idea. If you make a gift - make it a gift. Give it away and what happens after is nothing to do with you. This is as it were in spades when when a will is involved because by definition you canot be disappointed.

A parent who does this throws an unanswerable insult at those entitled to forgiveness. It is a demonstration of adesire tocontrol for no reason than of malice. It is not a usually good thing. I do not say that there are not circumstances where it can be appropriate, but they are rare.

As to tax planning you have to have been really very well off to be at risk of your estate being liable to IHT. Much IHT planning is just hot air.
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Re: Parents want to pass house to one child only

Postby Hairyloon » Tue Feb 07, 2017 1:33 pm

dls wrote:
Might a better answer be to put the house into a trust,


I would always start by saying No, that is not a good idea. If you make a gift - make it a gift. Give it away and what happens after is nothing to do with you...

A good answer, especially as you only start that way, suggesting that a trust is an answer for some situations...
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