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What Should You Do If You Have Lost Your Will?

Explaining the Different Types of Trusts

Witnessing a Will

What is a Deed of Variation?

The Options for Making a Will

Beginners Guide to Probate

How to Ensure Your Children Benefit from Your Will When Getting Remarried?

Choosing an Executor for Your Will

What Will Happen to My Business if I Die?

Storing a Will - What are the Options?

Making a Dependency Claim in an Inheritance Dispute

Disputing or Contesting a Will

I have PoA for my Mum who is in a care home. Can I buy her house to fund care home? LocalSolicitors.com

I have PoA for my Mum who is in a care home.

It is unclear from the question whether your intention is to put the property in trust now in your lifetime or to do so when you die in your Wills. If you do so now and you still live in the property you would need to have a tenancy agreement and pay market rent otherwise you would still have a beneficial interest, which would affect your intention of gifting the property. If you gift a property and do not retain an interest then it would be classed as a lifetime gift and provided you survived a minimum of 7 years no inheritance tax would be payable. Within 7 years it would be payable on a sliding scale as a potentially exempt transfer. This may have other tax implications for family members such as income tax on any rent paid and CGT when sold, it could also affact any benefit claims they may have. There can be family disagreements relating to such arrangements so it is always best to discuss with a solicitor/financial advisor in detail before deciding.

You can put a property in trust in a Will, this is usually now done as a means of splitting the parent's estate in half to protect against possible care home costs but is not usually done now to save inheritance tax.

Can we we put our property in trust for our daughter and grandchildren and what are the implication of inheritance?

Robert Simpson

It can be done relatively simply with a properly drafted Will. Consult a local solicitor who deals with Wills and they should be able to help you. They will probably draft your Will to create a Trust arrangement to give your husband a life interest in the property.

Some (non solicitor) Will Writers may suggest that this is complex and so expensive but it should not be, maybe a couple of hundred pounds..

How can my 2 children inherit family home if I die before my new husband?I want him to live in house which I owned, but not for his 3 kids.

Jamie Walker

I have PoA for my Mum who is in a care home.

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