Criminal

Family

Wills, Probate & Trusts

Employment

Conveyancing & Property

Immigration

Personal Injury

Consumer

Company & Commercial

Libel & Defamation

Reducing Inheritance Tax Liability with Gifts

10 Reasons for Making a Will

Leaving Money to Charity in Your Will

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

Including Your Funeral Wishes in Your Will

Lasting Power of Attorney

10 Reasons Why You Should Make a Will

Storing a Will - What are the Options?

Probate Offices - Find Your Local Probate Registry

How long after a person dies will beneficiaries be notified?

How to Talk to Your Family About Your Will

Making a Dependency Claim in an Inheritance Dispute

Do I need to use solicitor that has my dad's will or can I apply for probate myself? LocalSolicitors.com

My dad passed away on 14th July I am executer in his will. How can I get probate?

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

You can appoint your Solicitor as Executor although you will need to check with them that they are happy to accept the role. It is usually best if the Solicitors Firm is appointed rather than an individual solicitor so that there is flexibility if any one memeber of staff leaves the firm or becomes unable to act.

We are ready to make a will but can a solicitor be appointed to act as executor etc as we have nobody else to act and deal with everything?

My dad passed away on 14th July I am executer in his will. How can I get probate?

undefined Solicitor Answers

Related Questions