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Thomas, Lawyer
Category: UK Law
Satisfied Customers: 7434
Experience:  BA (Hons), PgDip, Practising Solicitor
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can i put my house in trust for my children and how much willo

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can i put my house in trust for my children and how much willo it cost
Thanks for your question.
To enable me to answer your question could you please respond to the following:-
1. Do you have a mortgage on the property
2. How old are your children
Kind regards.
Customer: replied 5 years ago.
no mortgage my children are 40yrs old and 37 yrs old. My name isXXXXX
Hi Myra,

What would be the purpose of doing this?

Do you live at the property?

Kind regards,

Customer: replied 5 years ago.
we live in the house and i want to protect my childrens inheritance. to make sure the house goes to my daughters equally incase of ane fall out in the future. they are the best of friends but you never know what may happen. I also want the house to pass to my grand daughter in the future

Do you mind if I enquire as to the approximate size of the estates of you and your husband?

Customer: replied 5 years ago.
3 bedroom terrace house in the village of Luddenden

Is this the major asset of your respective estates?

What is the approximate value and what is the value of any other asests you hold?

Sorry it's taking some time, I will be able to answer once you have provided the above information.

Customer: replied 5 years ago.
house isolnly asset and is worth about £160 thousand at last valuation in march
Hi Myra,

Thanks for your reply.

If you attempted to put the property in to trust then this would not exclude this from either of your estates if you continued to live there because you would be reserving a benefit. The whole value of the property would be included in your estates.

if you do not have any other assets then you do not need to worry about an IHT liability because the value of the property is less than the current nil rate band (£325, 000.00) for one person. When the second of you and your husband passes away then you will have one nil rate band to use (325k) plus whatever remaining portion of the other persons nil rate band remains unused so there will be no charge to IHT.

In these circumstances your children would inherit all of your estate (less payment of your debts and funeral expenses) without any IHT needing to be paid.

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I will answer your follow up questions you may have.

Kind regards,

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