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Thomas
Thomas, Lawyer
Category: UK Law
Satisfied Customers: 6438
Experience:  BA (Hons), PgDip, Practising Solicitor
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can i put my house in trust for my children and how much willo

Resolved Question:

can i put my house in trust for my children and how much willo it cost
Submitted: 3 years ago.
Category: UK Law
Expert:  Thomas replied 3 years ago.
Hi
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.
Tom
Customer: replied 3 years ago.
no mortgage my children are 40yrs old and 37 yrs old. My name isXXXXX
Expert:  Thomas replied 3 years ago.
Hi Myra,

What would be the purpose of doing this?

Do you live at the property?

Kind regards,

Tom
Customer: replied 3 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
Expert:  Thomas replied 3 years ago.
Hi,

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

Tom
Customer: replied 3 years ago.
3 bedroom terrace house in the village of Luddenden
Expert:  Thomas replied 3 years ago.
Ok.

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.

Tom
Customer: replied 3 years ago.
house isolnly asset and is worth about £160 thousand at last valuation in march
Expert:  Thomas replied 3 years ago.
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.

If this has been useful please kindly click accept so that I may be rewarded for my time. If you do not click accept your money stays with the site and I do not receive any credit for the time I have taken to answer your question.

I will answer your follow up questions you may have.

Kind regards,


Tom
Thomas, Lawyer
Category: UK Law
Satisfied Customers: 6438
Experience: BA (Hons), PgDip, Practising Solicitor
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