House Ownership Rights

sharkie

MrsPitcher2b wrote: »

My Dad doesnt want it in his name because of the tax if/when he dies

How much is this mansion worth?

I am under the impression there are circumstances where you both can be a beneficiary and a Trustee, both at the same time.

Speak to a solicitor. Another good thing about Trusts you can specify things like monthly payments to children - so they don't OD and blow all the cash on one big coke hit.

It also protects the op's husband, should the op need permanent care, where in some circumstances they would be forced to sell the house

Also if you do not have kids, you can stipulate on your death or their age that the house goes to your sister children, or your sisters house goes to your children.

Pre-nups are apparently valid in the uk, as per mentioned in a link, though it is a bit too late for the op.

Apparently using Trust to protect asses from divorce, now may not work as apparently one case was not upheld, but think there must be a way like Succession planning.

last one is interesting - Guernsey has no death tax etc, providing you are not a resident, not sure what this means to having property in the uk and a trust there?

http://en.wikipedia.org/wiki/Trust_law
http://www.pannone.com/solicitors-for-you/tax-estate-planning-more.asp
http://www.estatesortrusts.co.uk/asset-protection-divorce.html
http://www.bmawills.com/property_trust_will/
http://www.prycewarner.com/trusts_and_foundations.php

seven-day-weekend

Pre-nuptial agreements are not legally valid in the UK.

I would leave it in your name for a while at least. However, as you are married, I think that does confer him some rights.

MobileSaver

seven-day-weekend wrote: »

Pre-nuptial agreements are not legally valid in the UK.

To clarify, in the UK pre-nuptials are taken into account during divorce settlements but are not currently legally enforceable.

However, following an Appeals Court victory for heiress Radmacher last year, the Supreme Court is due to deliver its verdict on this matter literally any day now I believe.

If they find in favour of Ms Radmacher this will pave the way for the law to be changed so that pre-nuptials are legally binding.

Batchy

MrsPitcher2b wrote: »

My Dad doesnt want it in his name because of the tax if/when he dies

Sorry but, there is a time to serve in this scenario, I think pver 6 years.

If you dad (god forbid) died before this 6 years was up, it would form part of his estate for IHT purposes I believe. Its all very technical, but still, a consideration.

jockosjungle

Well it seems that you are not bothered if your husband has some sort of ownership of the house, whether you sign half over to him or he accrues this naturally through the marriage then it doesn't seem to make much difference to you am I right? The talk of prenuptials are not coming from the poster who didn't seem to imply she wanted her husband to have no ownership.

Your father wants to sign it over to just you, then that seems fine. He'll be doing what he wants, as marriage is for ever it makes little difference.

Maybe make sure you have a will though leaving the house to your husband?

R