Add name to property/title deeds

FineBoneChina_2

BitterAndTwisted wrote: »

The use of a will has no effect on inheritance tax: it's the value of the property which is pertinent.

Is there any particular reason why only you are going to be added onto the title deeds and not your two siblings as well?

Sorry, I did try and correct it in my second reply. It'll be my Sisters and Brothers that are also to be added on the deed.

BitterAndTwisted

I can see absolutely no benefit to your parents for going down this routes but I can see plenty of snags. The roof over their heads could be dependent on the relationship between themselves and their children. it's not a risk I'd be willing to take. What happens if one of the kids wants to get their hands on their assets and forces a sale? Where would your parents live then, when they only own less than half?

The whole thing is a crazy and very risky idea. Please don't do it

FineBoneChina_2

RAS wrote: »

Just to add, check deprivation of assets because if it is decided that your parent are doing this to avoid nursing home fees, then they are likely to be assessed as if they still have the house.

And based on some of the nightmares on these forums, any of the following can happen

1. One of the children is made bankrupt or gets into a lot of debt. Because they own a portion of the house, they have to release this to pay creditor or creditors put a charge on the house.
2. One of the children experiences a marriage breakdown, as a result of which they have to release half the value of their portion of the house to their ex-spouse.
3. The house needs major repairs and the children have to stump up.

You need legal advice, separately.

Just to clarify, my parents names are *still* going to be on the deeds. This is not changing. It's just a few more names are going to be added to the deeds. We're not trying to defraud anyone (honest guv'nor!)

If what is being mentioned above about property automatically being passed down to the children then maybe we don't need to do anything.

Ultimately, my parents are worried about the Government trying to get their hands on the property if they both pass away. With all this talk of recession, and government cuts, they are worried about Government making dodgy claims about owning the property when both my parents pass away. Sounds daft, but when it comes to money (well the governments lack of money) they'll do whatever it takes.

BitterAndTwisted

I which case the sensible thing for them to do is to see a solicitor and get a proper will drawn up.