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Putting kids on house deeds
Comments
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I live by myself and the kids will get the house when I pop off anyway. A friend of mine was recently killed in an accident and I'm trying to think ahead it would be one less thing they had to worry about!
I'm afraid that this is a really bad way to do such a thing.
The lenders probably won't allow it. However, you potentially introduce capital gains tax into the equation and you don't avoid inheritance tax as you continue to benefit from the property.
There are far easier ways to do this without trying to muck it up like that. A Will is the easiest way and making sure you have life assurance to cover your debts.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
If its on your To Do list, do it now or very soon.
You have learned that life can be snuffed out at any minute.make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
A Will and/or Life insurance placed in trust for the kids will help to reduce any problems with this.
Having a chat with a Mortgage/financial advisor and/or a solicitor will put you in the right direction.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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