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Intestacy question - estate split between 3 siblings
tfridays16
Posts: 24 Forumite
I'll set out a scenario of a parent (with no spouse) and 3 children - if the parent dies without making a will, as I understand their estate (including any property) will be split out equally between the 3 children. The family house - if two of the siblings were happy to gift their share of the property to the other sibling, would that be possible to arrange? Rather than that sibling have to buy out the others.
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Comments
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Yes, anybody can gift - however, if the gift-giver's claiming benefits then the value of their 1/3rd of the house might be taken into consideration and they might lose some/all benefits depending on the value and what they're claiming.
But, for an independent person, they can just give their 1/3rd away.0 -
They can adjust the distribution for CGT and IHT reasons by using a deed of variation if gifts would cause tax issues.0
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