Adding son's name on title register

G_M

atiq wrote: »

Thank you for so much input. In the absence of a will, the reasons I wanted to add my son's name were the following.:
(A) As I am in my late sixties, I wanted him to be the sole beneficiary (he is single atm) in case I Pre-decease him. Remember there is no mortgage involved.
Just write a will.
* Easier than transferring half the property
* avoids complications
* provides more certainty for him if you pre-decease him
* more security for you
* it's what wills are designed for!



(2) A few year down the line, (Whether I am alive or not), He could have some equity release to fund any investment plans etc he may have if he is ambitious.
How?
* you mean he could sell his half share? Who would buy it (and share a property with you)? Or would you buy it (in which case why not just keep i in your name now and give/lend him some money when he needs it)?
* or he could use the equity to get a mortgage? Again how? As part-owner, your name would also need to be on the mortgage and... I don't know what age you are, but that might present problems.

Just write a will.


One thing which I am not sure about is the Inheritence Tax in case I was to go before him?

What is the estimated total value of your estate likely to be? ie
* value of the property +
* your car, boat, helicopter +
* your savings & investments
* your coin collection, gold and jewelry
* etc

gettingtheresometime

atiq wrote: »

Thank you for so much input. In the absence of a will, the reasons I wanted to add my son's name were the following.:
(A) As I am in my late sixties, I wanted him to be the sole beneficiary (he is single atm) in case I Pre-decease him. Remember there is no mortgage involved.
(2) A few year down the line, (Whether I am alive or not), He could have some equity release to fund any investment plans etc he may have if he is ambitious.
One thing which I am not sure about is the Inheritence Tax in case I was to go before him?

a) As everyone has said make a will leaving him the house....far easier, no potential for any disasters to happen.


b) where would you live if these investment plans went south ? How would he gain the funds through equity release without selling the property? Where would you live then? If he was to mortgage the property, what would happen if he couldn't pay the mortgage & the property was repossessed?


c) what would happen if he met someone and decided he didn't want to live with you any more? Wouldn't he be liable for the higher rate stamp duty as any property he subsequently bought would be classed as a 2nd property.

G_M

gettingtheresometime wrote: »

a) As everyone has said make a will leaving him the house....far easier, no potential for any disasters to happen.


b) where would you live if these investment plans went south ? How would he gain the funds through equity release without selling the property? Where would you live then? If he was to mortgage the property, what would happen if he couldn't pay the mortgage & the property was repossessed?


c) what would happen if he met someone and decided he didn't want to live with you any more? Wouldn't he be liable for the higher rate stamp duty as any property he subsequently bought would be classed as a 2nd property.

The list of reasons for not doing this just gets longer and longer.

Writing a will is so simple, quick, cheap (or free) that it's the only sensible choice.

(unless there's more motivation that we don't yet know of).

martindow

Are you a widow(er)? If so and your spouse passed everything on to you your IHT will start at £650k rather than 325.

atiq

Many thanks Mojisola! Your last reply being the case, the value of the estate around £400.000, what would be Inheritence Tax scenario? if any

Jenniefour

martindow wrote: »

Are you a widow(er)? If so and your spouse passed everything on to you your IHT will start at £650k rather than 325.

That's right - forgot about that when I posted.

Jenniefour

atiq wrote: »

Many thanks Mojisola! Your last reply being the case, the value of the estate around £400.000, what would be Inheritence Tax scenario? if any

If you're a widower - the grand sum of nothing. If not 40% of 75k = £30k.

xylophone

If you're a widower - the grand sum of nothing.

That would depend on whether or not the late spouse had used any part of his IHT allowance to make gifts to anyone other than to his/her spouse.

There is also "family home" IHT Allowance to consider.

https://www.gov.uk/government/publications/inheritance-tax-main-residence-nil-rate-band-and-the-existing-nil-rate-band/inheritance-tax-main-residence-nil-rate-band-and-the-existing-nil-rate-band

https://www.gov.uk/guidance/inheritance-tax-residence-nil-rate-band

http://www.skerritts.co.uk/pages/10+things+advisers+need+to+know+about+the+residence+nil+rate+band