Inherited half a house

kazwookie

I would sell it and split the money, what if she dies first there are no problems, equally if she marries then gets divorced, then her now ex would possibly get your half.

Sell and left her buy outright another property.

mark55man

Smodlet wrote: »

What if you suddenly found you needed a large sum of cash and had no other way to find it than selling your half of the house? What if your sister gets married? Will you be happy potentially giving your half to her husband if she passes before you and him?

This .....^^^^^

Keep_pedalling

Nice to have a thread where siblings are not at loggerheads over an inheritance.

If you do decide to gift your sister your share, I would suggest you do this through a deed of variation, so that the £100k is never part of your estate so will not be subject to IHT should you die in the next 7 years. This would need to be done within 2 years of your fathers death.

mark55man

but on the other hand she has dealt with the will and presumably will deal with clearing out your dad's stuff (to the extent you are happy to let her do that solo).

so it seems equitable for her to move in for a bit and get benefit in kind as it were - maybe agree a timetable - really not familiar with this situation but at least a year and less than 5 seems fair??

Mojisola

Owain_Moneysaver wrote: »

Depending on where in Scotland, but there are plenty of places where you could sell the house, get £100k each, and that would be enough for her to buy a flat or small house.

Or, if that isn't enough for her to buy where she lives, you could lend her a top-up and put a charge on the house to protect yourself (in case your circumstances change).

xylophone

Deed of Variation? You could check with a solicitor.



https://uk.practicallaw.thomsonreuters.com/9-522-1799?transitionType=Default&contextData=(sc.Default)&firstPage=true&comp=pluk&bhcp=1


If beneficiaries wish to redirect their entitlement, they may enter into a deed of variation under section 142 of the Inheritance Tax Act 1984. A deed of variation can apply to both testate and intestate estates. If it is in writing and signed within two years of the death, the new provisions will be read back into the will or intestacy with no IHT implications for the original beneficiary.

shortcrust

I think you’re a very kind brother. I’d sell and pocket my half.

unforeseen

Wouldn't you be building up a CGT liability if you just let her live there?

DavyJones61

. .

david122

It is really generously and you are a really good brother. Wow.