Dividing House Deeds

Marcon

AnotherJoe wrote: »

From the solicitors POV, they are looking to ensure there is no undue influence. This protects everyone, including the solicitor who otherwise may be challenged that they did not see the parents alone and couldn't rule out undue influence. Seems like a very wise course of action to me.

Not necessarily at a first meeting. It would certainly be advisable to ensure there is a private conversation at some point before anything is decided/concluded, but seeing all the family members involved can help to establish the family dynamics. It is often easier to spot undue influence when it's happening under your nose!

LHW99

One other factor - if your son actually owned half the house, it could increase the stamp duty he has to pay if he then wants to buy a house for himself while you two are still alive.

QuestionsQuestions

what if we put the house in a trust with my son as trustee is this a more robust way?

Marcon

You've given so little information and yet you seem to expect fully informed responses. These are questions to ask your solicitor, once you have provided full background information.

QuestionsQuestions

Thanks for all your responses. I'll hold fire now until i've spoken to a solicitor...fingers crossed I wont need to ask any more questions after that!

Keep_pedalling

QuestionsQuestions wrote: »

what if we put the house in a trust with my son as trustee is this a more robust way?

If you have no other major assets, this is a bonkers idea, if you do have other major assets then consider cash gifts instead.

Paul_Herring

kidmugsy wrote: »

I really do suggest you read that Telegraph article.

Probably this one:

https://www.telegraph.co.uk/tax/inheritance/giving-home-away-wont-cut-inheritance-tax-bill/

Keep_pedalling

QuestionsQuestions wrote: »

Hi.
Looking for advice.

My husband and I are entering our dotage. In order to protect our main asset (our house) I would like to split the deeds 3 ways. 25% for my husband and I and 50% to our only son. I am not concerned about him selling the house from under us I just want to ensure our property goes to our grandchildren.
Anybody done this and have any advice please

According to another of your threads, you are in your mid 40s which is a hell of a long way from your dotage.

badmemory

If your solicitor is anything like mine he will be doing his best to persuade you from this action & there was a lot more reason for me to do this with my son as he actually lives with me. Far better to leave it to the spouse who leaves it to the child, unless you live in London or a £mil mansion then no IHT. If you need it then use it to fund any care home provision, believe me you do not want to HAVE to rely on LA provision.


ETA Just wondering if this is the son posting rather than the mother? Oh dear!

getmore4less

you seem to have 2 basic requirements lets deal with the second first.

I just want to ensure our property goes to our grandchildren.

Giving it to your son fails to ensure the grandchildren get it. if you want the grandkids to get it you need to give it to them

DO(will) they even want it? if more than one grandchild it gets very messy.


as for No.1
In order to protect our main asset

Would help if you said what you were trying to protect it from.
depending what you are protecting it from will determine the actions needed but in most cases giving it away is not the answer unless you don't need to live in it(eg you have a few houses to choose from)


If you have a mortgage then the first step to protecting it is to get that paid of.