Deed of variation

peterade

My sole parent has willed her house and some assets to me, sole son.
After her death can I by Deed of variation pass the house alone equally to my two adult children?
This would save them paying IHT again when I die.

Keep_pedalling

You can do, or your parent can amend their will. If the will specifically names the house then the latter option is the way to go, as he/ she may no longer own it by the time of their death.

BrassicWoman

do your children already have homes ? watch you aren't depriving them of first time buyer incentives.


Or sell it and gift them the money

HampshireH

Just think as an adult would you have wanted any of the following;

* To live with your sibling and respective family

* To own half a house you can't live in

* To watch someone else live in your half of a house

* Not be entitled to FTB incentives (id they arent already owners)

* To be a landlord

* Have to sell what is deemed a family home which is a huge hassle and expense plus could cause family issues

Realistically any one of the above could apply. Sometimes a lovely gesture can become a rather large burden/problem.

Worth considering

Keep_pedalling

HampshireH wrote: »

Just think as an adult would you have wanted any of the following;

* To live with your sibling and respective family

* To own half a house you can't live in

* To watch someone else live in your half of a house

* Not be entitled to FTB incentives (id they arent already owners)

* To be a landlord

* Have to sell what is deemed a family home which is a huge hassle and expense plus could cause family issues

Realistically any one of the above could apply. Sometimes a lovely gesture can become a rather large burden/problem.

Worth considering

Beneficiaries have the option of simply telling the executor to sell and take the cash, provided no one else has been given a life interest.

Linton

Keep_pedalling wrote: »

Beneficiaries have the option of simply telling the executor to sell and take the cash, provided no one else has been given a life interest.

Yes though arguments arise when one wants to sell and another wants to keep the house perhaps because they consider it to be the "family home". So it could avoid problems if the will default is to sell.

Keep_pedalling

Linton wrote: »

Yes though arguments arise when one wants to sell and another wants to keep the house perhaps because they consider it to be the "family home". So it could avoid problems if the will default is to sell.

Which is another reason not to name specific major assets in your will.