Property Inheritance advice

getmore4less

Is your estate potentially big enough to need a DOV?

Iris34

getmore4less wrote: »

Is your estate potentially big enough to need a DOV?

I'm not sure. Is there a tariff of sorts?

Basically house valued around 90k, 30 k outstanding. Insurance was always to cover what was left so perhaps around 40k value.

Work place pension, son named as beneficiary around 2k
Another small pension, me named as beneficiary £950
DWP bereavement payment (thanks to the person above) £2500

I will use that and the £950 to pay for funeral expenses.

Keep_pedalling

Iris34 wrote: »

I'm not sure. Is there a tariff of sorts?

Basically house valued around 90k, 30 k outstanding. Insurance was always to cover what was left so perhaps around 40k value.

Work place pension, son named as beneficiary around 2k
Another small pension, me named as beneficiary £950
DWP bereavement payment (thanks to the person above) £2500

I will use that and the £950 to pay for funeral expenses.

getmore4less was referring to your estate. If your net worth is well below IHF territory then it does not really matter if you go down to DoV route or simply gift your inheritance away.

Iris34

Keep_pedalling wrote: »

getmore4less was referring to your estate. If your net worth is well below IHF territory then it does not really matter if you go down to DoV route or simply gift your inheritance away.

Oh I see. Sorry I'm a bit hopeless with all this, I hadn't even heard some of the words before. basically I have nothing other than my job income and fire service pension (final salary) when I retire in 15 years. I have a small insurance policy about 5k for expenses after I'm gone.

What would the figure be for IHF, I doubt I'm even close.

Keep_pedalling

As a widower you would have a nil rate band of £325k plus any unused portion of your wife’s nil rate band so yes you are a very long way from that.

Iris34

Thank you all. So what do you think the best road would be?

Should I go to a solicitor for a DOV or do I just write a disclaimer saying I wish no part of the home and get the deeds transferred to the lad? Or do I simply gift the property once the mortgage is paid off? Does a gift need to be done through a solicitor?