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question about transferring money
Apexs
Posts: 35 Forumite
Hi, not sure were to post this really, after some advice...
my mother isn't well, she is convinced something is going to happen to her soon, today she asked me to take her to the bank so she could transfer her funds to my bank, i told her she couldn't do this, firstly i don't think the bank would allow her to do this and secondly im sure i will end up being taxed.
She said she doesn't have a Will, thats why she wanted to do this suddenly...im not sure what to do or what to tell her? thanks for your help
my mother isn't well, she is convinced something is going to happen to her soon, today she asked me to take her to the bank so she could transfer her funds to my bank, i told her she couldn't do this, firstly i don't think the bank would allow her to do this and secondly im sure i will end up being taxed.
She said she doesn't have a Will, thats why she wanted to do this suddenly...im not sure what to do or what to tell her? thanks for your help
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Comments
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Are you her only close relative. If she does not have a will the intestacy rules will apply. How much money is involved?Hi, not sure were to post this really, after some advice...
my mother isn't well, she is convinced something is going to happen to her soon, today she asked me to take her to the bank so she could transfer her funds to my bank, i told her she couldn't do this, firstly i don't think the bank would allow her to do this and secondly im sure i will end up being taxed.
She said she doesn't have a Will, thats why she wanted to do this suddenly...im not sure what to do or what to tell her? thanks for your help0 -
Deprivation of assets for start if she needed care
As you mentioned , tax depending on the amount.
Is there also property involved ?Ex forum ambassador
Long term forum member0 -
No extra tax would be due to her not transferring/gifting to you.
No tax on gifts in the UK0 -
She’d be better off getting an appointment to make a will ASAP.0
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It's about 20k that she wanted to transfer...I guess her half of the house, but that wasn't mentioned, thanks0
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Who owns the other 1/2 of the house?0
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her husband0
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£20k, how much is that relative to the rest of her estate?
Any issues with her husband?
Is he your dad?
Have you asked her why beyond not having a will?
Context is relevant if she has loads and just wants to gift you some cash then £20k is not that much if the rest goes to hubby along with the house.
If £20k is her life savings then a lot more caution is wise.0 -
and she can only give "half a house" if it is held as tenants in common..
need to have a chat with her about why she wants to do this transfer and why now0
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