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Younger sister given money for house deposit (PET)
Comments
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The gift was freely given by the the aunt as a GIFT.
The false morals here are those thinking it should somehow be reflected in a reduced inheritance.
That is for the aunt to decide not the money grabbers that did not get a gift.0 -
Wow, she must be a favourite Neice!! £50k.How's it going, AKA, Nutwatch? - 12 month spends to date = 2.60% of current retirement "pot" (as at end May 2025)0
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IT's not clear why the OP is even involved in this transaction.0
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She should investigate if moving the money into a LISA or HTB isa would work for her.0
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getmore4less wrote: »The gift was freely given by the the aunt as a GIFT.
The false morals here are those thinking it should somehow be reflected in a reduced inheritance.
That is for the aunt to decide not the money grabbers that did not get a gift.
An example:
If the estate totalled £400,000. The will said this should be split equally between 8 people, each getting £50,000. Just before she died, the aunt gave the neice her £50,000 share because she knew.
Then she dies. There is IHT due on the estate, which means there is now less than £400,000 left. Meaning the share each of the recipients get would drop below £50,000.
Except the neice already has her share.
Would it be fair that she gets the full amount and everyone else gets less, just because the Aunt gave it to her early?0 -
A few other things to throw into the mix, if the aunt needs care and runs out of money the council I believe can look back to see what money has been given out (and it isn't just 7 years like IHT).
Also, need to check it doens't impact any benefits the sister might be getting (might not even be on benefits of course).
My only other point is does the Aunty want to adopt me?0 -
Mortgage lender requirements for a gifted deposit are all different. Some have pre-printed forms others want a letter saying one thing, others something else.
Check "your" lender's requirements at the time.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
An example:
If the estate totalled £400,000. The will said this should be split equally between 8 people, each getting £50,000. Just before she died, the aunt gave the neice her £50,000 share because she knew.
Then she dies. There is IHT due on the estate, which means there is now less than £400,000 left. Meaning the share each of the recipients get would drop below £50,000.
Except the neice already has her share.
Would it be fair that she gets the full amount and everyone else gets less, just because the Aunt gave it to her early?
As long as the deathbed gift was valid(some rules to follow).
If the neice was one of the 8 then unless the will was changed the estate is now
£350k between 8 after tax.
The neice gets another share.
The aunt can specify who pay any IHT due to any of the shares.0 -
It does not matter whether it is fair or not, that's how it works.An example:
If the estate totaled £400,000. The will said this should be split equally between 8 people, each getting £50,000. Just before she died, the aunt gave the niece her £50,000 share because she knew.
Then she dies. There is IHT due on the estate, which means there is now less than £400,000 left. Meaning the share each of the recipients get would drop below £50,000.
Except the niece already has her share.
Would it be fair that she gets the full amount and everyone else gets less, just because the Aunt gave it to her early?0
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