House signed over to me, so no Will
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And just to underline the above, there is absolutely no chance of the grandchildren getting their hands on the house.
This is one of the great and underappreciated advantages of gifts in estate planning; the Inheritance (Provision for Family and Dependents) Act does not apply to gifts and your wishes are absolutely bombproof, unless aggrieved third parties can prove you had a gun to your head or were totally gaga when you made the gifts. Plus you get the pleasure of seeing them carried out and can appreciate the gratitude of your heirs.0 -
Slightly off topic. I assume the OP's understands her legal obligations as a landlord?
Yours
Calley xHope for everything and expect nothing!!!
Good enough is almost always good enough -Prof Barry Schwartz
If it scares you, it might be a good thing to try -Seth Godin0 -
Greenfields32 wrote: »Thank you for your reply. Dad has no other assets apart from enough for a funeral.
If your father is still living there, then the house is classed as a 'gift with reservation' and forms part of his estate for IHT purposes. If he has no other assets, it is highly likely this won't matter a jot unless the house is pretty high value. See https://www.gov.uk/inheritance-tax/passing-on-home0 -
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