Looking to the future and when a house should be tranferred in name after being left by a parent

walnutters89

Hi folks I'm live with my mother who is ill at home.I'm her carer.I recently made a post about inheritance tax as I have lived in the home all of my life and was worried about such matters but I had some good help from the people on here.I'm an executor on mums will so willl have loads to do when the time comes,but one thing I'm wondering is when do I change the name on the deeds of the home after mum has gone.I assume it's after the complete probate situation has been finalised,I thought I had better ask in case it needs to be done in such a way to protect me from CGT.I have lived here since birth but at the moment it's in mums name.

I would rather not be thinking about things like this at the moment,but feel I have to with the present situation in the country and I need to be prepared and do things correctly when the time comes,so I'm getting some advice to prepare me.Many thanks

xylophone

I am assuming that you will be exor of your mother's will and that the property has been left to you.
You intend to remain in the property which is and will be your Principal Private Residence.

Once you have probate you can proceed to transfer the property into your name.

https://www.gov.uk/update-property-records-someone-dies

If you later choose to sell your home and move on, there will be no CGT to pay under current regulations.

https://www.gov.uk/tax-sell-home

Keep_pedalling

Your mother’s estate would appear to be a very simple one with most of her net wealth tied up in her home. Probate will be relatively easy and and neither IHT or CGT will be an issue, so please don’t fret over these things now, there will be plenty of time to sort thing out when the time eventually comes.

naedanger

Just to confirm your assumption, you need to have probate before you can put your name on the deeds. And I would echo the two previous comments.

Mojisola

If finding out how to deal with wills and inheritance will settle your mind and stop you worrying, it's worth spending an hour or two looking into it.

As Keep_pedalling says, the estate looks very straightforward so there won't be any time pressure on you to deal with things.

walnutters89

xylophone said:

I am assuming that you will be exor of your mother's will and that the property has been left to you.
You intend to remain in the property which is and will be your Principal Private Residence.

Once you have probate you can proceed to transfer the property into your name.

https://www.gov.uk/update-property-records-someone-dies

If you later choose to sell your home and move on, there will be no CGT to pay under current regulations.

https://www.gov.uk/tax-sell-home

Thanks for your help

walnutters89

Thanks everyone,I do appreciate it,I have been very isolated of late and it has left me in a situation of over thinking.I've only really had the shop workers and visiting carers to speak to briefly.I know many other people are in this same situation in terms of feeling lonely,lets hope we get through this soon.My son turned 18 In November so I haven't even seen his little face,he hasn't got much to say but it was nice him being in the home and he had lived with me 50% of the time since the age of 2 so I've missed him being there,even if he was more interested in his computer than me

Fire_Fox

walnutters89 said:

Thanks everyone,I do appreciate it,I have been very isolated of late and it has left me in a situation of over thinking.I've only really had the shop workers and visiting carers to speak to briefly.I know many other people are in this same situation in terms of feeling lonely,lets hope we get through this soon.My son turned 18 In November so I haven't even seen his little face,he hasn't got much to say but it was nice him being in the home and he had lived with me 50% of the time since the age of 2 so I've missed him being there,even if he was more interested in his computer than me

There are many of us in that isolated/ overthinking situation. Face coverings mean rarely seeing facial expressions too. 😷

Sometimes overthinking is a symptom of mild clinical depression, so don't be hesitant to have a telephone appointment with your family doctor if needs be.

Be sure to eat a properly balanced and varied diet including oily fish, which supplies nutrients that are critical to mental wellbeing and to immune function. A third of Brits are low on vitamin D at this time of year, for example.

On the original topic, putting household bills into joint names can help ease the workload at a later stage because you can legitimately and easily manage the bill accounts throughout the process, such as giving meter readings online. You might have already done that obviously.