Mother in law wants to put house in husbands name
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DayDreamerandGeneralWaster
Posts: 539 Forumite
Just that really. Joint with a sibling and she will live in it until she dies.
She said it's to make it easier when she dies. No current health issues and she is in hr late 60s. However l am concerned about the implications of this as my husband hasn't given it a second thought. Any potential tax issues? What happens if one of them dies before her, she is incapacitated etc? What about liability for maintenance?
There is no mortgage.
She said it's to make it easier when she dies. No current health issues and she is in hr late 60s. However l am concerned about the implications of this as my husband hasn't given it a second thought. Any potential tax issues? What happens if one of them dies before her, she is incapacitated etc? What about liability for maintenance?
There is no mortgage.
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Comments
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!!!!!! name but bam3 bloody phone!0
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Do you / husband already own a home?
If so, read up on stamp duty. If not and you plan on buying somewhere, read up on stamp duty.
Tax issues is capital gains tax if the property is sold on her death.
If one does before her it forms part of their estate.
If one divorces or made bankrupt, it's part of their assets.
If she's incapacitated or goes into a care home, deprivation of assets comes in.
It doesn't make things easier when she passes away, it adds extra layers of complications while alive and when she dies.Mortgage started 2020, aiming to clear it in 2026.6 -
Yes this is what l was worried about. Yes we own a property in our names.0
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It's a bad idea and should remain her asset, look up everything I've listed. This question pops up all the time due to the mistaken belief it's easier, or protects the property for being used as care home fees, but without looking at the bigger impact of the action.
"If one does before her it forms part of their estate." Should have read "If one dies before her it forms part of their estate."
Mortgage started 2020, aiming to clear it in 2026.0 -
Dumb idea, which won’t simplify things, and may lead to her losing the roof over her head.0
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I believe that you can transfer ownership without a solicitor, but would you be happy to do that?If not, then the solicitor could cost someone around £1,0000
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Just that really. Joint with a sibling and she will live in it until she dies.
She said it's to make it easier when she dies. No current health issues and she is in hr late 60s. However l am concerned about the implications of this as my husband hasn't given it a second thought. Any potential tax issues? What happens if one of them dies before her, she is incapacitated etc? What about liability for maintenance?
There is no mortgage.Mama read so much about the dangers of drinking alcohol and eating chocolate that she immediately gave up reading.0 -
Just that really. Joint with a sibling and she will live in it until she dies.
She said it's to make it easier when she dies. No current health issues and she is in hr late 60s. However l am concerned about the implications of this as my husband hasn't given it a second thought. Any potential tax issues? What happens if one of them dies before her, she is incapacitated etc? What about liability for maintenance?
There is no mortgage.1 -
gizmo111 said:Just that really. Joint with a sibling and she will live in it until she dies.
She said it's to make it easier when she dies. No current health issues and she is in hr late 60s. However l am concerned about the implications of this as my husband hasn't given it a second thought. Any potential tax issues? What happens if one of them dies before her, she is incapacitated etc? What about liability for maintenance?
There is no mortgage.0 -
68ComebackSpecial said:gizmo111 said:Just that really. Joint with a sibling and she will live in it until she dies.
She said it's to make it easier when she dies. No current health issues and she is in hr late 60s. However l am concerned about the implications of this as my husband hasn't given it a second thought. Any potential tax issues? What happens if one of them dies before her, she is incapacitated etc? What about liability for maintenance?
There is no mortgage.If she wants to make things easier for you before her death, ask her to make sure she has put Power of Attorney (both health and financial) in place.And to make things easier for you after her death, make sure she has made a will, made her funeral wishes known , and ensures that you (or whoever she puts as executor) are aware of all her savings accounts, pensions, utility companies etc.5
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