Spouse onto deeds and Inheritance tax implications

Hello all, my situation is that the deeds to our house are in my name only. Married 30 years (and everything good thank you 😊 ) with young adult children. Looking forward to the future specifically on inheritance tax I was wondering if there is any implication of leaving it this way? I understand that spouse to spouse there is no inheritance tax. But in terms of ensuring we maximise our allowance eg combining allowances together as a one of us dies any impact? The alternative is to add my wife to the deeds I know. We both have standard wills leaving to spouse first then children etc. 
So any implications on inheritance tax one way or another or does presence of wills make it irrelevant?
Thanks

Comments

  • Keep_pedalling
    Keep_pedalling Posts: 20,150 Forumite
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    If your wife died first having never owned a home then it could certainly impact IHT as there would be no residential NRB to transfer to your estate, 

    If you died first the only down side would be the need to apply for probate to transfer the house to your wife which would not be required if jointly owned.

    Converting to joint ownership should be on the top of your to do list, along with LPAs if you don’t already have them in place.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 349.8K Banking & Borrowing
  • 252.6K Reduce Debt & Boost Income
  • 453K Spending & Discounts
  • 242.8K Work, Benefits & Business
  • 619.6K Mortgages, Homes & Bills
  • 176.4K Life & Family
  • 255.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.