Assent to only one sibling?

loverly9

Hi, so my mum has left a will that she made before my dad died. It seems like it collapses down to everything (apart from specific jewellery items) being shared equally between me and my sister. Her house isn't specifically mentioned.

My sister wants to keep the house.

Can we assent the house to her and then give me a greater share of the money?

 There should be enough without my sister having to pay anything extra to the estate or to me, and I understand that assent to her only will cost less in admin, solicitor fees and also means no stamp duty.

SDLT_Geek

loverly9 said:

Hi, so my mum has left a will that she made before my dad died. It seems like it collapses down to everything (apart from specific jewellery items) being shared equally between me and my sister. Her house isn't specifically mentioned.

My sister wants to keep the house.

Can we assent the house to her and then give me a greater share of the money?

 There should be enough without my sister having to pay anything extra to the estate or to me, and I understand that assent to her only will cost less in admin, solicitor fees and also means no stamp duty.

In principle, yes.  The description probate practitioners use for dividing assets like this is "appropriation".

In terms of stamp duty, is the property in England, so the relevant stamp duty is stamp duty land tax?  If so, then yes, an appropriation of assets in the way you describe can mean that no SDLT is due.

Keep_pedalling

Yes, if your mother’s other assets at the time of her death are at least equal to the value of the house there is no problem doing this providing you can both agree on the value of the home. 

FreeBear

Keep_pedalling said:

Yes, if your mother’s other assets at the time of her death are at least equal to the value of the house there is no problem doing this providing you can both agree on the value of the home.

And even if the value of the house is greater than the remaining assets, you could do a Deed of Variation.

theartfullodger

Inheritance tax may be payable.  Rough total value of everything?

Do you have probate done please?

Doing it all yourselves or through solicitors?  If DIY which of you have legal training ?

Good luck.

Keep_pedalling

FreeBear said:

Keep_pedalling said:

Yes, if your mother’s other assets at the time of her death are at least equal to the value of the house there is no problem doing this providing you can both agree on the value of the home.

And even if the value of the house is greater than the remaining assets, you could do a Deed of Variation.

No need for a DoV, if for instance the property was worth £50k more than the remaining assets the the OP could take all of these and the sibling could simply buy out the siblings share of the home for £25k