Deed of Variation / Joint Accounts

poseidon1

https://forums.moneysavingexpert.com/discussion/comment/82007171#Comment_82007171

Bridging document is not a technical term, I used it more as a colloquial description of what you need to do to get from the present position of a property held in an unadministered intestate estate to the property in your brother's legal ownership via your mother's gift.

It is the precise wording and recital of the deed of gift which is important to track what is happening here, and probably best drafted by a solicitor rather than trying to customise documents you randomly find on the internet.

Some aspects of estate administration and restructuring are best left to professionals, a deed of gift for what the family want to achieve seems to be one of them.

Osh3may

Yes, absolutely. My brother receiving the house is his idea, so I have advised him he needs to get the deed of gift drawn up which you really do need for property I understand and sort out with LR for the transfer. A monetary gift to me appears far simpler.

Probate is virtually finished, all that's left is registering my mums house as her main residence first time registered in her name which can take several months, then the monetary and property gift from my mum to us 2. It was a fairly simple one I think.

Osh3may

https://forums.moneysavingexpert.com/discussion/comment/82006601#Comment_82006601

Is it an idea for me and my brother get a DoV that states that what were due under intestacy be redirected to my mother (to take advantage of the spousal exemption) so get the threshold for her estate back up to 1m.

And her gifting the money and house to us via a monetary gift deed / property gift deed asap to start the clock on the 7 year rule?

Keep_pedalling

https://forums.moneysavingexpert.com/discussion/comment/82014629#Comment_82014629

I think HMRC would see that as a contrivance to avoid IHT.

Osh3may

Does the statutory amount due under intestacy have to be paid to the beneficiaries no matter what?

Could the excecutor, my mum, for example gift the house (value 162.5k) to my brother and gift me 162.5k in cash and disregard the statutory amount from my dads intestacy of 75k each? It all eventually comes out of the same NRB and RNRB for my parents in the future.

Just wondering the best way of doing it without selling the house but we both receive an equal amount